To help you learn more about lending, we have compiled a list of the most commonly asked questions by our clients.

1. How much can I borrow?
2. What are the costs?
3. How soon can I pay off my loan?
4. What if I repay my loan early?
5. How long does it take to obtain a conditional and unconditional approval?
6. How long does it take to arrange a home loan?
7. How much money do I need to contribute?
8. Do I need a solicitor or conveyancer?
9. How long does it take to arrange refinancing?
10. Can I consolidate debt?
11. How long does it take to arrange a loan for building or renovating?

How much can I borrow?        

Most lenders allow you to borrow up to 95% of the value of the property you are purchasing.

In some instances you can borrow up to 100% of the purchase price (conditions apply and are available on request).

All our loans are subject to our normal lending criteria and the amount you borrow is based on your income. For a quick guide on how much you can borrow, simply call us on 1300 367 721.

What are the costs?        

We do not charge any brokerage fees or consultation fees, but there could be associated fees depending on the lender and product chosen. If you are purchasing you will require a 10% deposit (some real estate agents accept 5% or a deposit bond).

Stamp duty and registration fees are payable with respect to the purchase.

If refinancing, your current lender will charge you a discharge fee and possibly an early repayment penalty.

Loan registration fees are payable for all types of lending, and title search and other legal fees may also apply.

Fees associated with the loan will be quoted on the mortgage documentation, and if you use the services of a solicitor or conveyancer, they will charge for their services.

How soon can I pay off my loan?        

Most loan terms are up to 30 years. You may be able to pay off your loan faster by making higher repayments, paying more frequently, and, or setting up special accounts.

What if I repay my loan early?        

Some lenders penalise you if you pay out your loan early, especially within the first five years. This is more common for non-conforming lending.

There are also penalties for paying out a fixed rate loan early. In addition, if you pay off your loan at any stage of the specified loan term, a standard discharge fee also applies.

How long does it take to obtain a conditional and unconditional approval?        

Generally it’s best to allow two to three working days from the time your application is submitted to the lender. If a property valuation is required, allow up to five working days. Unconditional approval is issued two to three working days later. Mortgage documents are sent out within the next few days.

How long does it take to arrange a home loan?        

Allow a minimum of three to four weeks from submission to settlement. If you require a faster settlement please discuss with your lending manager.

How much money do I need to contribute?        

Apart from the deposit, you will also need to pay associated loan and purchase fees, as well as your legal representative’s fees.

Your lending manager will outline each fee and provide you with a copy of the estimated cost.

Your contribution depends on what percentage of the purchase price you borrow.

Just before settlement your legal representative will provide you with an estimate of the costs.

Do I need a solicitor or conveyancer?        

If you are purchasing, you will require their services. You may wish to seek their services for refinancing and construction.

How long does it take to arrange refinancing?        

In most cases, it takes between four to six weeks.

Can I consolidate debt?        

You certainly can. The reason for most refinances is because people have more than one loan and credit card debt. By incorporating this debt into one, you may reduce your monthly repayments.

How long does it take to arrange a loan for building or renovating?        

A conditional approval is issued within two to three days. After that the building contract, plans and specifications are required.

Once we receive these, a valuation is necessary before an unconditional approval is issued.

Construction can commence as soon as the loan settles.