Frequently Asked Questions

  1. Am I eligible for a home loan?
  2. How much deposit do I need?
  3. How much can I borrow?
  4. For what purpose can I borrow?
  5. Do we lend for business purposes?
  6. Can I borrow If I am Self Employed?
  7. What types of home loans does Centra Finance offer?
  8. Do you have Interest Only loans?
  9. What will my repayments be?
  10. How is interest calculated?
  11. Am I able to make extra repayments?
  12. What happens if interest rates increase or decrease?
  13. Can I redraw the additional payments I've made?
  14. Does Centra Finance offer Fixed Rates?
  15. Can I split my home loan between fixed and variable rates?
  16. Can I split my home loan between different loan accounts?
  17. When will I receive statements?
  18. Can I get access to my home loan on-line?
  19. Do I have to have life insurance?
  20. What is mortgage insurance?
  21. What is a deposit bond?
  22. How can I contact Centra Finance 
  23. How do I apply for a loan?
  24. What documentation do I need to provide?
  25. What other costs are involved?
  26. How long does it take to get approval?
  27. Can I repay my loan early?
  1. Am I eligible for a home loan?
    If you are over 18 and you can meet our lending guidelines, any Australian Resident can apply for a Centra Finance home loan. TOP
  2. How much deposit do I need?
    A minimum deposit of 5% of the purchase price or property valuation is normally required. However, some of our home loans accept a lower deposit. LoDoc loans, have a minimum deposit requirement of 20%. TOP
  3. How much can I borrow?
    Our minimum loan is $50,000, however there is no set maximum loan amount. The actual amount depends on your individual financial position and the Centra Finance product you choose. TOP
  4. For what purpose can I borrow?
    Centra Finance will lend for the following:
    • The purchase a residential property in which you plan to live
    • The refinance an existing home loan.
    • The purchase a residential property for investment purposes.
    • For investment purposes.
    • To refinance an existing home loan together with debt consolidation.
    • For the purchase of an investment property.
    • For some business purposes, provided a residential property if offered as security.
    TOP
  5. Do we lend for business purposes?
    Yes, in certain circumstances. TOP
  6. Can I borrow If I am Self Employed?
    Yes. Our LoDoc product is designed for self employed people. All you need in support of your application is a signed declaration stating your income and your ability to make required repayments. Our LoDoc products all have favourable rates, which means you are not penalised for not providing full financials. TOP
  7. What types of home loans does Centra Finance offer?
    We offer a full range of home loan products to suit most borrowers requirements. Our range includes: Basic home loans, 100% home loans, flexible & fully-featured home loans. A range of LoDoc loans for the self- employed & Line of Credit home loans. TOP
  8. Do you have Interest Only loans?
    Centra Finance offers Interest Only loans to a maximum of ten years on most loans (please refer to product matrix to see where it is applicable). With a Line of Credit Loan you can have Interest Only repayments for the full term of the loan. TOP
  9. What will my repayments be?
    Your minimum repayment is calculated by working out the amount needed to be paid to reduce your loan balance to zero over the term of your loan. This amount may vary if you decide to make extra repayments. TOP
  10. How is interest calculated?
    Interest is calculated on the closing daily balance. So if your home loan allows you to make additional repayments, any additional payments save you interest. TOP
  11. Am I able to make extra repayments?
    This depends on the loan product you choose. See individual product features for full details. TOP
  12. What happens if interest rates increase or decrease?
    If you have a variable rate loan and interest rates go up or down, we will recalculate your minimum repayment based on the new rate. We will write to you to advise your new minimum repayment and the date it becomes effective. If you have a fixed rate loan your rate and repayments will not change during the period of the fixed rate agreement. TOP
  13. Can I redraw the additional payments I've made?
    Yes. All variable rate products have a redraw facility. See individual product features for full details and any applicable fees and conditions. TOP
  14. Does Centra Finance offer Fixed Rates?
    Yes. Fixed rates from 1,2,3,4 5, 7 or 10 year terms are available for most products. See product matrix to see which products offer a fixed rate facility option. TOP
  15. Can I split my home loan between fixed and variable rates?
    Yes, available in most products. See product matrix to see which products offer split facility option. TOP
  16. Can I split my home loan between different loan accounts?
    Yes, available in most products. See product matrix to see which products offer split facility option. TOP
  17. When will I receive my loan statements?
    You will receive statements semi-annually detailing all the transactions on your loan during the statement period. TOP
  18. Can I get access to my home loan on-line?
    Yes, you can for most loan types. TOP
  19. Do I have to have life insurance?
    No. However, Insurance is an option you should consider independently. TOP
  20. What is LMI (lenders mortgage insurance)?
    Lenders Mortgage Insurance (LMI) is usually required if the loan required is more than 80% of the value of the property, or the loan is more than 60% of the value of the property for LoDoc loans. LMI is paid by the borrower and covers the lender in the event of loan default or if the house is sold for less than the amount owed under the mortgage. TOP
  21. What is a deposit bond?
    A deposit bond is a way to cover the deposit on a property purchase when you do not have immediate access to the necessary cash deposit. The value of the bond is equal to the required deposit. TOP
  22. How can I contact Centra Finance 
    If you want to apply for a home loan, contact us on 02 4385 5515. If you are an existing customer you can contact us by: 
    Telephone - 02 4385 5515 Monday to Friday 9am to 6pm (EST)
    Email - info@centrafinance.com.au
    Facsimile - 02 4385 5516
    Postal Address - Level 1, 167 Willoughby Road Terrigal NSW 2260. TOP
  23. How do I apply for a loan?
    You can apply for a Centra Finance home loan in a variety of ways: Call 02 4385 5515 and we will then arrange for a Home Loan Mobile Manager to call you to make an appointment. TOP
  24. What documentation do I need to provide?
    Depending on your circumstances and the home loan product you have applied for, you will need to supply the following:
    - Completed and signed Centra Finance Application Form
    - 100 Point Check FTRA Form per applicant.
    - First Home Owners Grant application (if 1st home buyer).
    - Signed copy of Contract of Sale (required for purchase only).
    - 6 Months Home Loan Statements (required for refinance only).
    - Rates Notice for existing property used as security (required for refinance/equity releases only).
    - Copy of last 6 months' loan statements for any loan to be paid out (required for loan consolidation only).
    - Evidence of income - most recent payslip or letter from employer detailing conditions and most recent group certificate (for PAYG applicants).- Last and Previous Year tax returns and financials (for self-employed, if not available please refer to Low Doc self-certified section).

    If you are applying for a LoDoc loan you will need to supply the following: Self Certification Form and if you have additional PAYG income aswell then we will require- Group Certificate or Tax Assessment or last year's Tax Return plus one of the following:- Current payslip Or- Letter of employment detailing employment conditions.

    If you are Self Employed- Signed Last Financial Year tax return including tax assessment notice- Previous Financial Year tax return including tax assessment notice. TOP
  25. What other costs are involved?
    Costs vary depending on the value of the loan. There is no application fee payable, however, a valuation fee will be collected on indicative approval and this varies depending on the security property. The valuation fee will be refundable after settlement to all customers that proceed to settle the loan. In addition to this, you may need to allow for Mortgage Insurance, Stamp Duty and Solicitors fees.   TOP
  26. How long does it take to get approval?
    In most cases your home lending consultants will be able to give you a pre-qualify approval straight away over the telephone. How quickly you get full approval depends on you providing the signed application and the necessary documentation to support your application and Centra Finance obtaining a valuation of the property. TOP
  27. Can I repay my loan early?
    Yes. However, there is an early repayment fee payable on all loans. Other fees and charges may also apply, depending on information contained in your loan agreement. TOP