Standard Home Loan

Which Home Loan Is Right For Me?

This is the standard loan type, where you provide documented proof of your income. Suitable for permanent employees and established self-employed business owners who can provide full financial records. Standard loans offer you maximum flexibility and great features, including the option to fix or split your loan, the ability to make additional repayments when you want, and the option to redraw these funds for any purpose when you require it.

Product Matrix:

• Minimum Loan $100,000
• Maximum Loan Value Purchase Owner Occupied and Investment (LVR) 95% + Lenders Mortgage Insurance* (with genuine savings)
• Maximum Loan Value (LVR) 95%* (without genuine savings)
• Good Credit Required for best rates
• Principal & Interest or Interest Only
• Fixed or Variable
• Available for owner occupied & investors, vacant land & construction
• No Mortgage Insurance payable below 80% LVR

* What is Genuine Savings?  Lenders like to see a borrowers' history of savings - normally the minimum is 3 - 5% of property value and they like to see this saved over a minimum of 6 months

Frequently Asked Questions.

How Much Can I Borrow?
What Will My Repayments Be?
How Much Do I Need To Save For A Deposit?
How Much Do I Need To Set Aside For Stamp Duty?
What Other Expenses Will I Need To Pay Besides Mortgage & Stamp Duties?

How Much Can I Borrow?

How much you can borrow, also known as your borrowing capacity, will depend on how much of a deposit you have, your current income and what expense commitments you have. It will also vary from lender to lender.

What Will My Repayments Be?

It is one thing to work out how much you can borrow, but you need to know if you can afford the repayments.

How Much Do I Need To Save For A Deposit?

The amount you need as a deposit will depend on the type of home loan and the lender you select. Generally home buyer will require a minimum of 9% of the property value.

How Much Do I Need To Set Aside For Stamp Duty?

Stamp duty is a tax levied on the purchase of a property. It is calculated according to the purchase price of the property and the state or territory the property is situated in.

What Other Expenses Will I Need To Pay

As a rough guide, you should budget for between 5-7% of the purchase price, in addition to your deposit, to cover fees and charges. While mortgage and stamp duties will make up the bulk of this 5-7%, the balance may include;
Application fees - payable at the time of application.

Establishment / settlement fees - payable when the loan is settled.

Loan documentation / Lender's legal fees - payable to cover the lender's cost of producing the loan documents.

Valuation fees - payable to cover the lender's cost of assessing the value of your property.

Lenders' Mortgage Insurance ("LMI") premiums - payable to cover the lender's cost for LMI premiums on high LVR loans.

Mortgage registration, transfer fees & mortgage stamp duty - payable to the applicable state government.