typical home loan process is as follows:
- pick up an
application form. If you need help in filling out the form the lender
should be able to help you and go through the application with you,
either over the phone or in person. Alternatively, submit your
application to via the internet.
- the lender will
process your application and get back to you usually, within 1 to 3
you meet the lender’s requirements, they will make you a loan offer
which contains the full terms and conditions. Once you accept the
offer, a letter will be sent to your solicitor/conveyancer detailing
the Lender’s requirements, such as council or controlling
authority’s certificates, a current survey report and title
particulars. When your solicitor/conveyancer provides these
requirements, the Lender will prepare all the necessary documentation
and contact you to arrange a suitable time for signing these
final step is settlement, which is simply the handing over of the
money in return for the title deed of your property. Settlement takes
place between your solicitor/conveyancer, the vendor's
solicitor/conveyancer and the Lender.
about how much deposit you'll need and how much you can borrow. Even
before you apply for your home loan, the lender can tell you how much
deposit you'll need and give you a good estimate of the loan
repayments that are required. You could need to contribute as little
as 5% of the property's purchase price if the Lender finances up to
95% of the property's value or up to 90% of the value of vacant land.
the Lender's mortgage insurance is required for loans more than 80%
of the property's value, and conditions and limits apply. If you find
you cannot afford the house you want, the lender can work with you to
suggest ways you can reach your goal quickly and easily.
RATES AND RATE OPTIONS
you have the option to repay principal and interest or pay interest
only. In addition, most lenders offer a variety of ways to structure
your loan to make it more affordable.
COMPLETE HOME LOAN
year Guaranteed Rate. Has the advantage of being able to predict
repayments during the first year of the loan, coupled with a special
VARIABLE INTEREST RATE
to take advantage of a fluctuating interest rate and the option of
increasing your repayments to pay off your loan more quickly.
of having predictable repayments and knowing your rate won't change
for an agreed period of time 1, 2, 3, 4 or 5 years.
AND FIXED RATE OPTIONS
the interest rate on part of your borrowing; have the rest at a
variable rate so you can make higher monthly payments.
VARIABLE INTEREST RATE
you the ability to take advantage of a lower fluctuating interest
rate, as you don't pay for the features that you may not want or use.
advantage is money on standby giving you a convenient way to access
the equity in your home any time you may need it. You can choose to
use it for any personal purposes. It is separate and won't affect
the term or repayments on your home loan. It's at a home loan
interest rate (the residential equity rate) making it
affordable. Usually not available in conjunction with the Economiser
you need to borrow for renovations, a pool, landscaping, etc.
your loan (excluding fixed rate loans) as fast as you like, with the
assurance you can redraw your special repayments if you need to.
Minimum redraw amounts, other conditions and fees may apply.
Take your loan
with you when you move house. You keep all the advantages of the
original Home Loan and save time, money and hassle. Usually not
available on the Economiser Home Loan.
AND OTHER COSTS
matter which lender you choose, there is usually an establishment
fee, and there are always other costs associated with getting a home
loan. Make sure you know the costs, and all fees and charges in the
loan offer. Our establishment fee and lender's mortgage insurance fee
(if applicable) are added to your loan.
monthly service fee applies to most home loans. You may be eligible
for certain fee concessions on selected transaction accounts. But
Government fees still apply. Not only can you get the essential home
insurance on your property, but also for contents and for repayment
of your loan (in the event of death or total and permanent
required by lender
up costs - loans