First Home Buyers 100% Finance
|
• |
You can borrow up
to 100% of the value of the property, but generally you will need at
least 5% for deposit.
|
|
• |
Or you can select out 105% Home Buyers
product, even if you have no savings. The interest rate is a little
higher initially, but when you have a proven repayment history, the
rate can drop back to the standard variable rate. |
|
• |
No furniture? No worries! We can
assist you with a personal loan up to $50,000 for you to spend on a
worthwhile purpose. |
|
• |
And, you may be
eligible for the First Home Owners Grant (FHOG) and in some states,
stamp duty exemption, which could save you up to $25,000.
|
|
• |
To be eligible
for the FHOG you must be an Australian citizen or permanent resident
and you (and your spouse or partner) must not have previously owned
a home in Australia.
|
|
• |
If you are
eligible for the FHOG we will be able to assist you in applying for
the grant.
More info..
|
|
• |
We will require a
valuation of the property you are purchasing or building, the cost
of which you will be required to meet.
|
|
Miscellaneous Costs
When calculating the amount of money you need to complete
the purchase of a home there are a number of costs you will need to
allow for:
|
|
• |
Government Fees -
including stamp duty on transfer and on the mortgage if first
homeowners are not exempt in your state. |
|
• |
Legal Fees -
including conveyancing and property search fees. |
|
• |
Property related
costs - including council and water rates and in the case of a unit
purchase you will have strata fees. |
|
• |
You may also have
to allow for other costs such as building and pest inspections.
|
Lenders Mortgage
Insurance (LMI)
The LMI fee
applies only when you borrow more than 80% of the property's value (on a
standard loan), this covers the lender if for some reason you
cannot repay your loan and the property is sold for less than the amount
of the loan. We will add the cost of LMI to the loan.
Building
Insurance
Prior to settlement
of your loan you will need to provide evidence that the property you are
purchasing is suitably insured. In the case of a unit purchase this will
usually be insurance taken out by the Strata Plan.
|
What to do
now |
|
1. |
If you are ready to proceed,
check out our home loan products and select one that best suits you.
|
|
2. |
Determine if you are eligible
for the First Home Owners Grant. Contact us if you need any help
with this. |
|
3. |
Work out the amount you need to
borrow and use our calculator to work out your repayments.
|
|
4. |
If you have already located a
property get a Solicitor or Conveyancer to review the Contract for
Sale. |
|
5. |
Apply for you a loan online or
ring us and talk to one of our home loan Consultants to see if you
qualify for a loan. |
|
6. |
If you do qualify for a loan
you need to send the signed application form and all the supporting
documentation to assist in verifying and completing your
application.
|
|
What you will need
when you are applying for a loan. |
|
When you apply, make sure you
have the following items (we may ask for a few other things
depending on your individual circumstances): |
|
• |
Details of your current
employment income |
|
• |
Details about your assets -
their value and any income you get |
|
• |
Details about your ongoing
expenses and regular payments |
|
• |
Information about the type of
loan you're after and any splits you want |
|
• |
The amount you want to borrow.
|
|
• |
Copies of your identification
eg drivers licence etc |
