Are there any fees involved in applying?
We charge a settlement fee of $300.00 and in addition a valuation fee. The valuation fee for a standard property in a metropolitan area in a major city starts at $220.00 for properties valued up to $1million. The valuation fee is not refundable and is payable when the valuation is ordered. The remaining $300.00 settlement fee is deducted from the loan proceeds at settlement.
Can my FHOG be considered part of my savings and deposit?
You can use the First Home Owners Grant (FHOG) as part of your deposit, however, if you are borrowing more than 80% of the value of the property, mortgage insurers require that you have saved at least 5% of the purchase price as genuine savings.
How do I apply for a loan?
You need to apply online at www.loans.com.au.
How do I track my application?
To track the status of your existing home loan application, login to
onTrack
How long will it take to get formal approval of my loan?
From receipt of your signed loan application and all supporting documents, we will usually have a formal approval in place within 10 to 12 working days.
How long will it take to have a preliminary approval?
Once you have completed your application online we can generally get preliminary approval to you within 48 hours.
How much deposit do I need to have to apply for a home loan?
Before you can apply for a home loan, you must have 5% of the deposit held as genuine savings - that is you can show evidence these funds have been held in a bank account for at least 3 months. At loans.com.au we can only lend up to 90% of the value of the property, therefore you would need a minimum deposit of 12% for us to assist. When borrowing more than 80% of the value of the property you have to pay the lender's mortgage insurance premium, which is a one off premium. With a 12% deposit we can then add the LMI premium onto the loan and cap the loan at 90%.
My loan has been approved. What happens next?
Once you have received your final approval we will then send you your loan contracts to be signed. This will include a discharge document for your current lender. Once we have received all of your signed documents back, we will then forward the discharge form to your current lender requesting suitable day and time to payout and close your home loan with them.
What do I need to apply for a construction home loan?
In order to apply for our construction home loan, you will need to either own your land outright, be refinancing a land loan or have a Contract of Sale for the Land as well as fixed price building contract, which includes all plans and specifications.