Find and compare no doc home loans

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Advertised Rate

3.39%

Variable

Comparison Rate*

3.59%

Company
Pepper
Repayment

$1,484

monthly

Features
Redraw facility
Offset Account
Borrow up to 85%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

2.03

/ 5
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Advertised Rate

3.62%

Variable

Comparison Rate*

3.56%

Company
Resimac
Repayment

$905

monthly

Features
Redraw facility
Offset Account
Borrow up to 70%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

1.78

/ 5
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Advertised Rate

4.02%

Variable

Comparison Rate*

3.96%

Company
Resimac
Repayment

$1,005

monthly

Features
Redraw facility
Offset Account
Borrow up to 80%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

1.78

/ 5
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Advertised Rate

4.05%

Variable

Comparison Rate*

4.11%

Company
Yellow Brick Road
Repayment

$1,013

monthly

Features
Redraw facility
Offset Account
Borrow up to 60%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

1.95

/ 5
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Advertised Rate

4.05%

Variable

Comparison Rate*

4.11%

Company
RESI Mortgage Corp
Repayment

$1,013

monthly

Features
Redraw facility
Offset Account
Borrow up to 60%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

1.95

/ 5
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Advertised Rate

4.25%

Variable

Comparison Rate*

4.31%

Company
RESI Mortgage Corp
Repayment

$1,063

monthly

Features
Redraw facility
Offset Account
Borrow up to 80%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

1.95

/ 5
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Advertised Rate

4.25%

Variable

Comparison Rate*

4.31%

Company
Yellow Brick Road
Repayment

$1,063

monthly

Features
Redraw facility
Offset Account
Borrow up to 80%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

1.95

/ 5
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Advertised Rate

3.92%

Variable

Comparison Rate*

3.86%

Company
Resimac
Repayment

$980

monthly

Features
Redraw facility
Offset Account
Borrow up to 70%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

1.78

/ 5
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Advertised Rate

4.10%

Variable

Comparison Rate*

4.16%

Company
Yellow Brick Road
Repayment

$1,025

monthly

Features
Redraw facility
Offset Account
Borrow up to 60%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

1.95

/ 5
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More details
Advertised Rate

4.10%

Variable

Comparison Rate*

4.16%

Company
RESI Mortgage Corp
Repayment

$1,025

monthly

Features
Redraw facility
Offset Account
Borrow up to 60%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

1.95

/ 5
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Advertised Rate

4.32%

Variable

Comparison Rate*

4.26%

Company
Resimac
Repayment

$1,080

monthly

Features
Redraw facility
Offset Account
Borrow up to 80%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

1.78

/ 5
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Advertised Rate

4.50%

Variable

Comparison Rate*

4.56%

Company
RESI Mortgage Corp
Repayment

$1,125

monthly

Features
Redraw facility
Offset Account
Borrow up to 80%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

1.95

/ 5
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More details
Advertised Rate

4.50%

Variable

Comparison Rate*

4.56%

Company
Yellow Brick Road
Repayment

$1,125

monthly

Features
Redraw facility
Offset Account
Borrow up to 80%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

1.95

/ 5
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Advertised Rate

4.47%

Variable

Comparison Rate*

4.65%

Company
AlphaBeta Money
Repayment

$1,118

monthly

Features
Redraw facility
Offset Account
Borrow up to 70%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

1.84

/ 5
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Advertised Rate

2.85%

Variable

Comparison Rate*

3.05%

Company
Pepper
Repayment

$1,399

monthly

Features
Redraw facility
Offset Account
Borrow up to 70%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

2.49

/ 5
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Advertised Rate

2.85%

Variable

Comparison Rate*

3.05%

Company
Pepper
Repayment

$1,399

monthly

Features
Redraw facility
Offset Account
Borrow up to 65%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

2.49

/ 5
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More details
Advertised Rate

2.99%

Variable

Comparison Rate*

3.19%

Company
Pepper
Repayment

$1,421

monthly

Features
Redraw facility
Offset Account
Borrow up to 75%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

2.16

/ 5
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Advertised Rate

3.09%

Variable

Comparison Rate*

3.29%

Company
Pepper
Repayment

$1,437

monthly

Features
Redraw facility
Offset Account
Borrow up to 80%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

2.03

/ 5
Go to site
More details
Advertised Rate

3.47%

Variable

Comparison Rate*

3.51%

Company
Resimac
Repayment

$1,497

monthly

Features
Redraw facility
Offset Account
Borrow up to 70%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

1.78

/ 5
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More details
Advertised Rate

3.35%

Variable

Comparison Rate*

3.55%

Company
Pepper
Repayment

$1,478

monthly

Features
Redraw facility
Offset Account
Borrow up to 65%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

2.03

/ 5
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More details

Learn more about home loans

As the name suggests, a no-doc home loan is a home loan that requires no proof of income documentation. When you apply for a standard home loan, you’ll usually need to provide proof of income and employment and may also have to include tax returns and payslips with your application. With a no-doc home loan, you may not need to provide any of these documents to apply for a home loan.

While this sounds like an incredibly fast and convenient way to apply for a loan, it’s not the case. Given the high risk these loans carry, no-doc home loans are rare in Australia and are generally not offered by many banks or credit unions. In Australia, no-doc home loans aren’t common, and low-doc home loans are usually offered as an option for self-employed borrowers who don’t have traditional proof of income.

What is a no-doc home loan?

Regular home loans usually require the borrower to provide full documentation proving their income, employment and ability to pay the loan back. No-doc loans don’t require the borrower to provide as much financial documentation when applying for a home loan.

For self-employed borrowers who don’t have access to regular PAYG payslips, applying for a home loan can be a challenge. This may also be the case for freelancers, investors, contractors or those who have recently started a small business and have access to very limited financial documentation.

While most financial institutions don’t provide home loans to customers with no financial documentation, there are some lenders that do offer no-doc home loans. Each lender will have their own conditions, but no-doc borrowers will usually need to provide an ABN showing proof that they own a registered business.

Where low-doc home loans usually require the borrower to provide tax returns, BAS statements and an accountant’s letter, no-doc home loans don’t require any of this documentation. In lieu of financial documents, when you apply for a no-doc home loan, you still have to sign a statement of your assets and liabilities or a declaration that confirms you can afford to service the loan.

As no-doc home loans pose a greater risk, some lenders may impose additional conditions onto the loan and insist that the loan is secured by a commercial property and be in the name of a company or trust with an ABN.

Depending on the type of no-doc loan you apply for, you may only be able to use the funds to purchase an investment property, and the lender may impose restrictions on the type of property you can use the loan for.

As there is no documentation or proof of income to back up the loan, the actual security is all the lender has to mitigate the risk. For this reason, no-doc loans aren’t widely available, and lenders that do offer no-doc home loans tend to have much tighter conditions.

Given the lack of financial documentation, no-doc home loans carry a greater risk to the lender. To offset the risk, no-doc home loans usually have higher interest rates and fees and may also require a larger deposit.

Alternatives to no-doc home loans

None of the major Australian financial institutions offer no-doc home loans, although there may be some smaller private lenders in the market who do offer no-doc home loans. If you opt for a no-doc home loan from a smaller lender, always do your research to make sure you’re getting a good deal from a lender you can trust.

As low-doc home loans are more easily accessible and there are a wide range of lenders offering low-doc home loans, this may be a better option for borrowers with limited financial documentation.

Low-doc home loans are similar to no-doc home loans except they require people to provide some level of documentation before their home loan is approved. Like the no-doc home loan, customers who borrow money using this option will be considered higher-risk borrowers as they have limited proof of income.

As such, these loans generally charge higher interest rates and require larger deposits, much like no-doc loans. In some cases, a lender may also require that the loan is secured against an asset of the borrower’s for extra security. This may be a property that they already own or a vehicle that the bank would repossess if the mortgage repayments could not be made.

How to compare no-doc home loans

When choosing a home loan, there are several important factors to consider. The interest rate offered by the lender should be taken into consideration as a high-interest rate can add thousands of dollars to your loan that you wouldn’t otherwise have to pay. As no-doc home loans traditionally have high interest rates, it might take considerable research to find the best deal.

Aside from the interest rate, it’s important to look at the other fees and expenses associated with the no-doc home loan you’re considering. An easy way of doing this is to look at the comparison rate of the home loan, as this will give you a better idea of the overall cost of the loan, inclusive of the interest rate and some fees.

No-doc loans tend to have stricter loan-to-value ratio (LVR) requirements, meaning that you’ll probably need to put down a larger deposit. Due to the risky nature of no-doc home loans, you won’t be able to borrow as much as you would with a low-doc or standard home. Take note of the different LVR options when comparing loans to ensure the no-doc home loan still suits your budget.

Another feature to compare is repayment frequency. If you’re self-employed or a freelance contract worker, you may want a no-doc home loan that lets you choose between making your repayments weekly, fortnightly or monthly.

Before committing to a home loan, it’s also important to find out what features are offered by the lender. For example, some loans offer a redraw or offset facility that may help reduce the amount of interest you pay over time.

How do I apply for a no-doc home loan?

Each no-doc home loan lender will have its own lending criteria and application process. If you’re self-employed, in some cases you may need to provide an ABN to prove you own the business. You may also need to provide a letter from your accountant certifying you can afford to make the no-doc home loan repayments.

Before you decide on a no-doc home loan, consider your low-doc home loan options first. Low-doc home loans require less documentation than standard home loans and tend to have lower interest rates and fewer fees and conditions than no-doc home loans.

Regardless of whether you choose a low-doc home loan or a no-doc home loan, make sure you do your research and compare your options.

Applying for a home loan is a big decision, so before you choose a lender or a loan, make sure you’ve got the bigger picture. Take into the account the costs, fees and your personal situation over the life of the loan.

Frequently asked questions

Can I take a personal loan after a home loan?

Are you struggling to pay the deposit for your dream home? A personal loan can help you pay the deposit. The question that may arise in your mind is can I take a home loan after a personal loan, or can you take a personal loan at the same time as a home loan, as it is. The answer is that, yes, provided you can meet the general eligibility criteria for both a personal loan and a home loan, your application should be approved. Those eligibility criteria may include:

  • Higher-income to show repayment capability for both the loans
  • Clear credit history with no delays in bill payments or defaults on debts
  • Zero or minimal current outstanding debt
  • Some amount of savings
  • Proven rent history will be positively perceived by the lenders

A personal loan after or during a home loan may impact serviceability, however, as the numbers can seriously add up. Every loan you avail of increases your monthly installments and the amount you use to repay the personal loan will be considered to lower the money available for the repayment of your home loan.

As to whether you can get a personal loan after your home loan, the answer is a very likely "yes", though it does come with a caveat: as long as you can show sufficient income to repay both the loans on time, you should be able to get that personal loan approved. A personal loan can also help to improve your credit score showing financial discipline and responsibility, which may benefit you with more favorable terms for your home loan.

Can I get a NAB home loan on casual employment?

While many lenders consider casual employees as high-risk borrowers because of their fluctuating incomes, there are a few specialist lenders, such as NAB, which may provide home loans to individuals employed on a casual basis. A NAB home loan for casual employment is essentially a low doc home loan specifically designed to help casually employed individuals who may be unable to provide standard financial documents. However, since such loans are deemed high risk compared to regular home loans, you could be charged higher rates and receive lower maximum LVRs (Loan to Value Ratio, which is the loan amount you can borrow against the value of the property).

While applying for a home loan as a casual employee, you will likely be asked to demonstrate that you've been working steadily and might need to provide group certificates for the last two years. It is at the lender’s discretion to pick either of the two group certificates and consider that to be your income. If you’ve not had the same job for several years, providing proof of income could be a bit of a challenge for you. In this scenario, some lenders may rely on your year to date (YTD) income, and instead calculate your yearly income from that.

How to apply for a home loan pre-approval from St. George?

By applying for a home loan pre-approval, you can establish how much you can afford to borrow and look for houses within that pre-approved budget. Getting home loan pre-approval from St. George is a fairly simple process that can be completed within 15 minutes. 

The first step in this process is completing a home loan application. Once that application is submitted, a home loan expert from St. George will contact you to understand your requirements and your current financial position. You could also directly contact a home loan expert at the bank by calling 13 33 30 or by visiting your nearest branch. 

Once the application has been processed, the home loan expert will ask for some basic documentation to confirm your borrowing capacity. After this, you should be issued a home loan pre-approval, subject to certain conditions. 

Based on your home loan pre-approval from St. George, you can then find a property and make an offer. Your home loan expert will arrange to have the property valued and may request for more documentation, taking your home loan application to the next step. 

 

 

How to apply for a pre-approval home loan from Bendigo Bank?

Applying for pre-approval on your home loan gives you confidence in your ability to secure finance while looking at potential new homes. You can get a free and personalised pre-approval home loan from Bendigo Bank in just a few minutes, without any credit checks or paperwork. 

Bendigo Bank offers pre-approval for home loans that allow you to understand the home loan size you may be able to get before looking for a new home. 

With the pre-approval, Bendigo Bank provides an estimate of your borrowing power. This figure incorporates stamp duty, lenders mortgage insurance (LMI) and any first home buyer incentives you may be eligible for. You may also qualify for the First Home Loan Deposit Scheme initiative, depending on your circumstances. 

To apply for a pre-approval on your home loan from Bendigo Bank, all you need to do is fill in a smart form. You could also contact the bank directly on 1300 236 344.

Who has the best home loan?

Determining who has the ‘best’ home loan really does depend on your own personal circumstances and requirements. It may be tempting to judge a loan merely on the interest rate but there can be added value in the extras on offer, such as offset and redraw facilities, that aren’t available with all low rate loans.

To determine which loan is the best for you, think about whether you would prefer the consistency of a fixed loan or the flexibility and potential benefits of a variable loan. Then determine which features will be necessary throughout the life of your loan. Thirdly, consider how much you are willing to pay in fees for the loan you want. Once you find the perfect combination of these three elements you are on your way to determining the best loan for you. 

Can you remove a cosigner from a home loan?

Taking out a home loan is an act of financial responsibility and a cosigner on a home loan shares that responsibility. For this reason, removing a cosigner from a home loan may not be straightforward. Usually, you can add a cosigner, or become a cosigner, when applying for the home loan. In such a circumstance, the lender may ask you to stipulate the conditions for a cosigner release, which are the terms for removing a cosigner from the home loan. For instance, you may agree that you can remove a cosigner once half the loan amount has been repaid.

However, not stipulating such conditions doesn’t mean it’s impossible to remove a cosigner. If the primary home loan applicant has a sufficiently high credit score and has not delayed any repayments, the lender may be willing to remove the cosigner. You should confirm that doing so doesn’t affect the terms of the loan. If the lender doesn’t agree to remove the cosigner, the primary home loan applicant may have to refinance the loan in order to do so. If there were specific reasons for needing a cosigner and those reasons are still valid, then you may have some challenges with refinancing.

How can I get a home loan with bad credit?

If you want to get a home loan with bad credit, you need to convince a lender that your problems are behind you and that you will, indeed, be able to repay a mortgage.

One step you might want to take is to visit a mortgage broker who specialises in bad credit home loans (also known as ‘non-conforming home loans’ or ‘sub-prime home loans’). An experienced broker will know which lenders to approach, and how to plead your case with each of them.

Two points to bear in mind are:

  • Many home loan lenders don’t provide bad credit mortgages
  • Each lender has its own policies, and therefore favours different things

If you’d prefer to directly approach the lender yourself, you’re more likely to find success with smaller non-bank lenders that specialise in bad credit home loans (as opposed to bigger banks that prefer ‘vanilla’ mortgages). That’s because these smaller lenders are more likely to treat you as a unique individual rather than judge you according to a one-size-fits-all policy.

Lenders try to minimise their risk, so if you want to get a home loan with bad credit, you need to do everything you can to convince lenders that you’re safer than your credit history might suggest. If possible, provide paperwork that shows:

  • You have a secure job
  • You have a steady income
  • You’ve been reducing your debts
  • You’ve been increasing your savings

Can I change jobs while I am applying for a home loan?

Whether you’re a new borrower or you’re refinancing your home loan, many lenders require you to be in a permanent job with the same employer for at least 6 months before applying for a home loan. Different lenders have different requirements. 

If your work situation changes for any reason while you’re applying for a mortgage, this could reduce your chances of successfully completing the process. Contacting the lender as soon as you know your employment situation is changing may allow you to work something out. 

Are bad credit home loans dangerous?

Bad credit home loans can be dangerous if the borrower signs up for a loan they’ll struggle to repay. This might occur if the borrower takes out a mortgage at the limit of their financial capacity, especially if they have some combination of a low income, an insecure job and poor savings habits.

Bad credit home loans can also be dangerous if the borrower buys a home in a stagnant or falling market – because if the home has to be sold, they might be left with ‘negative equity’ (where the home is worth less than the mortgage).

That said, bad credit home loans can work out well if the borrower is able to repay the mortgage – for example, if they borrow conservatively, have a decent income, a secure job and good savings habits. Another good sign is if the borrower buys a property in a market that is likely to rise over the long term.

Who offers 40 year mortgages?

Home loans spanning 40 years are offered by select lenders, though the loan period is much longer than a standard 30-year home loan. You're more likely to find a maximum of 35 years, such as is the case with Teacher’s Mutual Bank

Currently, 40 year home loan lenders in Australia include AlphaBeta Money, BCU, G&C Mutual Bank, Pepper, and Sydney Mutual Bank.

Even though these lengthier loans 35 to 40 year loans do exist on the market, they are not overwhelmingly popular, as the extra interest you pay compared to a 30-year loan can be over $100,000 or more.

Does Westpac offer loan maternity leave options?

Having a baby or planning for one can bring about a lot of changes in your life, including to the hip pocket. You may need to re-do the budget to make sure you can afford the upcoming expenses, especially if one partner is taking parental leave to look after the little one. 

Some families find it difficult to meet their home loan repayment obligations during this period. Flexible options, such as the Westpac home loan maternity leave offerings, have been put together to help reduce the pressure of repayments during parental leave.

Westpac offers a couple of choices, depending on your circumstances:

  • Parental Leave Mortgage Repayment Reduction: You could get your home loan repayments reduced for up to 12 months for home loans with a term longer than a year. 
  • Mortgage Repayment Pause: You can pause repayments while on maternity leave, provided you’ve made additional repayments earlier.

When applying for a home loan while pregnant, Westpac has said it will recognise paid maternity leave and back-to-work salaries. All you need is a letter from your employer verifying your return-to-work date and the nature of your employment. Your partner’s income, government entitlements, savings and investments will may help your application.

How do I refinance my home loan?

Refinancing your home loan can involve a bit of paperwork but if you are moving on to a lower rate, it can save you thousands of dollars in the long-run. The first step is finding another loan on the market that you think will save you money over time or offer features that your current loan does not have. Once you have selected a couple of loans you are interested in, compare them with your current loan to see if you will save money in the long term on interest rates and fees. Remember to factor in any break fees and set up fees when assessing the cost of switching.

Once you have decided on a new loan it is simply a matter of contacting your existing and future lender to get the new loan set up. Beware that some lenders will revert your loan back to a 25 or 30 year term when you refinance which may mean initial lower repayments but may cost you more in the long run.

How much deposit do I need for a home loan from ANZ?

Like other mortgage lenders, ANZ often prefers a home loan deposit of 20 per cent or more of the property value when you’re applying for a home loan. It may be possible to get a home loan with a smaller deposit of 10 per cent or even 5 per cent, but there are a few reasons to consider saving a larger deposit if possible:

  • A larger deposit tells a lender that you’re a great saver, which could help increase the chances of your home loan application getting approved.
  • The more money you pay as a deposit, the less you’ll have to borrow in your home loan. This could mean paying off your loan sooner, and being charged less total interest.
  • If your deposit is less than 20 per cent of the property value, you might incur additional costs, such as Lenders Mortgage Insurance (LMI).

How long does Bankwest take to approve home loans?

Full approval for a home loan usually involves a property valuation, which, Bankwest suggests, can take “a week or two”. As a result, getting your home loan approved may take longer. However, you may get full approval within this time if you applied for and received conditional approval, sometimes called a pre-approval, from Bankwest before finalising the home you want to buy.  

Another way of speeding up approvals can be by completing, signing, and submitting your home loan application digitally. Essentially, you give the bank or your mortgage broker a copy of your home’s sale contract and then complete the rest of the steps online. Bankwest has claimed this cuts the approval time to less than four days, although this may only happen if your income and credit history can be verified easily, or if your home’s valuation doesn’t take time.

Can I apply for an ANZ non-resident home loan? 

You may be eligible to apply for an ANZ non-resident home loan only if you meet the following two conditions:

  1. You hold a Temporary Skill Shortage (TSS) visa or its predecessor, the Temporary Skilled Work (subclass 457) visa.
  2. Your job is included in the Australian government’s Medium and Long Term Strategic Skills List. 

However, non-resident home loan applications may need Foreign Investment Review Board (FIRB) approval in addition to meeting ANZ’s Mortgage Credit Requirements. Also, they may not be eligible for loans that require paying for Lender’s Mortgage Insurance (LMI). As a result, you may not be able to borrow more than 80 per cent of your home’s value. However, you can apply as a co-borrower with your spouse if they are a citizen of either Australia or New Zealand, or are a permanent resident.

Remaining loan term

The length of time it will take to pay off your current home loan, based on the currently-entered mortgage balance, monthly repayment and interest rate.

How can I get ANZ home loan pre-approval?

Shopping for a new home is an exciting experience and getting a pre-approval on the loan may give you the peace of mind that you are looking at properties within your budget. 

At the time of applying for the ANZ Bank home loan pre-approval, you will be required to provide proof of employment and income, along with records of your savings and debts.

An ANZ home loan pre-approval time frame is usually up to three months. However, being pre-approved doesn’t necessarily mean you will get your home loan. Other factors could lead to your home loan application being rejected, even with a prior pre-approval. Some factors include the property evaluation not meeting the bank’s criteria or a change in your financial circumstances.

You can make an application for ANZ home loan pre-approval online or call on 1800100641 Mon-Fri 8.00 am to 8.00 pm (AEST).

Why should I get an ING home loan pre-approval?

When you apply for an ING home loan pre-approval, you might be required to provide proof of employment and income, savings, as well as details on any on-going debts. The lender could also make a credit enquiry against your name. If you’re pre-approved, you will know how much money ING is willing to lend you. 

Please note, however, that a pre-approval is nothing more than an idea of your ability to borrow funds and is not the final approval. You should receive the home loan approval  only after finalising the property and submitting a formal loan application to the lender, ING. Additionally, a pre-approval does not stay valid indefinitely, since your financial circumstances and the home loan market could change overnight.

 

 

Does Australia have no cost refinancing?

No Cost Refinancing is an option available in the US where the lender or broker covers your switching costs, such as appraisal fees and settlement costs. Unfortunately, no cost refinancing isn’t available in Australia.

If I don't like my new lender after I refinance, can I go back to my previous lender?

If you wish to return to your previous lender after refinancing, you will have to go through the refinancing process again and pay a second set of discharge and upfront fees. 

Therefore, before you refinance, it’s important to weigh up the new prospective lender against your current lender in a number of areas, including fees, flexibility, customer service and interest rate.