How do I know which loan is best for me ?
Every individual case is different; there are many loans in the market. Which loan is best suits you and has features you required is to speak with you 360 Expert Mortgage Solution consultant.
What is redraw, and how do I access ?
Redraw is one of the features that allow you to access any extra repayment money you have paid to your loan account. Generally speaking most loans you redrew as often as you like unless you have made additional repayment over your schedule. Note, some lender may charge fees on certain redrew.
What is Lenders Mortgage Insurance (LMI) ?
Lenders Mortgage Insurance is one off fees payable by borrower if loan borrowed more than 80%. Lenders mortgage insurance covers borrower in the event of borrower default on their loan. If the property has to sale to cover the lender but the sold price is less than borrow LMI will cover the lender for the shortfall.
How loan repayment work ?
You can pay your loan weekly, fortnightly or monthly. (If you are paying interest only option it may vary Lender to Lender) You can pay you repayment via electronic funds transfer, BPAY, direct debit and offset account. Your repayment will basically take into account the annual interest rate, loan terms, frequency of repayment and loan amount.
I am self –employed, what should I do ?
If you are self-employed you may need little documents, which is call Low-Doc Loan. Generally, Instead of providing tax returns and other financial statement you sign an income declaration saying how mush you earn. Most case you may borrow 80% of property value. Remember, you may get all the standard features of Home loan just like Full doc loan.
What is Full Doc Loan ?
All lenders documentation requirements may vary about income and the applicant and how it will assess by the lender must provide. Both assets are disclosed and verified, and income is used to determining the applicant’s ability to repay the loan. Employment verification may require as well as PAYG, group certificate and tax returns.
Can we get a credit card to my loan ?
Most of lender and some loans offer a credit card as part of the home loan package. They are just like a normal credit card. Credit card packages may vary depending on the home loan product.
How much money do I need for stamp duty ?
Stamp duty is significant cost for property buyers. Each state or territory has different rate, rules and calculations. This is state and territory government tax based on property’s selling price. First home buyers may get discount in some state. Please visit our client resource center for more information about stamp duty.
How long does it takes to process my application ?
Generally, It may take around 10 working days to give you a Final Approval on your application, if you all required documents ready to go. All application case is different and this is guide only. This including the inspection of the security property to determine its value To allow enough time for the closure of your other loan (if you’re refinancing) and provide all the information required for settlement, we suggest you submit your application at least one month prior to your anticipated settlement date.