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Home Loans Frequently Asked Questions |
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Q (1) What can First Home Loans do for me?Provide information that will help you make an informed decision. ______________________________________________________________________________________ Q (2) How much money can I borrow?You can borrow up to 100% of the value of your property. You may need to pay a one-off premium for Lenders Mortgage Insurance if your loan amount is more than 80% of the value of your property. ______________________________________________________________________________________ Q (3) How much deposit do I need?Usually you would have to put down a minimum deposit of 5% of the purchase price or property valuation. But now we have some products for no saving person. ______________________________________________________________________________________ Q (4) How often can I make payments on my mortgage?Most lenders these days offer flexible regular repayment plans. You can choose to pay weekly, fortnightly or monthly. The repayment can therefore be matched to your pay cycle. ______________________________________________________________________________________ Q (5) How do I make my repayments?Repayments can be made by direct debit from your bank or building society, cheque or statement savings account. ______________________________________________________________________________________ Q (6) Why will one lender approve my loan when another one does not?Most people do not realize the differences between lenders. Not only are their product offerings different, but their lending guidelines and assessments are also different. The bank or financial institution you apply to may not be suited to your borrowing needs. ______________________________________________________________________________________ Q (7) How long does it take to get my loan approved?Generally, it takes about 48-72 hours to obtain an approval after all relevant documents is supplied. Click here to see the Processing flow. ______________________________________________________________________________________ Q (8) What other products do you offer?First Home Loans offers a range of products in addition to our home loans including: Construction Loans ______________________________________________________________________________________ Q (9) What fees do I need to pay?Normally We charge your fee for our service . But other parties will charge you such as bank, government, pest inspector, solicitor etc. As a rough guide it is recommended that you budget between 2 - 5% 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 Inspection ______________________________________________________________________________________ Q (10) What is lender mortgage insurance?
______________________________________________________________________________________ Q (11) How do I know if I am eligible for the first home grant?As a basic rule you are eligible if you are an Australian citizen or permanent resident, buying or building your first home in Australia, with the intention of occupying the property as your principle place of residence within 12 months of settlement. It is important to note that if you are purchasing the property in conjunction with others, they must also meet the same criteria for the grant to be applicable. ______________________________________________________________________________________ Q (12) What if I have just started a new job?People who have just started a new job can still get a loan in most circumstances. ______________________________________________________________________________________ Q (13) What if I have been over 60 years old?Many of our clients are over 70 years old. We still can help them to have a home loan with low interest rate. ______________________________________________________________________________________ Q (14) What can I do if I have a default?We are the expert do handle defaults. Whatever how many default you have, paid or unpaid we can help you to have your loan. Click here to contact us. ______________________________________________________________________________________ Q (15) What if I am self-employed and/or with irregular income?Yes, there are ranges of products for self employed, casual employees, professional temporary workforce employees, students, retirees and welfare recipients etc. ______________________________________________________________________________________ Q (16) What documentation do I need to provide?Depending on your circumstances and the home loan product you have applied for, click here to find the details. ______________________________________________________________________________________ Q (17) What happens once I have completed the enquiry form?Once you have completed our online enquiry form your local Mortgage Consultant will be in contact with you to answer any immediate questions you may have and arrange a convenient time for your FREE home loan consultation. ______________________________________________________________________________________ Q (18) Are you able to give my information to a third party?No, the Privacy Act dictates that we can only provide information to other party with your permission. ______________________________________________________________________________________ Q (19) Why don't I just go direct to a bank? |
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