In order to ensure a late fee is not assessed to your account, your monthly draft dates cannot exceed your contractual due date plus the number of grace period days allowed on your account. With this option, you may include an additional principal amount to draft with your payment each month. Select one date each month that your payment will be drafted. You must be current in order to enroll in this draft frequency. Recurring payments from your bank account: Your payment will be automatically withdrawn and will post to your account on the date you specify. One time bank account drafts can be transacted as a same day posting and can be scheduled up to one week in advance.One-Time Monthly Payments from your bank account or debit card: Three months worth of bank statements showing how you saved for your home loan deposit OR a copy of your bank statement showing available funds (if your deposit was gifted) plus your rental ledger showing 12 months of rental history.You can choose from several convenient payment options, including:.Your two most recent payslips plus your last PAYG Summary (Group Certificate) OR (if you’re self-employed) your tax returns for the previous two years and notices of assessments.Once you’re ready to apply for finance, or even pre-approval, you’ll need to supply all the relevant paperwork.ĭepending on your financial situation, you may need to supply more (or less) than what’s listed here, but generally all loan applicants need to supply: These will give you the information you need in a set format that makes it clear when you’re comparing rates, fees and features of different loans. Even the smallest difference in interest rate could save you thousands of dollars, or years, off your home loan repayments.Ī great way to compare home loans on offer is to ask for a ‘key facts sheet’ from each different lender. This will help with your application approval, but also ensures you won’t be over stretching when it comes to your finances.īuying a home will probably be one of the biggest purchases of your life, so it pays to shop around when it comes to finding finance. It’s a good idea to keep repayments to around a third or less of your total income. There are some great calculators online to give you a bit of insight into what your mortgage repayments may be. Lenders will also consider your debt to income ratio – how much are you looking to borrow versus how much income you have coming in. This is available on brand new built homes, or when building your own home. If you're purchasing your first property, you may also be able to apply for the Queensland Government’s first home owner grant, which could add another $15,000 to your home deposit. Look at your current spending, set a realistic budget and start kicking your savings goals. Plus, if you save 20 per cent or more of the cost of your home, you can avoid paying costly private mortgage insurance (which protects the lender, not you). The bigger your deposit on your home loan, the better your application. Always pay bills on time, whether it’s rent, utilities or credit card payments.Make sure all the details on your report are correct.If your score is not ideal, there are things you can do to help improve it: If you’ve got an amazing score, use it to your advantage when negotiating your finance deal. You can check your own score (ASIC’S MoneySmart website has more details) to see where you sit. Your credit score is worked out by looking at your credit file, which includes what credit products you’ve held, the repayment amounts and your repayment history. When applying for a loan, one of the first things a lender checks is the applicant’s credit score. So, we’ve done some homework on what to do to help breeze through the process of landing the right mortgage – and the right home – for you. It’s your dream to own your own home and one of the first steps is to secure the right finance.
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