Find answers to some of the most common questions from our members
Some loans have monthly fees to cover costs or additional services available on the loan. Monthly fees are generally charged on the last day of each month. The value of the monthly fee and the charge date, are outlined in the loan conditions and your contract.
The loan to value ratio (LVR) is a calculation using the amount of your loan compared to the appraised value of your property. To calculate the LVR, simply divide the loan amount by the property value.
As an example, if you need to borrow $350,000 and your property is appraised at $420,000 the LVR is 83%.
A pre-approval is a conditional approval for a loan. Obtaining a pre-approval before looking for a property means getting most of the paperwork for a home loan out of the way, so you know your price range and are ready to proceed when you find the right home for you.
An owner occupied home loan is a loan for personal purposes, available to home buyers who intend to live in the property the loan is taken out for. Owner occupancy applies to loans where the borrower is buying an existing home, building a new home or renovating and improving an established property they live in.
Investment loans are funds borrowed with the intended use of creating wealth or an income source. An investment loan is mostly used for the purpose of a purchase, construction or refinance of a home that will not be owner-occupied.
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