FREQUENTLY ASKED QUESTIONS
Why do you require all these documents? Is my personal and financial information safe with you?
We collect your personal information such as identification, payslips, and bank statements for the purposes of securing you a loan and provide services associated with the loan that you request. As a full member of the MFAA and an Certified Mortgage Consultant, we take stringent security measures to keep your Private information safe. We comply with the Privacy Act, and have to demonstrate this to our lenders for compliance purposes.
Do you charge any fees?
No. Our service philosophy guarantees that Customers can only benefit from dealing with us. It will not cost you any extra to source a mortgage through The HOME LOAN OFFICE than directly from the lender. That means we do not charge you a fee for providing a Superior and Customised Personal Service with mortgages.
Do you only deal with the major banks?
No. Our customers ultimately determine our selection of lenders. We deal with the largest Australian banks as well as interstate and regional banks, non-bank lenders, building societies and credit unions from around Australia.
How long does it take to have a loan approved?
We can have pre-approvals arranged instantly. Formal approvals can take from 2.5 to 5 business days. Complex loan structures may require longer approval time frames.
What will my repayments be?
Once we have worked out how much you can borrow, we will give you all relevant information so you will be an expert in no time. You can also check what the repayments will be using our repayments calculator on our web site. Make sure you can afford the repayments and start planning your budget now.
How is interest calculated?
Interest is calculated on your outstanding balance on a daily basis and charged to your home loan account once a month. For this reason, and because of the number of days between interest charges varies, the amount of interest charged each month may also vary.
What is the minimum deposit required?
This depends on the purpose of the loan as well the nature of the transaction, eg. First Home purchasers only need to cover costs as 100% finance is available.
How much can I borrow?
Your borrowing capacity differs from lender to lender and is subject to change on a weekly basis. The HOME LOAN OFFICE can advise on this during the interview.
Why would I take out an interest only (IO) loan?
It allows the borrower to pay only interest for an agreed period instead of principal and interest. This reduces your monthly commitment during the IO term while maximising the investors tax deductions and freeing up cash flow for other investing opportunities.
Can we use the home owners grant as part of our deposit?
Yes. Most certainly. The grant is made available at settlement if you apply via the lender as your agent, which means the grant is released for your use on settlement.
What are the costs apart from our deposit?
Stamp duty, Lenders Mortgage Insurance (if applicable) are other major costs involved in a loan. The HOME LOAN OFFICE can advise on all potential costs during the interview.
Does HOME LOAN OFFICE provide Business, commercial or industrial property loans?
Yes, most certainly.
Does HOME LOAN OFFICE provide car loans, leases and personal loans?
Yes, most certainly.
FACT SHEETS
FACT SHEET - First Home Owners Grant & Duty Concessions
FACT SHEET - First Home Saver Accounts
FACT SHEET - Deposit Bonds
FACT SHEET - Loan Establishment Costs
FACT SHEET - Frequently Asked Questions
