Check List

When applying for a loan, you will need to bring certain documents with you to help speed up your application.

 

People who receive PAYG Summaries

  • two recent payslips
  • two group certificates
  • if possible, a letter from your current employer on company stationary providing confirmation of your employment and your length of service

People who are self-employed

  • last two years of full tax returns for both personal and business
  • full financial statements for the last two years relating to the business

Savings

  • copies of bank statements from the last 6-12 months (including any deposit receipts)

Investments

  • copy of a current lease or property appraisal; receipt of rental income also
  • a letter of opinion from the managing agents stating the rental price is reasonable for the property

Refinance

  • statements proving an existing loan is satisfactory to be refinanced

Purchase

  • the front page of the property advertisement providing details of the purchaser and the property price

Deposit bonds

  • again, the front page of the property advertisement providing details of the purchaser and the property price
  • front and back pages of the contract for the property you are selling (if applicable)
  • a complete deposit bond application form
  • a cheque written out to the insurance company for the required premium

Construction

  • copies of plans and specifications  and a copy of the builders’ fixed price tender

Valuation fee

  • cheque made payable to your preferred lender

Identification

  • a copy of your passport or birth certificate and a current drivers’ licence

 

  • Types of Mortgages

    Types of Mortgages

    Lake Macquarie Mortgages & Commercial Finance will help you decide which plan is best for you. It is always a good idea to do a little research on what kinds of plans are available, so that you can better understand the plans proposed to you. Briefly, here are some of the types of loans you might be considering.

     

    • Repayment mortgage: This is the most common, and is the simplest to understand. Repayment mortgages work on a time-line basis, and unless there is a problem with your payment schedule, your loan will be guaranteed to be paid in full by the end of your commitment.
    • Endowment mortgage: This type of loan is paid bi-monthly. The first payment is for the interest on your loan, with the second being a fee paid to an insurance company for an endowment policy.
    • Interest only mortgage: This plan focuses on paying back the interest accrued first, leaving the capital owed to be paid at the end of the payment schedule.
    • Pension mortgages: This mortgage is also paid in two categories, bi-monthly. The first payment is for the interest on your loan, and the second is for a pension policy premium.

     

     

    Protecting Your Home Mortgages

    When acquiring a home equity loan, you will consider home mortgages payment insurance. In the event you are not able to pay for your monthly bill, this type of insurance will assist you.

     

    Without this insurance, and in the event of a financial mishap, you could lose your home. There are several types of this insurance coverage, and they will vary depending on your financial background, whether you are self-employed, as well as whether you are a part-time employee.

    After considering your options, it’s time to apply for a home mortgage loan.

     

    Email Lake Macquarie Mortgages & Commercial Finance and arrange an appointment.

     

    Once you apply, you will have a clearer picture as to exactly what types of loans are available to you for your financial situation.

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