First Home Buyers may get not need to pay stamp duty and also may get special loan rates and grants!
If you are running a business, then you may not have 3 years tax returns. There are alternative docs to help you buy that house.
Non Bank Loans provide a level of flexibility when assessing your loan, that traditional lenders do not. Often they are cheaper as well, depending on your circumstances.
If you have had some bad credit in the past, you need to talk to us. We will give you a free credit report and then discuss how we can help. Don't assume you can't get a home loan before calling us.
Mortgages & Loans Available For Australia
Refinance Loans can save you interest and simplify your life with one payment.
First Home Buyer Loans
First Home Buyers can get special interest rates & stamp duty forgiveness.
Low - Doc Loans
Don’t have 2 years of tax returns There are alternative documents for a loan.
Sometimes you need to draw on your home equity for other worthwhile projects.
Bad Credit Loans
Sometimes bad things happen in life. Let us assist you to get back on track.
Have a Low Deposit but need a house for your family. There are alternatives.
Non Bank Loans
Non Bank Lenders are often more flexible in assessing suitability for loans.
Regional Area Loans
Getting a Loan in the Country can be difficult with traditional banks.
About Mortgages 123
Mortgages123 is a brand new company that is part of the Loans123 company. As the name implies they concentrate on a variety of mortgage loans for clients who may not otherwise be able to get loans from traditional lenders. Steve Sell the powerhouse behind the business is reaching out to those that need solutions to assist them in the home ownership dream.
What Income documents will I need?
PAYG. Wage Earners.
We need information to support and confirm your income. These documents will include, your recent bank statements (usually 3 months) We will send you a link that makes it easy for you to provide this information. You will not have to go to the bank for copies.
Payslips from your employer that have year to date income. Usually two consecutive payslips.
Proof of any other income you receive. We may need your most recent group certificate or tax return.
What if I am self-employed?
OPTION 1. For a full doc Self-Employed application, we need your last two years financial statements (profit and loss) Tax Returns and a Tax Assessment Notice.
OPTION 2. If you are self-employed and unable to provide this documentation, you may qualify for an alternative documentation (alt doc) loan. We will consider self-employed borrowers who have been in business for at least 6 months.
|Full Doc||Alt Doc|
And any one of the following:
And any one of the following:
Will you consider other type of income?
Yes, we consider a range of income types for the self-employed including:
- Net profit before tax
- Wages and salaries
- Trust distributions
- Addbacks such as depreciation and non-recurring interest charges
- Superannuation contribution in over 9%
We are very flexible, all applications are subject to credit assessment, loan suitability and affordability criteria.
How do you identify me?
We will need to be able to identify you.
We will need a copy of your current drivers’ licence and Medicare card to start your application.
You will need to provide identification that add up to 100 points. The documents you may use are listed below. At least one document must contain a photograph.
Primary Documents. 70 Points.
- A Full Australian birth certificate issued in your name by the Registrar of Births, Deaths and Marriages.
We cannot accept birth extracts or birth cards. This is worth 70 points.
- Australian Passport. Cannot be expired. This is worth 70 points.
- A current passport issued by a country other than Australia, with a valid entry stamp or visa. Cannot accept expired passports. This is worth 70 points.
Secondary Documents Document. 40 points.
- An Australian Driver Licence, learner permit or provisional licence showing your signature and/or photo, cannot accept an expired, cancelled or suspended licence. This worth 40 points.
- Australian Photo Firearm Licence showing signature and/or photo. 40 points
- State or Federal Government Employee Photo Identity Card. Cannot accept expired cards. 40
- Department of Veteran’s Affairs Card. accept expired cards. 40
- Centrelink or Social Security Card Current Centrelink or Social Security Card. 40
- Proof of Age Card Current proof of age or photo identify card issued by a government agency with photo and/or signature. Cannot accept expired cards. 40
Additional Documents.25 points.
- Medicare Card Current. Cannot accept expired cards. 25
- Council Rates Notice rates notice in your name and showing the same address as provided in your application. 25
- Property Lease/Rental Agreement Current formal residential tenancy agreement or lease. Cannot accept expired or terminated agreements. 25
- Property Insurance Papers. 25
- Current motor vehicle registration showing your name and address. Cannot accept expired motor vehicle registration documents. 25
- A paid utility account e.g. gas, water, electricity or phone in your name and showing receipt number less than 12 months old. 25
- Current credit card showing your name and signature. 25
- Bank Statement, Passbook or Current ATM or debit card showing your name and signature. 25
How much deposit do I have to have?
Deposit can be as low as 5%.
We have a range of lenders who can finance home purchases of up to 95% Loan to valuation ratio or LVR (subject to the loan meeting eligibility criteria). We recommend you have at least 10% of the total price saved as deposit or available as it is important to factor in the additional costs you need to cover when you are buying a property and taking out a loan. Here are some of the additional costs.
What fees and charges apply?
- Settlement and legal fees: You will need a settlement agent or a solicitor to do the documentation for buying your property.
- Transfer and Stamp Duty: State and Government fees include a transfer registration fee and stamp duty. The amount depends on things like which state you live in and whether you’re a first-home buyer.
- Buyer’s agent fees: If you use a buyer’s agent their fees vary with the services provided, usually you will pay an engagement fee and or a percentage of the purchase price of the property you buy.
- Lender’s Mortgage Insurance also known as (LMI): You will be required to obtain LMI if you have less than 20% deposit. Some lenders offer their own version of LMI.
- Comprehensive Home insurance: Home insurance covers the cost of loss or damage to your home. It is a condition of your loan approval that your property is comprehensively insured, and the lender will be noted on the policy. If your house is a total loss your mortgage would be paid out first and you would get any left- over balance.
- Home Contents Insurance: A contents insurance policy protects your possessions from loss or damage. This includes most of your personal possessions. Some expensive or unusual items will need to be noted separately. Talk to your insurance provider to work out the right amount of cover.
- Income protection: Income protection insurance will cover your mortgage repayments if you are sick or have an accident.
Utilities, Moving and Essentials.
- Utilities and connections: You will need to set aside a certain amount to connect water, electricity, gas, phone and internet.
- Inspections: It pays to have a building inspection (structural) and a pest inspection done on the property before you buy.
- A qualified inspector will give you a written report. The report can be used to highlight potential problems that you may have overlooked.
- Moving costs: The cost of moving to a new house is something that is often overlooked. You may be able to call on family and friends or you may need to pay for a removal service.
Rates, Strata Fees and Maintenance fees:
- Council and water rates: Council rates and water rates are charged to property owners. They vary depending on where you live. These fees are used to provide services like rubbish collection, security patrols, parks and the upkeep of your neighbourhood.
- Strata fees: If you own a unit in an apartment block, you’ll need to pay strata fees, which go towards general management of the building and the complex’s common areas. Strata fees can amount to a significant sum, and vary depending on where you live and the type of building you live in.
- Renovation (if needed): If needed, you’ll also need to factor in the cost of renovating your home before moving in. Make sure you weigh the cost against what you’re paying to buy the home.
- Home loan fees: A loan establishment fee, a valuation fee to assess the value of your home, or discharge fees if you’re exiting a prior home loan agreement.
- Mortgage repayments: You’ll need to make your mortgage repayments at least once a month. The sum you will pay depends on your loan type, your lender, and the amount you borrow.
- Loan administration fees: Many lenders charge a monthly service or administrative.
Do You Check My Credit history?
Yes, we check your credit file, and this has a bearing how we look at your loan application.
Can I check my credit file?
Yes, you can check your credit file for free at www.freecreditreport.com.au
How long does the application process take?
Your Home Loan Journey can take up to six weeks – this can be a typical timeframe for a home purchase; however, the process can be quicker if all the necessary documentation is provided. Delays in decisions are often caused by incorrect or missing documentation.