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1st home buyers and second mortgages made easy

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.

PAYG Salary 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).
  • 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).