Out of all the decisions you can make in life buying a home is definitely one of the most important. We appreciate that this can be a time of great excitement as well as intimidation. That is why the team at A1 LoanHub is here to assist and equip you with the right knowledge to help you realise your dream - the Australian dream.
HOW IT WORKS
As mortgage brokers, we assist in analysing various home loan options to find the perfect loan for you. From successfully assisting first home buyers, to helping kick-start property investment goals, A1 LoanHub provides the assurance of using our knowledge and expertise to guide you through the dynamic mortgage environment. Being mortgage brokers we represent you and act as your voice during negotiations while striving for a smooth process and avoiding drawbacks.
Our advisory services are available for you to use at any phase of your financial situation. You can book appointments which are obligation-free at any time, to discuss your financial needs. Whether you are a currently saving to be a first home buyer, reconsidering the deal you have with your existing lender, or desiring to utilise the equity from your current home.
We will discuss your financial situation and goals to know what requirements you need for your home loan. Maybe you are thinking about starting a family and therefore, need some flexibility in your loan repayments. Or if you desire to utilise equity for renovations or investment property. We will use our expertise to analyse what the market has to offer and find you a loan that matches your needs.
Meeting your requirements is our number one priority.
THE LOAN CATEGORIES WHICH ARE AVAILABLE
Our standard variable loan is one of the most sought after home loan, based on our experience. The interest rates change depending on the official rate, implemented by the Reserve Bank of Australia, in addition to funding fees.
With fixed loans, mortgage repayments stay unchanged, regardless of alterations in interest rates for a given period. Typically, this lasts throughout the first one to five years of the loan.
This type of loan offers interest rates, which are discounted for the first six to 12 months after which the rate returns to the standard variable interest rate.
This option lets you have the ability to withdraw from, as well as pay into your home loan each month, on the condition that the regular necessary repayments are made.
Self-employed people usually find this loan quite attractive, as it needs no proof of income and fewer documentations. This is in comparison to the normal requirements of the bank when providing the loan. These loans have higher interest rates which can be variable or fixed, and, can be lowered after a few years if repayments are made on time.
This type of loan is where the interest of the amount borrowed is the only thing that needs to be repaid. Typically, this is in a period of the first one to five years of the loan. Since the principal is yet to be paid off, this makes the monthly repayments lesser. It is then only after the interest-only period ends, where you will begin to pay off the principal amount, in addition to the interest.
The amount of the loan is divided into two components; variable and fixed. You, the borrower, can allocate proportions of the loan amount towards variable and fixed schemes.
CHOOSING LOAN FEATURES
Make sure that you choose a loan that has the benefits and features, which best suit you. Here at A1 LoanHub, we recommend home loans that match your specific needs and considers the required documentation.
Discuss these next steps with your broker, when you're ready.
- Choose your property
- Make an offer and sign a contract of sale
- Pay the deposit
- Choose a conveyancer
- Obtain the loan
You can also wish to arrange for a pre-approved loan based on your need. If you ever need assistance during any stage the process, we are just a phone call away.
You’ll need at least two current forms of ID:
- Driver’s licence
- Photo ID (such as a Proof of Age Card, Australian tertiary institution card, Department of Defence, Waterways/Boat Licence).
If you do not have any of documents simply provide us with copies of the following:
- Citizenship certificate
- Birth certificate
- Centrelink Pension Card
- Medicare card
- Utilities bill (less than three months old)
- Rates notice (less than three months old)
- Tax assessment notice (less than 12 months old)
THE LOAN CATEGORIES AVAILABLE
The list below highlights the usual additional costs which are involved when buying a property. We have listed them for your convenience.
The rates for stamp duty will vary between state and territory governments. It also depends on the value of the property you wish to buy. You may also be required to pay stamp duty on the mortgage itself. To find out your total Stamp Duty charge, visit our Stamp Duty Calculator.
This is usually around around $1,000-1,500. It covers all the legal aspects involving the purchase of your property and includes title searches.
We advise for this to be carried out by a qualified expert before the purchase of the property, such as a structural engineer. Your Contract of Sale would be subject to the building inspection, so any structural problems are identified you have the choice to withdraw from the purchase without incurring any substantial financial penalties. Depending on the property size a building inspection and report may cost up to $1,000. This inspection is usually arranged by your conveyancerand you will typically pay for it as part of their total invoice at settlement (in addition to the conveyancing fees).
This is conducted before the property purchase to ensure that the property has no pest problems, such as white ants. Just like the building inspection, your Contract of Sale is subject to pest inspection as well and you may choose to withdraw from the purchase without any substantial financial penalties. We recommend that you allow up to $500 depending on the size of the property. Your conveyancer or real estate agent may organise the inspection, and you will pay for this service typically as part of their total invoice at settlement (in addition to the conveyancing fees).
In order to help cover the costs of their own valuation as well as administration fees most lenders will charge establish fees. This could usually be around $600-800.
If more than 80% of the purchase price of the property is borrowed then you will need to pay Lender Mortgage Insurance. The option to take out Mortgage Protection Insurance is also available. If you buy a strata title, regular strata fees will need to be payed.
Council and water rates will need to be included along with your regular loan repayments. It is necessary to also take out contents and building insurance. Your lender may require a minimum sum insured for the building to cover the loan, but please ensure that you take out enough building insurance to cover the cost of rebuilding should a situation arise. Additionally, please ensure that you have enough contents cover should a situation arise where you have to replace everything.