Your identity documents, current pay slips, bank statement, current liability statements (Credit card, car loan if any) are the prime documents to process your application.
It depends on what product you have chosen. If you have selected variable product, you can switch to another lender without any penalty. However, if you have fixed your home loan for individual years, you have to pay breaking cost if you want to go to another lender. If you are paying high-interest rate on fixed, we can still take you to another lender who is offering lower interest. We have to calculate your breaking cost, existing interest rate and refinance rate of the new lender.
If you have 5% of the total property value and stamp duty payable (depends if you need to pay stamp duty or you may be eligible due to first Home Buyer), that should be sufficient. Borrowing more than 80% (unless your occupation falls under Medical Professionals) will attract Lenders Mortgage Insurance (LMI). You can capitalize LMI up to 99% of the property value. Such policy varies lender to lender.
Different lender have different deposit requirement
Yes, as stated above, policies vary lender to lender. To avoid LMI fee and better interest rate 20% deposit of property value is preferable. However, if you have 5% deposit, we can still work out and advice depending on your circumstances.
Of course yes! We can provide at least three comparisons from various lenders depending on your scenario. You can choose and decide which bank to proceed.
All the fees are disclosed upfront so that clients should not face any surprised after loan settlement.
Depending on the loan package, the customer may have to pay package fees for which they are eligible to set up offset account, Credit card facility and so forth. There are no extra fees payable for your home loan account, transactions accounts, credit card and offset accounts.