Frequently asked questions

How much can I borrow?

Most of our home loans allow you to borrow up to 90% of the value of your property but you may have to pay Lenders Mortgage Insurance if your loan amount is more than 80% of the value of your property.

To get a better idea of how much you can borrow and the type of information we need to pre-approve your application.

How can I borrow money against an existing property?

If you have available equity in your property you can access extra funds subject to meeting the lenders credit criteria.

Can I borrow in a company or Trust name?

Yes you can borrow in a company or trust name, provided the correct documentation is provided when submitting your application.

What do I need to apply?

All you need to begin your application details of your income, savings or equity in other property, current credit obligations and limits and the amount you are looking to borrow.

What will my repayments be?

Your repayments take into account the annual interest rate, loan term, repayment frequency and loan amount.

What is a pre approval?

A pre approval is an indication of your borrowing capacity, it is not approval or a loan offer.

Can I get a loan for investment purposes?

Yes you can get a loan for investment purposes (subject to meeting the lender's credit criteria). To find out which is the right loan to suit your investment purposes, speak to a mortgage specialist by calling 1300 722 494.

Can you still get the First Home Owner Grant if buying a joint property?

When buying a property with someone else, you will still be able to get the First Home Owner Grant if all co-purchasers on the mortgage are eligible to receive it.

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 banks providing the mortgages, but is negotiated with the buyer.

Do I need a lawyer?

Once you've found a property, it's a good idea to ask your agent to send the proposed "Contract of Sale" to a lawyer or conveyancer for review. You will also need a lawyer or conveyancer to assist you with the settlement process and the exchange of title documents.

What is conveyancing?

Conveyancing is an important step in the buying process - it is where a property is transferred from one party to another. This is usually done via one of three ways: a solicitor, a conveyancer or by the purchaser via a do-it-yourself (DIY) conveyancing kit.

What is buying a house or investment property 'off the plan'?

Buying a house or investment property 'off the plan' means that you purchase a property (usually an apartment or townhouse) prior to completion of construction. You are required to put down a deposit and then have to wait until the property is finished. When buying off the plan make sure you have your solicitor or conveyancer thoroughly check all aspects of the contract.

What is a Contract of sale?

A contract of sale is a legal contract that involves the exchange of a property from seller (or vendor) to buyer (or purchaser) for an agreed upon value in money.

The contract of sale usually includes:

• a sewerage diagram
• a copy of the certificate of title to the property
• a zoning certificate from the local council
• copies of documents relating to other registered interests over the property settlement details

What is Capital gains tax?

A capital gain or loss from a dwelling is ignored for CGT purposes if the dwelling (e.g. a home, an apartment/flat, a strata title unit) was your main residence throughout the ownership period. However, a capital gain or loss may still arise if the dwelling was also used for income-producing purposes. If this arises, you might be entitled to obtain a partial CGT exemption.

Where there is a capital gain, you might be entitled to a 50 percent discount on the amount of the capital gain for CGT purposes provided that you have owned the CGT asset for at least 12 months.

Go to the Australian Taxation Office website for more information on CGT.

What is property title transfer?

When property is transferred from one owner to another, a 'land transfer' form must be lodged and registered with the appropriate State Titles Office. It is this document that records change of ownership.

Who can I ask to certify my documents to verify my identity?

You can ask anyone from the list below to certify your documents:

  • a person who is enrolled on the roll of the Supreme Court of a State or Territory, or the High Court of Australia, as a legal practitioner (however described);
  • a judge of a court;
  • a magistrate;
  • a chief executive officer of a Commonwealth court;
  • a registrar or deputy registrar of a court;
  • a Justice of the Peace;
  • a notary public (for the purposes of the Statutory Declaration Regulations 1993);
  • a police officer;
  • an agent of the Australian Postal Corporation who is in charge of an office supplying postal services to the public;
  • a permanent employee of the Australian Postal Corporation with 2 or more years of continuous service who is employed in an office supplying postal services to the public;
  • an Australian consular officer or an Australian diplomatic officer (within the meaning of the Consular Fees Act 1955);
  • an officer with 2 or more continuous years of service with one or more financial institutions (for the purposes of the Statutory Declaration Regulations 1993);
  • a finance company officer with 2 or more continuous years of service with one or more finance companies (for the purposes of the Statutory Declaration Regulations 1993);
  • an officer with, or authorized representative of, a holder of an Australian financial services license, having 2 or more continuous years of service with one or more licensees;
  • a member of the Institute of Chartered Accountants in Australia, CPA Australia or the National Institute of Accountants with 2 or more years of continuous membership.