LOAN OPTIONS

 

See the most frequently asked questions about home loans for your property purchase.

How much deposit do you I need?

The deposit required depends on the type of loan facility you choose. A deposit for a home is usually between 5% – 10% of the purchase price or valuation (whichever is the lesser) of the property, which you pay when signing a Contract of Sale.

How often do I make home loan repayments – weekly, fortnightly or monthly?

Most lenders offer flexible repayment options to suit your needs. Aim for weekly or fortnightly repayments, instead of monthly, as you will make more payments in a year, which will shave dollars and duration off your loan.

How do I choose the loan that’s right for me?

New home loan products are emerging rapidly in the market. Mortgage Consultants at Addon Broker can help you find a loan and professionally package it so that it suits your particular needs.

How long does settlement take?

The length of time between exchange of contracts and settlement varies. It normally ranges from four to six weeks. Settlement time is normally dictated by the seller and the lender, but is negotiated with the buyer.

What fees/costs should I budget for?

There are a number of fees involved when buying a property.  To avoid any surprises, the list below sets out all of the usual costs:

  • Stamp Duty – Stamp duty is a government tax that is levied on the purchase price of your property. Stamp duty rates vary between state and territory governments and also depend on the value of your property.
  • Mortgage Insurance costs – You need to pay Lender Mortgage Insurance, only if you borrow more than 80% of the purchase price of the property.
  • Lender costs – This cost is based on the lenders you choose for your home loan. Most lenders charge establishment fees to help cover the costs of their own valuation as well as administration fees. Our mortgage consultant can help you to select the right lender and home loan product based on your needs.
  • Conveyancing/Legal fees – Conveyancing is the legal process by which ownership of real estate is transferred from one person to another. These fees cover all the legal rigour around your property purchase.
  • Ongoing costs – You will need to include council and water rates along with regular loan repayments. We advise to consider taking building insurance and contents insurance which will protect you if the worst happens.
  • Building inspection – Your Contract of Sale should be subject to the building inspection, so if there are any structural problems, you have the flexibility to withdraw from the purchase without any significant financial penalties.

How is interest calculated?

Your home loan interest is calculated on the daily outstanding balance of your loan. Making extra repayments or depositing additional funds into your home loan account will reduce the interest payable significantly. Redraw facility in your home loan will help you to redraw these funds as and when you need them.

Am I eligible for the first homeowners grant?

You are eligible for the first home owners only if either you or your spouse haven’t owned a home /claimed the grant previously. For more information on the first homeowners grant visit www.firsthome.gov.au

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and celebrate the achievement of your
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Find out how our brokers started their
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03 9792 4747

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Add Mortgage Broking to

your existing portfolio

Mortgage brokering can be extremely financially rewarding when done right, and we do it right! Our successful and flexible business model ensures that you are able to extend your business proposition in to the field of mortgage brokering while continuing to maintain your brand’s unique identity with absolutely no hassle.

You can now realize your potential, grow your revenue and leverage your existing client portfolio! How is this all possible, you might ask? When you become a part of our turnkey program, you gain instant access to our diverse network of brokers, lending organizations and franchises. Yes, you read it correctly! You get to build your business with the support of ours.

Joining us would ensure that you not only learn, but we also go to great lengths to help you adapt best practices that are vital to your business being successful in the mortgage brokering industry

WATCH YOUR BUSINESS REACH NEW HEIGHTS WITH MORTGAGE BROKERING SERVICES

Add Mortgage Broking to

your existing portfolio

Mortgage brokering can be extremely financially rewarding when done right, and we do it right! Our successful and flexible business model ensures that you are able to extend your business proposition in to the field of mortgage brokering while continuing to maintain your brand’s unique identity with absolutely no hassle.

You can now realize your potential, grow your revenue and leverage your existing client portfolio! How is this all possible, you might ask? When you become a part of our turnkey program, you gain instant access to our diverse network of brokers, lending organizations and franchises. Yes, you read it correctly! You get to build your business with the support of ours.

Joining us would ensure that you not only learn, but we also go to great lengths to help you adapt best practices that are vital to your business being successful in the mortgage brokering industry

WATCH YOUR BUSINESS REACH NEW HEIGHTS WITH MORTGAGE BROKERING SERVICES