Home Loan Guide

FAQ About Mortgages in Australia

FAQs

How we help

Banking policies for mortgage lending have significantly changed in 2017. Policies for expats living outside of Australia have not only tightened but differ between lenders. The good news is- we work with banks which are still lending.

Dealing with a Singapore based, Aussie mortgage expert (MFAA approved broker) provides an easy path to the best Australian mortgage. Here’s a few things to consider:

We can find a solution quickly
Everyone knows shopping around could lead to a better deal but it’s time consuming, especially if it involves contacting a number of banks and lenders.
You have choice
We can search the range of loans available from multiple lenders very quickly to find you the right home loan for your needs.
We can translate bank jargon
We can also work through the varying lender policies and procedures which are often complicated and vastly different among lenders.
One central point of contact
We work with you for the entire mortgage process.
Our strategy
We’ll find you the best home loan possible at a lender that will approve you.

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Borrowing in Australia or Singapore>

Loan Eligibility

(updated July 2017**)

To confirm your proof of income our banking partners will need the following:

For SG Salaried Employees:

  • Last 3 months payslips

  • Bank statements for 3 months showing the corresponding salary credit (** Banks will no longer accept internet print outs without full name & address of applicant)

  • Copy of current employment contract (**Must show full employers name, address & contact details)

  • Copy of passport (** Including stamped travel pages)

  • Copy of NRIC or Employment Pass **Front & back copies)

  • Copy of contract of sale (**if purchasing)

** All documents provided must be in clear legible PDF format

For SG Self-Employed:

  • Call us to check on your eligibility

Aus Stamp Duty

Stamp Duty is payable on purchases of properties:

  • Stamp Duty on the Transfer of Title, which is charged by state governments and paid by the purchaser.

  • Stamp Duty concession may be applicable if you’ve purchase off-plan.

The duty varies by state. The information on Stamp Duty or eligibility for an exception by state, is available on the following websites:

The Loan Process

Most financial institutions will grant you one of the following:

  • A pre approval generally within 10 business days which will allow you to shop around for a property.

  • A conditional approval generally within 10 business days .

  • A formal (unconditional) approval within seven business days depending on the valuation of the property.

Fixed Rates

Most lenders allow you to secure a fixed rate providing you complete a Rate Lock Application and pay a small fee. This tends to vary according to which lender you use.

Aussie Citizens

  • Australian citizens living outside of Aus can still easily obtain an Australian home loan-but there’s a few things you need to be aware of :

    • 2017 banking policies have significantly changed for Aussie expats but the good news is Aussie banks are still lending

    • Banks have varying assessment policies for Australian Citizens

    • In short, as a Singapore-based Australia property owner, loans that can be easily approved at one lender may not meet servicing criteria at another

Aussie Permanent Residents

  • Australian permanent residents living outside of Aus have similar requirements as citizen’s although:

    • Banks will need to see evidence of your Australian PR  visa is indefinite with no restrictions

    • Banks have varying assessment policies for Australian PR’s

    • In short, as a Singapore-based Australia property owner, you’re likely an exception case to both Australian and Singapore banks

Loan Types

You can have a combination of fixed and variable rate OR either facilities with many of the lenders products. Generally, 100% offset accounts are aligned to variable rate loans.

Lender Fees?

It really depends on the type of loan that you take out. Most lenders are different and from time to time have various offers.

  • An establishment fee

  • An Annual Package Fee which is paid when the loan is established and at each anniversary

  • Government Charges which vary from State to State

Online Banking

The majority of lenders allow complete internet access to all of your banking accounts including your lending. We will gladly assist you with having this set up and operational once your loans settles.

Loan Repayments?

There are a number of ways that you can make repayments to your loan.

Generally, the most desired format by way of lenders is by way of automatic direct debit from your nominated bank account. We will ensure this is all in place for you once your loan settles.

Other means are as follows:

  • Direct Salary Crediting

  • Internet Transfer

Solicitor for purchases?

If you have purchased a property you will need to appoint a solicitor in some states or a registered property conveyor to act on your behalf. We can guide you on how to locate a solicitor or property conveyor in the various states.

Pre-Approval:

We recommend that you obtain a Pre Approval before looking for a property.

This will give you peace of mind that you have a loan approved as well as knowing how much you need to spend without exceeding your budget. Generally, a pre approval with a lender will last for 90 days.

If you’re still looking after this period we can simply request it be extended by providing updated financial information.

Our Free Service

Our home loan service is at no charge to our customers as lenders pay us  a commission on home loan settlement. This doesn’t affect the deal you get from the lender.

Our panel of lenders

  • Adelaide-Bank
  • Amp
  • Anz
  • Bank-Of-Melbourne
  • Bankwest
  • CIMB
  • Citibank
  • Homeside
  • Commonwealth Bank
  • DBS Bank
  • Firstmac
  • Heritage Bank
  • Homeloans
  • ING Direct
  • LA Trobe
  • Liberty
  • NAB
  • Macquarie Bank
  • Me Bank
  • OCBC
  • Pepper Financial Services Group
  • St. George Bank
  • Suncorp Bank
  • UOB
  • Westpac