Applying for a home loan

When you apply for a loan, the lender may ask a number of questions to fully assess your borrowing capacity. You should also have a list of questions prepared for the lender.


In addition, you should ensure you have following paperwork.
 

• Payslips or a letter from the employer outlining length of employment and salary.

• Details of any second income, bonuses, allowance or benefits.

• Details of Credit Cards, Store Cards and other loans

• Proof of Share holdings and other assets

• Photocopies of current bank account statements

• If self-employed, tax agent and income statements

• If Self – employed, profit and loss statements certified by a registered accountant

• If also selling a home, copies of contracts or a letter from a solicitor or conveyancer confirming a firm buyer

• If paying out an existing mortgage and starting a new home loan, a letter from the present lender stating amount owing and proof of past repayments

• A photocopy of the front page of the contract of sale, if you have already decided on a property.
  
   

The Loan Agreement

Do not sign the loan agreement without carefully reading and understanding its contents.

Each credit contract and pre-contractual statement must include:
 

• The amount of credit to be provided

• The annual percentage rates

• How the interest will be calculated and when it will be charged

• The total amount of interest if the contract is paid out within seven years

• The credit fees and charges

• How charges in the contract will be advised

• Any default rate of the interest and how it will be calculated

• The frequency of account statements

• Relevant Commission charges

• If mortgage guarantee insurance applies and details of credit related insurance financed under the contract.
   

After the contract is signed, the lender is required to provide you with a copy of the signed contract.

Regular account statements should be provided and include:

• All fees and charges

• The amount of credit provided during the statement period

• Interest charges, including when they were charged

• The annual percentage rate, including any charges during the statement period

• The opening and closing balances

• The date the statement period begins and ends

• Payment transfer to and from other accounts

• Minimum payments owed and the due date

• Insurance payments made, the name of the insurer and any commissions paid

• Any corrections to previous accounts

If you are unsure about anything in the contract, ask for clarification from the lender or seek independent advice from a solicitor, accountant or conveyancer.

We offer the following:

• Great comparison rates
• No monthly or annual fees
• No fee for extra repayments
• No fees for unlimited redraw facility
• Principle and interest or interest only repayments
• Monthly, fortnightly or weekly loan repayments
  

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