|
 |
| |
FAQ's on Home Loans
|
|
|
|
Q:
How much can I borrow?
Because different lenders have different
criteria for borrowing capacity there is
no standard formula. By filling
out our inquiry form and submitting it we
can manually work with you to find the
lender that meets your loan requirements.
We will consider income from a variety of
sources including Salary, Self Employed
Earnings, Dividends, Rental Income and any
other source of regular and recurring
income.
Q: What is LVR?
LVR stands for Loan to Value Ratio. It is
the ratio of the Loan Amount to the
Purchase price or Valuation Price. For
example, if your new property has been
valued at $100,000 and you are borrowing
$75,000 then the LVR is 75,000/100,000
which is 75%.
Q: How do I prove
my Income?
We will require your last two years group
certificates or Tax returns (not
assessment notices). Two recent copies of
your payslip or a letter from your
employer in order to prove your income. If
you are Self Employed, we will require
other proof of income such as Tax Returns
or Audited Accounts for Company or
Partnership. If you do not have supporting
financial information we may still be able
to assist.
Q: What other documentation do I require?
- Identification
(current copy of Passport or Birth
Certificate plus Licence)
- Funds to Complete
(Copy of Bank Statements, Shares or Gift
Certificate)
- Genuine Savings
(Loans above 80% LVR require evidence of
savings 5% of purchase price - except
for Gift Deposit Home Loan).
- Front Page of
Contract (for new purchase)
- 12 months of loan
statements (for refinancing)
- Council or Water Rate
notice (for existing properties shown in
assets)
- Rent appraisal letter
(from real estate
agent or rent statement-for investment
properties used as income in loan
servicing calculations)
|
|
|
|
|
|
|
|
Useful
Information