RESIDENTIAL & INVESTMENT LOANS
We guide you every step of the way
Whether it is your first home or first investment, with 180 Finance by your side, you’ll feel completely at ease.
We’ll guide you through the maze of solicitors, lenders and agents and answer all the important questions, including:
- How much can you afford to borrow?
- What type of home loan is right for you?
- How you can take full advantage of all first homeowner grants and concessions
- What are the other buying costs you need to be aware of?
Want to bounce some numbers around? Why not try out some of our calculators.
Client Journey
Frequently Asked Questions
Pre-approval, sometimes known as approval in principle (AIP) or conditional approval, is when a lender agrees to extend you a home loan up to a certain limit, subject to certain conditions. There are two basic stages of approval – conditional approval, which is good to have as you are getting ready to buy your property, and unconditional approval, which happens right at the end of the process.
At 180 Finance, we make the process as easy as possible with just a few stages to pre-approval as follows:
Discovery
We’ll have a chat about your current situation and future plans and goals. I will use this information to make sure we source the right loan just for you.
Fact Find
You will have access to electronic lodgment of information, which will involve questions about your employment and income, debt such as personal loans and credit cards, and other investments. This stage allows us to match your financial position and circumstances with lender policies. The electronic lodgment of information is super easy and can take less than an hour if you have your information available.
File Build, Market Analysis and Game Plan
At 180 Finance, this is where we take the wheel, by building your file, researching the market, and creating a game plan tailored to meet your goals.
Application
After guiding you through the game plan, we take care of the application process, completing all the documentation and adding the supporting information, so all you need to do is let us walk you through it, answer your questions and tell you where to sign.
Pre-approval
Now that we have submitted the application, we will maintain contact with the lender, ensure they have everything they need and get you pre-approved.
First Home Buyer support incentives have been around for a long time and have made available by State and Federal Governments in a range of formats over a number of years depending on where they believe the most help is needed. The current support options are focussed on helping first home buyers purchase with as little as 5% deposit, without having to pay $15,000-$40,000 in lender’s mortgage insurance. Follow this link to check out the First Home scheme comparison table, then give us a call at 180 Finance and we’ll help you get that first home.
When your deposit is less than 20%, lenders will consider your loan a higher risk and they will only lend to you, if they take out an insurance policy that protects them against loss in the event that you default on your loan and the property is sold for less than the outstanding amount on the loan. When Lenders Mortgage Insurance (LMI) is required, the lender will require you to pay for it. Depending on the loan amount, the LVR (Loan to Value Ratio) and the lender, LMI can cost anywhere from $5,000 to $40,000+.
Did you know that some applicants are eligible for an LMI waiver? Give us a call at 180 Finance to find out if this is you.