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Step 3: Find the RIGHT HOME LOAN

Consider important things like: couple_shaking_hand_edit

Does the loan suit your long-term needs?

Will you be able to meet your commitments if you reduce your working ours or salary?

Are you planning to start a family? If you are, what financial impact will this have?

Home Loan Application & Requirements:

OK, now that you found the right home loan, the financial institution will need the following requirement along with the completed application form:

100 points ID (Passport / Birth Certificate = 70 points, Drivers Licence / RTA 18+ = 40 points, Medicare Card = 25…)

Income Verification (2 most recent pay slips & last financial year PAYG Summary)

Evidence of deposit - if your parents or family are assisting you with the purchase, they will need to complete a Stat Dec confirming that the gift is non-repayable. If you’re borrowing funds to cover the costs & deposit, we’ll simply need to know the amount of debt and will include the monthly commitment in the affordability calculations.

A home loan is likely to be a 25 to 30 year commitment for most people, so it’s not a decision to be taken lightly.

What to look for in a home loan:

Ability to make additional repayments at no extra costs

Ability to make repayments via direct debit, ATMs, Internet and phone banking service

Ability to redraw funds at any time

100% mortgage offset facility, allowing you to offset funds in an account against your
home loan

No annual or monthly account keeping fees

Option of weekly, fortnightly & monthly repayment frequency

Ability to re-fix your interest rate at no extra cost

By talking to different institutions, you’be able to compare similar type home loans and find the right one for you. People who decide to apply for a home loan with more than one lender should be mindful of the fact that credit enquiries will appear on their credit reports for each individual application. Whilst this doesn’t have a big impact on the application, the lenders may ask for a written confirmation on whether the other loans proceeded further.

Right, now that you’ve collated all the requirements necessary for the initial loan assessment, you are ready to send your application to the chosen lender. You should then receive a written response (hopefully a Conditional Approval subject to a valuation) within no more than 48 hours.

OK, now that you’ve got your Conditional Approval, it’s time to go home hunting !!!

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Austral is a member of the Mortgage & Finance Association of Australia (formerly MIAA), the professional body for the mortgage industry.

PH: 02 9299 1833 / FAX: 02 9299 1874

TODAY: Thursday, 20th November, 2008

WEALTH MAXIMISER - INVESTOR ASSIST UPDATE - JUNE 2008
The ATO has recently published an edited version of a Private Ruling on its website: http://www.ato.gov.au/rba/content.asp?doc=/rba/content/81797.htm A taxpayer and client of Austral Mortgage, applied for the private ruling to seek confirmation from the ATO that if there was a shortfall between his investment income and his investment outgoings then that shortfall could be capitalised under the home and investment loan & line of credit structure noted in his application.

WEALTH MAXIMISER UPDATE - MAY 2008
Ever since the High Court decision in Hart's case, taxpayers have been seeking clarity from the ATO on the deductibility of capitalised interest in certain loan structures. On 16th April 2008 a favourable Private Ruling issued to an Austral client that provides insight into the ATO's current thinking on the subject.

My Choice
Austral has recently expanded its product offering through its My Choice loan initiative. My Choice provides borrowers with access to a wide range of lenders and loan products for residential, commercial and equipment finance, so no matter what your need our friendly and experienced staff can assist you.

Austral in the Community
Austral Mortgage has been a Principal Sponsor of the Winston Hills Little Athletics Club since October 2006. We are proud to be supporting this community project and congratulate the young athletes of WHLA for their commitment to and successes in the sport.

WEALTH MAXIMISER UPDATE - FEBRUARY 2008
Wealth Maximiser Update 12th February 2008 - We have advice from the ATO that it is well advanced on a binding Tax Determination regarding the deductibility of capitalised interest on a line of credit facility. Borrowers with both a home loan and an investment loan should consider including a capitalising line of credit within their loan structure or at least ascertaining from their lender that they could access such a facility by way of a simple variation of their existing mortgage.

Trans Tasman Finance
Did you know that Austral has a wholly owned subsidiary, Gem Home Loans Limited, in Auckland NZ - we are able to assist with organising mortgage finance for you should you be considering buying property in NZ.

AusComm Finance
AusComm is the specialist Construction and Development division of Austral Mortgage - if you are a developer seeking finance for construction purposes - residential, commercial, retail, industrial - give Peter McAuley a call on 0419 220 630 or email him peter.mcauley@australmortgage.com to discuss your funding requirements.

Mortgage Calculator
A number of excellent resource tools are now available on the internet for people in Australia seeking a loan to finance the purchase of a property or refinance an existing mortgage. One of the most useful and user friendly tools is a mortgage calculator. Before going too far in the purchase and /or borrowing process it is a worthwhile exercise to quickly gauge your borrowing capacity and also determine how your new mortgage repayments will impact on your personal cash flow. Mortgage calculator...

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