FAQ's

Yes, you can purchase a property with another person.

Yes, you can have a combination of fixed and variable rate facilities.

Yes we have a low rate home loan that includes a eftpos card 

Yes, you can lock in a fixed rate providing you complete a Rate Lock Application and pay a small fee. The Fee is normally 0.15% of the loan amount unless advised otherwise. This tends to vary according to which lender you use.

We have products that allow you to pay an extra $20,000 per annum.

You can use a guarantor provided they’re a Spouse or a Family Member. They can assist you with a Guarantee over Security or act as an income Guarantor. The rules for this do tend to vary according to the situation and the lender, it is best to check with Harbour Financial Services before making any decisions.

There are a number of ways that you can make repayments to your loan:

1. Direct Salary Crediting
2. Direct Debit facility
3. Internet Transfer

Generally 90 days from the time the financial institution approves your loan or 90 days from the time you request a rate lock on an existing loan.

Most financial institutions will grant you one of the following:

1. A pre approval within two to three business days which will allow you to shop around for a property.
2. A conditional Approval within two to three business days.
3. A formal (unconditional) approval within two to seven business days depending on the valuation of the property.

Generally a pre-approved will last for three months. Beyond this time most lenders will wish to re-confirm your details.

Generally it is best to have saved a minimum of 5% of the purchase price. However, some options may be available for those that have not saved this amount. If this applies to you a discussion with Harbour Financial Services is recommended.

Yes you can. We’ll be able to locate the best possible product and interest rate for you.

There are restrictions on the maximum amount you can borrow against the property value, depending on the country you’re living/working in.

Depending on what the default is, who lodged it and how much it is for, you may be considered for home loan approval.

Yes you can, providing you obtain a Foreign Investment Review Board approval. For full details you can visit the Foreign Investments Review Board website at: www.firb.gov.au

If you are Self-employed, you can still apply for a home loan:

1. To a full financial documentation loan, a self-employed person will need to supply the following to verify their income:
   • Full financial information for the past two years including Personal and Company Tax Returns, Profit & Loss Statements, Balance Sheets, ATO Assessments and Tax Portals.
2. A Low financial documentation loan, Self-employed person will need to supply the following to verify their income:
   • At least one Borrower must be Self Employed.
   • An Executed Declaration from all Borrowers.
   • BAS statement and/or bank statements may also be required.

To obtain a quick, easy and hassle free approval you will need to supply the following:

• A copy of your Driver’s Licence, Passport and/or Birth Certificate and Medicare Number
• A copy of your two most recent payslips (your last two years Group Certificates – now called Payment Summary or PAYG Summary may be required).

For Purchases:

• A copy of your savings account statement covering a 6 month period. This will confirm how much you wish to contribute.
• For refinancing an existing loan a copy of your current loan statements for the past 6 months, and additional documentation may be required depending on your circumstances.

Further information will generally be required which depends on your personal circumstances. Harbour Financial Services can step you through what is required for your particular situation.

It really depends on the type of loan that you take out.

• An establishment fee
• An Annual Package Fee which is paid when the loan is established and at each anniversary.
• A Settlement fee
• Government Charges which vary from State to State

When you borrow more than 80% of the property value, the lender will seek mortgage insurance to protect the lender from losses. Mortgage insurance provides coverage to the lender rather than the borrower.

It is a one-off payment which can be included in your Harbour Financial Services home loan.

This is an insurance policy to protect the borrower against unforeseen circumstances such as unemployment, death, illness or injury.

Stamp Duty is payable on purchases of properties. There are two different types of Stamp Duty:

1. Stamp Duty on the Transfer of Title, which is charged by state governments and paid by the purchaser.
2. Stamp Duty on the Mortgage – this duty has been abolished for most owner occupied and investment property loans but you may be required to pay it on other types of loans e.g. Business Finance.

Stamp Duty varies by state. The information on Stamp Duty or eligibility for an exception by state is available on the following websites:

• VIC – www.sro.vic.gov.au
• NSW – www.osr.nsw.gov.au
• QLD – www.osr.qld.gov.au
• SA – www.revenuesa.sa.gov.au
• WA – www.finance.wa.gov.au
• TAS – www.sro.tas.gov.au
• NT – www.revenue.nt.gov.au

You need to have had a regular income over the past two to three years. If you are unsure, contact Harbour Financial Services to discuss.

Harbour Financial Services provides both redraw and offset facilities.

1. You may wish to purchase a property to live for the next two to three years and then convert it into an investment property loan. In this instance, we would recommend an Interest Only loan with an offset account.
2. If you plan to live in the property long term and aren’t looking to purchase another owner occupied property then either redraw or offset would be suitable.

We have many different lenders with offset accounts

You may be able to borrow 100% of the property value plus the costs involved in the purchase providing you have a second property to use as security.

Also, 100% finance may also be secured through a family guarantee.

Outside of these options and in most other circumstances, you will require a minimum 5% of the purchase price of the property as a deposit.

You will not be penalized for making extra repayments on any of our variable rate home loans.

Early termination fees are no longer applicable for Home Loans since 1 July 2011. If your loan is older than this you should check your loan documentation or with your current lender.

You can choose to employ a Solicitor to assist you with the purchase of a property. Alternatively, you can employ a Conveyancer who can complete the same work at a lower cost. We have one that we work very closely with that we can arrange for you.

You will only need mortgage insurance if you borrow more than 80% of the property value. Whether Mortgage insurance is required depends on your lender.