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For NSW home loans
there are some homeloans tips which will help you in determining the best
loan whether you're a 1st home buyer or looking at second mortgages.
Avoid any surprises.
Whether you're a 1st home buyer or looking at a second mortgage, before
agreeing to a homeloan get your mortgage
adviser to provide you with all
the interest rates, up-front costs, ongoing account fees, facilities,
penalties and day to day management features of the account (such as
internet banking). At Australian Mortgage and Finance we will provide
you with all the details up front so that there are no surprises.
The lowest home loan rates are not necessarily the best.
There have been many advertised NSW home loans offering some of the lowest
rates in the market. However some of the cheapest homeloans won't let
you make extra repayments which could end up costing you thousands
of extra dollars
If the rate looks too good to be true, it probably is.
There have been NSW home loans and other state loans which have ridiculously low
introduction rates. Some recently advertised homeloans have been as low as 3.99%
however they revert to much higher rates after the first year. The catch is that
the homeloan looks attractive at the start but may cost you considerably more in
future interest repayments, otherwise, the lending institution may have very strict
conditions which don't give you the flexibility you require.
Keep up today's repayments once you refinance
If you refinance your homeloan to include other debts enabling you to pay
off your car or credit card at a lower interest rate, try and keep up with
the higher repayments you were making before refinancing. This will ensure
that the debts that you consolidated do not end up costing you more in the
long run because of stretching out the repayments.
Offset accounts can save thousands $$
With a 100% offset homeloan you can reduce your mortgage repayments by thousands
of dollars. For example, if you have a variable loan for $100,000 and $10,000 in
a "linked" deposit account, you would only be charged interest on $90,000 of
your loan amount. In addition placing your salary directly into the "linked"
deposit account will minimise the interest even further.
What paperwork do I provide my mortgage
adviser to get speedier loan processing?
Providing the following paperwork will provide speedier homeloans processing for
NSW home loans and other state loans.
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Self Employed |
- Last 2 payslips OR Letter of Employment (stating current income, bonuses, commissions, allowances.
- Current group certificate, tax assessment notices or tax returns.
- 100 points ID (e.g. passport or birth certificate and drivers licence).
- Confirmation of deposit (last 6 months savings statements) if 1st home buyer.
- Copy of front page of contract (not needed for pre-approvals).
- Rental letter (if investment).
- Rates notices (for any existing properties).
- Copy of existing loan statements for last 12 months (if refinance).
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- Last two years profit and loss statements AND Last two years tax returns for business.
- Last two years tax returns or group certificates.
- (NB The above are not needed when applying for a low doc or no financials loan).
- 100 points ID (eg passport or birth certificate and drivers licence).
- Confirmation of deposit (last 6 months savings statements).
- Copy of front page of contract (not needed for pre-approvals).
- Rental letter (if investment).
- Rates notices (for any existing properties).
- Copy of existing loan statements for last 12 months (if refinance).
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