Applying for a Home Loan
Whether you have an amount in mind or you just want to know how much you can borrow - our Loan Consultants can provide you with an obligation-free pre-loan assessment. They can answer any questions you may have and tell you about the interest rates and benefits of a Wide Bay Australia loan.
They can also tell you:
- How much you may be able to borrow based on the required deposit - generally,
we can lend up to 95% (home purchase/construction) and 90% (investment,
land, refinance, debt consolidation) of valuation (whichever is lesser)
plus any applicable Lender's
Mortgage Insurance premium to the loan.**
- Consideration will be given to your income and assets (real estate, motor vehicles, shares, superannuation etc) and living expenses and liabilities (other loans, tax debts etc).
- About our lending criteria - including the valuation, location and type of property you are considering purchasing, as well as your savings, employment and credit history.
- The monthly payments you will have to make - based on a given loan amount provided for a certain loan term and calculated at a particular interest rate.
- About the fees and charges you might expect to pay in establishing and managing your loan - including any insurance premiums and government charges.
- About government grants and rebates including the First Home Owner's Grant available to people buying their first home.
You can also use our calculators to estimate how much you might be able to borrow.
After a pre-loan assessment your Loan Consultant can help you submit a formal Application for Credit.
Along with your completed Application form or On-line Application we may also need:
- Documentation verifying the information in your application.
- Insurance approval from an approved lender's mortgage insurance company.
- An independent valuation on the property being offered as security
If your Application and other requirements meet our lending criteria - you will be made an offer which contains the full terms and conditions of the proposed loan.
If you accept this offer, we will advance the loan funds in order for you to complete your transaction.
In the case of a construction loan, we will make progress payments to the
builder on your behalf - after an independent valuer has assessed the value
of the work completed at various stages of construction and you indicate your
satisfaction of each stage. Your new home must also be completed to your satisfaction
and be Council-approved, prior to your builder receiving the final payment.
During the period of construction you only need to pay interest on the amount
drawn-down. Payments revert to the full monthly payment for the total loan
amount only after the final construction payment has been made.
** Different deposit criteria may apply to applicants introduced by third parties where Wide Bay has paid brokerage or commission.
This is not an offer to lend - all loans are subject to terms and conditions. Fees & charges are payable. Full details are available on application. Loans are only available to approved applicants offering security in approved property in Australia.
