Home Loans - Made Simple

To estimate how much you can borrow, borrowing calculators consider several factors, such as:

1. Are you borrowing alone or with someone else?
2. What is your income?
3. What debts, liabilities, and expenses do you have?
4. What are your loan terms? For example: 30 years

Lenders typically need a 20 percent deposit as it is considered a safe amount. There may be situations where you will need to provide more, but your dedicated home loan Lending Specialist at VOXFIN will inform you about this.

A 20% deposit will help you avoid Lender's Mortgage Insurance (LMI) or a Low Deposit Premium (LDP). If you do not have a 20% deposit, find out how you can still purchase a home.

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When purchasing a home, apart from your deposit, other upfront costs need to be factored into your budget.

Stamp Duty:

Stamp duty includes taxes and government fees that usually must be paid within 30 days of settlement. The amount of stamp duty is determined by factors such as the state or territory in which the property is located, the property's price, and whether you are a first-home buyer or investor. It is essential to consider stamp duty as it is often the most significant cost after your deposit and mortgage.

Inspections (Building & Pest):

Before buying a home, it is crucial to ensure that it is structurally sound and free from pests like termites. This can help you avoid future costs and complications. Building and pest inspections should be conducted before exchanging contracts, and the costs may vary depending on the chosen provider.

Land Tax & Registration of Title:

When purchasing a property, you will need to pay a fee to register your property's title with the Land Titles Office in your state or territory. If you buy the property from someone else, a fee is associated with transferring the title to you.

Legal or Conveyancing Fees:

A solicitor or conveyancer can assist you with the home-buying process for a fee, from reviewing contracts to transferring the title. This allows you to focus on settling into your new home while they handle the paperwork.

Mortgage Registration Fees:

State and territory governments impose a mortgage registration fee to register the physical property as security for a home loan. This officially registers the property as security for your home loan. The fees vary depending on the state or territory of residence.

Insurances:

Lenders typically require property insurance during the loan period. Homeowners may also consider home and contents insurance to protect against accidents, natural disasters, theft, and more. It's important to carefully understand general insurance policies, including exclusions and factors influencing policy pricing, and seek independent financial advice if necessary.

Moving Costs:

After receiving your keys, you will need to pay for moving in and settling into your new home, including removalist expenses, utility connections, ongoing property costs such as council rates, and potentially strata fees and taxes.

Please note that this is for general informational purposes only and should not be considered financial product advice. It's recommended to seek financial advice before making any decisions based on this information.

Credit default, home loans, credit impaired borrowers, mortgage with defaults

Yes, you can still apply for a home loan if you have a credit default. We consider the reasons behind the defaults, your current income, repayment ability, deposit, and the property location. Explore home loans tailored for credit impaired borrowers.

Bankrupt, home loan, financial goals, debt agreement, mortgage after bankruptcy

We offer home loan options for those previously bankrupt or under a debt agreement. Each situation is unique, so discuss your case with our lending specialists to find suitable solutions.

Self-employed, Full Doc, Alt Doc, income documentation, mortgage for self-employed

For self-employed borrowers, we accept Full Doc and Alt Doc income documentation. Providing comprehensive financial documents can help you qualify for better loan terms. Requirements include tax returns, financial statements, ABN registration, GST registration, and financial declarations.

Centrelink benefits, non-standard income, home loan application, alternative income sources

Most banks and lenders accept various income sources like Centrelink benefits, carer's allowance, disability support, family tax benefits, and more. This approach helps diverse applicants secure home loans.

First Home Owner's Grant, FHOG, home deposit, first-time buyers

While we can submit your FHOG application, it typically cannot be used as a deposit since funds are unavailable at settlement. Contact us for specific inquiries at 03 70652000.

Credit score, home loan, low credit score mortgage, non-bank lending 

A high credit score helps with bank loans, but we specialise in assisting those with lower scores. We assess your overall financial situation beyond just your credit score to help secure a home loan.

Loan to Value Ratio, LVR, mortgage, property deposit, interest rates, lender protection fee

LVR is the loan amount divided by the property's value, expressed as a percentage. A larger deposit lowers your LVR, influencing interest rates and loan options. To calculate LVR, divide the loan amount by the property value and multiply by 100.