Home Loan Options
FREQUENTLY ASKED QUESTIONS
There are a number of factors that will effect yours borrowing capacity for a home loan including the amount of income, expenses, liabilities and the value of the security of the property.
It depends what type of product you have. If you’re on a fixed rate deal, your repayments will stay the same until the fixed rate term ends. If you’re on variable rate mortgage your monthly repayments will increase.
We are generally willing to finance home purchase up to 96.5%, depends upon the individual circumstances.
A pre-approval gives you an indication of the maximum amount you can borrow. By getting your pre-approval you have the power to negotiate with confidence.
Repayment holidays are available for variable rate home loan customers who have made additional repayments on their mortgage. Loan suspension period usually range from 3 months to 12 months. Talk to one of our home loan experts about your entitlements.
Yes, you can change from a fixed rate to a variable rate or vice versa at any time. If you switch from a fixed rate, you may need to pay an administration fee and an early repayment adjustment. At the end of a fixed rate period your loan will automatically move to the variable rate at no cost or you can switch to another set period.
No, there are no per-payment penalty.
Contact your Lender, as identified on the loan documents, prior to the due date and make alternative arrangements.
For self-employed workers, We offer non-QM loan programs.
A Family Guarantee, Family Pledge or Guarantor Loan, allows family members (generally a parent, grandparent or in-law) to use the equity in their home as additional security for a portion of your loan amount. This means, you may be able to avoid lender’s mortgage insurance and possibly reduce your down payment requirements.
Fixed Rate Home Loans have interest rates and loan repayments that remain the same for an agreed period of time and at the end of the term, revert to a variable rate.
A Variable Rate Home Loan have an interest rate that can move up and down according to fluctuations in the market. You should consider a fixed rate if you want the certainty of knowing what your repayments will be and therefore help you budget, not to try and “beat the market” as breaking out of a fixed rate (fixed term) loan contract could cost you thousands of dollars.
