HOME BUYERS – FAQ

 

How much money can I borrow?

 

We’re all unique when it comes to our finances and borrowing needs. Get an estimate on how much you may be able to borrow (subject to satisfying legal and lender requirements) with our selection of calculators. Or contact us today, we can help with calculations based on your circumstances.

 

How do I choose a loan that’s right for me?

 

Our guides to loan types and features will help you learn about the main options available. There are hundreds of different home loans available, so talk to us today.

 

How much do I need for a deposit?

 

Usually between 5% – 10% of the value of a property, which you pay when signing a Contract of Sale. Speak with us to discuss your options for a deposit. You may be able to borrow against the equity in your existing home or an investment property.

 

How much will regular repayments be?

 

Go to our Repayment Calculator for an estimate. Because there so many different loan products, some with lower introductory rates, talk to us today about the deals currently available, we’ll work with you to find a loan set-up that’s right for you.

 

How often do I make home loan repayments — weekly, fortnightly or monthly?

 

Most lenders offer flexible repayment options to suit your pay cycle. Aim for weekly or fortnightly repayments, instead of monthly, as you will make more payments in a year, which will shave dollars and time off your loan.

 

REFINANCE  FAQ

 

Can I get a mortgage where I pay less than I’m paying now?

 

Now is always a great time to shop around or check that you have the right loan for your needs. We’re a great starting point. It will depend what interest rate you’re currently paying, what type of home loan you have (e.g. fixed, variable, interest only, line of credit) and what features you want in your loan. We can quickly explain your options.

 

Can I consolidate credit card or other debts into a home loan?

 

This is one of the reasons some people refinance. The advantage is that you pay a much lower interest rate on a mortgage than for most other forms of debt – e.g. credit cards, overdraft facilities, personal loans etc. Providing you have sufficient equity in your property, you may be able to consolidate all your debt on a home loan. If you take this option though it is important to make sure you maintain your repayments of the debt that you consolidate at their current level, or you could easily end up paying more over a longer period of time. Speak with us today to discuss your personal needs.

 

How much money can I borrow?

 

We’re all unique when it comes to our finances and borrowing needs. Get an estimate on how much you may be able to borrow (subject to satisfying legal and lender requirements) with our clever loan options tool. Chat to us when you’re ready, we can help with calculations based on your circumstances.

 

How do I choose a loan that’s right for me?

 

Our guides to loan types and features (links) will help you learn about the main options available. There are hundreds of different home loans available so talk to us today.

 

How often do I make home loan repayments — weekly, fortnightly or monthly?

 

Most lenders offer flexible repayment options to suit your pay cycle. Aim for weekly or fortnightly repayments, instead of monthly, as you will make more payments in a year, which will shave dollars and time off your loan.

 

What fees/costs are involved in switching mortgages?

 

Depending on your loan, penalty fees could apply if you’re paying off your current mortgage early. But these may be offset by repayment savings when you switch home loans. We’ll walk you through any fees that could apply in your circumstances.