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Procedure 1

Purchaser have found a property, lodge an application through us; Bank will assess the application; and the bank will evaluate the property being purchased. After the bank announces the unconditional approval, a loan document will be sent out. Applicant will be required to sign the document and return it. The loan process is therefore finished. (Our friendly Consultants will walk you through the whole process)

Procedure 2

Purchaser has the intention of Purchase a property however, has not find a suitable property; our company can lodge an application with a targeted property price range. The bank will assess the application and announces a conditional approval. Purchaser will only need to find a suitable property within 90 days to complete the application.

Normally, Process 2 is for those who have limited knowledge of their financial position and borrowing capacity.

New homes

• Buy a new home valued at less than $800,000, apply for a full exemption, and pay no transfer duty.
• Buy a new home valued between $800,000 and $1 million, and apply for a concessional transfer duty rate. The amount will be based on the value of your home.

Existing homes

• Buy an existing home valued at less than $650,000, apply for a full exemption and pay no transfer duty.
• Buy an existing home valued between $650,000 and $800,000, and apply for a concessional transfer duty rate. The amount will be based on the value of your home.

Vacant land

• You won’t pay transfer duty if your land is valued at less than $400,000.

• For land valued between $400,000 and $500,000, you’ll receive a   concessional rate.

To calculate your property transfer stamp duty, please click here.

An offset account is a transaction account that is linked to your loan account. The balance of your transaction account is offset daily against your outstanding loan balance, reducing the interest payable on that loan.

Offset account enables you to make the most of your income and other funds to reduce the interest payable on your home loan.

Please refer to the below diagram:

Lenders’ mortgage insurance protects your lender in the unfortunate event of you defaulting on your home loan. When lenders agree to lend a customer money, there is a small risk that they won’t get the money back if the customer is not able to meet the repayments. Although they have the house as security, if property values decline that security may not be enough to cover the outstanding loan when the lender comes to sell it.

Lenders’ mortgage insurance should not be confused with mortgage protection insurance, which covers borrowers for the payment of their mortgage instalments in the event of unforeseen circumstances including unemployment, illness or death. This insurance is paid annually and can vary depending on the outstanding balance of the loan.

For more information, please click here.

Based on a $500,000 home loan over 30 years. Assumes constant interest rate of 6%. Monthly repayment figures determined using the MoneySmart mortgage calculator. Interest is calculated by compounding on the same day as the monthly repayment.

First home owner grant

If you’re a first home buyer and you’re buying or building a new home, you may qualify for a $10,000 grant under the First Home Owner Grant (New Homes) scheme if you purchase date was on or after 1 January 2016.

You can make a claim for the First Home Owner Grant if your:

• newly constructed home or a substantially renovated home has a total value less than $600,000
• land for building and any dwelling you intend to build has a combined value less than $750,000.

Eligibility requirements

To receive the grant when you buy your home:

• you must be an individual, not a company or trust
• you must be over 18
• you, or at least one person you’re buying with, must be an Australian citizen or permanent resident
• your purchase date must be on or after 1 January 2016.

Generally, you won’t be eligible for the First Home Owner Grant if you or your spouse:

• have previously owned or co-owned a home in Australia or
• have received an Australian first home owner grant.

You may still be eligible if you purchased a residential property after 1 July 2000 and didn’t live in it for more than six continuous months.

For more information, please click here.

How credit history reports benefit you

A good credit history will benefit you in applying for finance. When lenders review your credit history information, your credit score plays a big role in setting your interest rates and repayment terms. If your track record of building credit history is excellent, your efforts will save you money on interest charges.

The costs of a bad credit history

Credit history information always lags behind your real-time credit decisions. However, bad credit decisions tend to yield negative effects faster, and those effects linger for years. A credit history check that shows a record of bankruptcy, collection liens, foreclosures, and other financial missteps can affect your ability to get an affordable mortgage.

Every bank has their own calculating system and can calculate how much you can borrow without affecting your daily consumption cost. Your borrowing power is usually smaller than what you imagine because lenders are always using higher assessment rates than actual interest rates in the market. Please check with your broker to find out which lender can lend you the most.