New Home Loan

If you need help getting your home loan preapproval and comparing hundreds of loan products (at no cost) you’ve come to the right place.

New home loans, first home buyer loans, split loans – it’s enough to make you stay living where you are!

Most of us have aspirations of moving somewhere bigger and better yet are often uncertain how we are going to get the home loan finance. PreApproveMyLoan is here to both pre-approve your loan and find the best new home loan that suits you. PreApproveMyLoan is here to help demystify and explain all aspects of home loans and loan products so you can make the right loan decision.

Costing out your new home loan?

The initial decision in considering new home-loan is generally determined by how much you can afford without being overburdened or the need to consolidate your debt.

Some of the things that will influence this will include earning potential, the length of the loan, size of the deposit, the interest rate environment and the size of previous outstanding liabilities. If you want to gauge just how much you can afford, you might find the PreApproveMyLoan range of home loan calculators helpful.

Use your new home loan deposit wisely

A new home loan often requires a detailed loan budget plan, which is included in our comprehensive First Home Buyers Guide. Having the maximum deposit that you can save will reduce the size of your loan principal amount or your mortgage, which will drastically reduce the amount of interest that you will be charged. Furthermore, not only will a solid deposit offer interest savings, it will also offer other savings, in ensuring that the borrower will not need to expend any money on Lenders Mortgage Insurance (LMI). LMI is usually a requirement of loans with smaller deposits and a loan-to-valuation ratio (LVR) in excess of 80% of the property value.

Also, if your home loan allows it, extra repayments will also reduce the amount of interest paid on your loan. To illustrate this effect, you may find our extra loan repayments calculator helpful.

Avoiding Potential Traps in New Home Loans

• The loan with the lowest interest rate is not always the best loan. Some borrowers will try to lure borrowers in with "honeymoon interest rates", which will rapidly rise once the honeymoon period is over.

• While fixed-term home loans may offer some protection from rising interest rates, they usually do not allow for extra repayments. This means that while you may save on interest, you are unable to put any extra money towards your loan to reduce the affect of interest.
• Exorbitant fees can often turn out to be more expensive than a slightly lower interest rate, eating into any potential loan repayment savings.
• Make sure you will use all the features that are a part of the loan. There is no use paying for something along with increased interest or fees, which is not required.
• Remember to take into account the other costs of the home loan: – stamp duty, conveyancing, cost of inspections, loan application fees when working out what you can afford.

And remember if home loan brokers such as PreApproveMyLoan also have No deposit home loan to learn more click here.

 

 

 

 

 

Home Loan Refinancers

Life is full of constant changes, it's important your home loan fits in with your life and not the other way round. If your home loan hasn't kept up to speed with you, maybe it's time to refinance. Chances are refinance could suit your needs better, not to mention save you thousands of dollars over the life of the home loan. To have a better idea of what's involved in refinance, read these online notes. If you need any more help, just ask.

Reasons to look at home loan refinancing

If you've had your current home loan for 3 or more years, why not review it online to see if it stacks up to your needs today? It’s worth asking yourself; what are your needs right now?

"I'm looking for a competitive rate"

Finding a more competitive interest rate is a great reason to refinance. Do your sums first to make sure that fees and charges don't erode your gains. By doing your research, you might find the best home loan rate and terms that suits your needs.

"I just want to be sure"

There's nothing wrong with giving your home loan a "health check.” Taking a look at your home loan periodically is always a good idea, even if it may still be working very well for you. If it doesn't meet all your current needs or you're paying for features you don't need or use, maybe it's time to look at refinancing.

"We're thinking of renovating and refinancing"

Want to renovate but don't have the cash on hand? You may be able to get additional funds by accessing the equity you have in your home loan through refinancing. Another way of refinancing is by changing your home loan from principle principal and interest to interest only, so that way you only pay interest on the loan money you use.

"There have been some big changes in my life"

The longer you're on the planet, the more you know how life can change, sometimes overnight.

The birth of a baby, marriage, separation, re-marriage, an unexpected pay rise, or you may decide to start your own business.

These are perfect times to review your current home loan and see how refinancing could produce a loan that works harder for you now.

"Time to consolidate my debts"

Like to save big time on interest payments? Silly question. Why not consolidate your credit cards, car loans or personal loans into your home loan? There may be a facility that allows you to do it with your current home loan or other large loan. The interest rate is much less so you could save thousands of dollars.

It's more convenient as well. Instead of making multiple repayments there's only one single, regular loan repayment - much easier.

What will it cost me to refinance?

Refinancing your home loan can save you lots of money, however, there may be some upfront costs you need to budget for. You need to weigh up the short-term pain for the long term gain. Fees may include:

• Exit fees
• Establishment /application fees
• Loan approval fees
• Settlement and handling fees
• Additional mortgage stamp duty (if you increase your current home loan)
• Mortgage registration (to let the State Titles Office know you've changed either your home loan provider or type of home loan)

Here's a list of the sorts of things you need to provide. To see exactly what's required for the different loans use our application checklist.

What documents will I need to apply for a home loan?

"What do I need to tell you in the application form?"
Name Date of birth Spouse's name Drivers licence Address Number of dependants Total value of your assets		Total value of your liabilities (personal loans, credit card debts etc) Occupation Current place of employment, length of time working with current employer Employer's contact details If you're self-employed, how long have've you been self-employed
"What ID do I need?" You need to choose two documents from the below list, at least one from the A list. A referee then needs to certify the documents and verify your identity.
Birth certificate (A) Current passport (A) Driver's licence or Proof of Age Card (A) Citizenship certificate (A) Bank statement (B)		Current pension card Water rates or Council rtaes notice Landline telephone, gas or electricity notice Government financial benefit notice
List of referees include:
Solicitor or Barrister Justice of the Peace Police officer Agent in charge of, or permanent employee with 2 or more years of continuous service with the Australia Post.		an officer, or authorised representative, who holds an Australian Financial Services Licence, having 2 or more continuous years of service with one or more licensees an accountant who's a member of the Australian Institute of Chartered Accountants, CPA Australia or National Institute of Accountants
"What about fees?"
We need details of the account you'll use to pay the valuation fees
"Anything else?"
Loan statement for the past six months
"What about salary information?"
Group Certificates or tax returns from the past two years		Three recent payslips or a letter from your employer stating your annual gross income, term of employment and salary so far this year
"What if I'm self-employed or run a business?"
If you are a sole trader you'll need: Personal tax returns from the past two years including your profit and loss statements, balance sheets and ATO Notice of Assessment		If you run a business you'll need: Personal tax returns and business tax returns from the past two years
"How about my solicitor/conveyancer details?"
We need details of anyone acting on your behalf

 

 

 

 

 

Property Investment Loan

Making property investment easier

PreApproveMyLoan understands the needs of property investors are different to those of owner-occupiers. That’s why we have a range of investment home loans designed to help you meet your specific financial goals.

Join the PreApproveMyLoan Property Investment ASSIST Program

Has the time come for you to get your foot in the investment property market? At PreApproveMyLoan, we understand the property purchase process AND we know just how time consuming, stressful and often daunting the first step into property investment can be.

So, we’ve created the PreApproveMyLoan Property Investment ASSIST program, which is designed to help first time property investors navigate their way along the road to property investment and getting the right loan for them.

• We provideproperty investor educational material, which will arm you with information to help you make key decisions regarding any investment properties you're considering.
• Suburb reports and property reports from RPData*, which can help you research different suburbs you're considering and in doing so, help you find the right property in the right location.
• Lending support and helpful hints, provided by the PreApproveMyLoan team, which can assist in putting your investment property program in place.

When you've chosen your investment property, we'll also provide you with a FREE Residex* Comparative Market Analysis Report (valued at $49.95) which will provide detailed price estimate information. To find out how you can get involved in the PreApproveMyLoan Property Investment ASSIST Program, contact PreApproveMyLoan now on 1300 855 670.

How PreApproveMyLoan helps Property Investors

• PreApproveMyLoan includes rental income and negative gearing2 benefits when assessing how much you can afford to borrow. This means you may be able to borrow more than with other lenders.
• Borrow up to 95% of the purchase price (or valuation if lower).
• Up to 10 years interest only repayments, increasing your potential to tax-deduct the entire repayment, for longer.

 

 

 

 

 

Car Loan

Need a new set of wheels? Whether you're looking to purchase a new car or used car, PreApproveMyLoan Car Loans can help get you on the road quicker with a loan that’s right for you.

With PreApproveMyLoan Car Loans, you'll get:

• No monthly fees or early repayment penalties
• Fixed rates, so you'll know exactly what your repayments will be
• Terms of up to seven years
• Flexible repayment options - weekly, fortnightly or monthly
• Discounted interest rates and fees

Protection for your loan repayments

We know that circumstances can change over time. Mutual Aid protection can take care of your car loan repayments if you get into financial hardship. Ask about Mutual Aid when you take out your loan. *

Fast approval

Apply now by phone and you'll get an answer within 4 hours. If you apply online, you'll get an answer with 48 hours. ^

Refinance options

Got a loan elsewhere? Ask us about our refinance options. +

Please review our Credit Guide as part of your application queries.

 

 

 

 

 

Refinance Loans

“Should I refinance?

Over time your situation may have changed since you first got your home or investment loan and you should consider the following questions.

• Does your current home loan suit your current lifestyle and financial needs?
• Do you want to make better use of features that are available on your loan?
• Are you thinking about renovating?
• Would you like to use the equity in your home for investment opportunities?
• Would you like to split your current loan to part-variable and part-fixed?
• Do you have a fixed rate loan that is about to expire?
• Are you planning to start a family? If you are, what financial impact will this have?

You may also want to compare loans to make sure you have the loan that best suits you.

Contact one of our home and investment loan specialist and ask for a free product comparison report to compare your current loan.

Find out how different scenarios can affect your home loan and potentially save you money such as:

• changing your loan product
• changing your loan amount, loan term or interest rate
• using an offset account
redrawing additional loan payments
• making a lump sum payment.

 

*Conditions, fees and charges apply. Rate subject to change without notice. ^Comparison rate calculated on a loan amount of $30,000 secured over a term of 5 years based on monthly repayments. WARNING: This comparison rate applies only to examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw or early repayment fees and cost savings such as fee waivers are not included in the comparison rate, but may influence the cost of the loan. Subject to PreApproveMyLoan lending criteria.