If I am a non resident? you can only borrow maximum 60% of the purchase price. However, we can shop around for a bank that may be able to lend more than 60%.
What are the documents required for loan application? 100 pts I.D. Passport + Credit card + 2 payslips or letter from the employer confirming your position and commencement date of employment and salary.
Can I open a bank account? Yes. Once your loan is approved for direct debit purpose of the mortgage repayments and also for rental direct credit to your account in your property is being rented.
What is the interest rate? Quote the current lowest interest rate. 4.94% discounted from CBA.
What is the term of the loan? - maximum term 30 years for variable rate but can be paid off in full anytime and from 5 years to 10 yrs for fixed rate exit fees applies if paid in full with in the fixed term period.
I
have a spouse, but is it possible to only have my name on the loan and title? Yes. That can be done but you must declare in the form that your spouse has interest or no interest on the property you are buying.
Which bank has the best interest? - We will shop around for the best interest and package to suit your budget and financial situation.
How long does it take to approve my loan? - once submitted online, it will take 48 hours to know if you are conditionally approve or decline.
Does it cost me to apply for the loan? - We don't charge a fee for our services and we can waived the establishment cost which is outlined in our benefits and package that will save you money.
What happens if my loan has been approved and I decide not to go ahead? - You are under no obligation to proceed if you change your mind not to go ahead and there is no cost to you.
Australian resident can borrow from 90% up to 95% of the purchase price with most major banks and non bank lenders.
Documents required for loan application? 100 pts. I.D. Passport and Drivers license + 2 pay slips
Required Terms of employment? must be employed for six months, however, if you are doing the same job as your previous employment then 3 months will be considered.
Can my parents or relatives be a guarantor? Parents can be guarantor using their existing equity of the family home or investment property and part of their income to boost serviceability.
Defaults? some banks may consider defaults provided it has been paid in full and a letter of explanation will be required regarding reason for default.
Pre- approval? Highly recommended while you are shopping around for a property to buy. There is no better way other than having the finance in place when you come across your dream home.
Term of the loan? - Maximum 30 years for variable rate, but can be paid in full anytime and from 5 to 10 years for fixed rate, but exit fees applies if paid in full within the term period.
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