Yes, you can choose any bank for a loan – just a long as you meet the lending criteria set out by that particular bank.

Each lender in the marketplace has their own unique policies and processes and there are over 40 lenders on our panel which you can choose from. The best lenders for you can be determined by having one of our brokers assess your personal circumstances and financial goals.

Every person is different and so are their requirements. Because of this, we work closely with every client to help guide them through the process of choosing the right bank for them .

Determining how much you can afford to pay is based on two important factors – income and living expenses.

Whether you are a PAYG employee or self-employed, our brokers can calculate your eligible income for loan servicing to find out exactly what you are able to afford at a particular bank – because every bank is different.

Affordability is one thing, but then you must meet the lender’s specific criteria for obtaining a loan. Our brokers can provide you with all this detail.

As a first home buyer, a 5% deposit on the overall purchase price is good start. You may however require just a little more to meet lending criteria when it comes time to submit your loan application.

Naturally, the higher the contribution the better as this will reduce your loan amount and other fees such as Lenders Mortgage Insurance.

Please refer to the repayment calculator of the OHHL website

Oliver Hume Home Loans will assist by preparing a specific savings calculation for you.  eg a weekly, monthly savings amount that will accumulate towards your goal

Establishing a household budget is a good idea and being aware of where income is being spent

Evidence of savings and rental history ( if applicable)

Evidence of income – ie payslips and tax returns

Be aware of your living expenses and a credit history check is also advisable

Stamp duty is payable when a property is purchased.  However 1st home buyers may be eligible for an exemption or concession from duty

Exemption or concession

The first home buyer duty exemption or concession may be available if:

You enter into a contract of sale to buy your first home on or after 1 July 2017.
Your home has a dutiable value of:
$600,000 or less to receive the first home buyer duty exemption,
$600,001 to $750,000 to receive the first home buyer duty concession.
All the purchasers of the property meet the First Home Owner Grant eligibility criteria, and
at least one purchaser satisfies the residency requirement.

Lenders Mortgage Insurance (LMI) will be an extra cost which is included in your total loan amount. LMI is payable when the loan amount you are applying for is greater that 80% of the property’s value.

In order to avoid LMI completely, you will be required to pay a 20% deposit and cover any additional costs

A pre-approval is something you receive once you have submitted a loan application to a bank before you have purchased a property. A pre-approval is usually valid for three months before it either expires or require updated supporting information for you as the applicant.

Prior to submitting your pre-approval application, we as the broker gather all your personal and financial information to assess your ability to afford the required loan

The is no cost to have one of our brokers assist you with a loan application. This is a free service for you as the client. That way you know that the broker only has your best interests in mind

If you were to attend your local banking branch to talk about a home loan, that bank would only be able to provide you with the loan product options they currently offer. The benefit of talking with a broker is they have access to a far greater selection of loan product options for a wide range of lenders. OHHL have access to over 40 lenders which we can compare all products available it the market to find the best option for you.

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