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100% Finance Home Loans

Only got enough money to meet the cost of stamp duty, lenders mortgage insurance and solicitors costs, etc. in connection with your home purchase? Well, you may be able to obtain a loan through LoanAustralia to a maximum of 97% of the value of the property plus 3% Lender Mortgage Insurance. The amount that you are able to borrow will be determined by your capacity to repay the loan and individual circumstances.

How can we assist?

It is designed if you seek to purchase a property, with limited or non-genuine savings, or for those who wish to use the funds not sourced from their own savings (eg gift from parents).

We will require a valuation of the proposed security property and the cost of this is covered in the valuation fee. An additional valuation fee will be required if the property value exceeds $500,000 or if more than one valuation is required.

Miscellaneous Costs

When calculating the amount of money you need to complete the purchase of the property there are a number of costs you will need to allow for:

• Loan application and valuation fees.
• Government Fees - including stamp duty on transfer and on the mortgage.
• Legal Fees - including conveyancing and property search fees.
• Property related costs - including council and water rates and in the case of a unit purchase, you will have strata fees.
• You may also have to allow for other costs such as building and pest inspections.

First Home Owners Grant (FHOG)

If you are buying your first home, you may be eligible for the FHOG and in some states, stamp duty exemption, which could save you up to $25,000.

To be eligible for the FHOG you must be an Australian citizen or permanent resident and you (and your spouse or partner) must not have previously owned a home in Australia.

If you are eligible for the FHOG we will be able to assist you in applying for the grant.

Mortgage Stamp Duty

You may be required to pay mortgage duty on the amount of the new loan. We will assist you to determine the amount.

Lenders Mortgage Insurance (LMI)

The LMI fee applies only when you borrow more than 80% of the property's value (on a full documentation loan), this covers the lender if for some reason you cannot repay your loan and the property is sold for less than the amount of the loan. The cost of LMI will be added to the loan.

Building Insurance

Prior to settlement of your loan you will need to provide evidence that your Investment property is suitably insured, as well as any other property offered as security. In the case of a unit this will usually be insurance taken out by the Strata Plan.

You might like to consider Landlord Insurance to protect your property against damage caused by tenants.

What to do now

1. If you are ready to proceed, check out the home loan products and select one that best suits you.
2. Work out the amount that you need to borrow and use our calculator to work out your repayments.
3. Apply for your loan online or ring us and talk to one of our home loan consultants to see if you qualify for a loan.

What you will need when we call you

When you apply, make sure you have the following items (we may ask for a few other things depending on your individual circumstances):

• Details of your current employment income.
• Details about your assets - their value and any income you get.
• Details about your ongoing expenses and regular payments.
• Information about the type of loan you're after and any splits you want.
• The amount you want to borrow.
• Copies of your identification eg drivers licence, etc.

Online Application - with our secure form it takes only 5 minutes to get an obligation free pre-approval.