Home Loans

When you borrow more than 80% of the property value, the lender will seek mortgage insurance which is paid for by the borrower. Mortgage insurance provides coverage to the lender rather than the borrower.

It is a one-off payment which can be included in your Yellow Brick Road home loan.

You will only need mortgage insurance if you borrow more than 80% of the property value.

To obtain a quick, easy and hassle free approval you will need to supply the following:

• A copy of your Driver's Licence, Passport and/or Birth Certificate and Medicare card
• A copy of your two most recent payslips (your last two years group certificates/ PAYG Summary main be required)
• A copy of your savings account statement covering a 3 month period. This will confirm how much you wish to contribute.

There are two different types of Stamp Duty:

1. Stamp Duty on the Transfer of Land, which is charged by state governments.
2. Stamp Duty on the Mortgage - this duty has been abolished for most owner occupied and investment property loans but you may be required to pay it on other types of loans e.g. Business Finance.

Stamp Duty varies by state. The information on Stamp Duty by state is available on the following websites:

• NSW - www.osr.nsw.gov.au
• VIC - www.sro.vic.gov.au
• QLD - www.osr.qld.gov.au
• SA - www.revenuesa.sa.gov.au
• WA - www.dtf.wa.gov.au
• TAS - www.sro.tas.gov.au
• NT - www.revenue.nt.gov.au

Most financial institutions will grant you one of the following:

• A pre approval within two to three business days which will allow you to shop around for a property.
• A conditional Approval within two to three business days.
• A formal (unconditional) approval within two to five business days depending on the valuation of the property.

A pre approval will last for either:

• three months for loans that are mortgage insured or
• six months for loans that are not mortgage insured.

You will be able to apply for a loan:

• A Permanent Part Time employee needs to work for a minimum of 16 hours per week.
• A Casual employee needs to have been with the same employer for a minimum of 2 years, supply proof of employment in the form of a letter from their employer and supply their last 2 year's PAYG summaries.

If you are Self-employed, you can still apply for a home loan:

1. A full financial documentation, Self-employed person who will need to supply:
• Full financial information for the past two years including Personal and Company Tax Returns, Profit & Loss Statements, Balance Sheets, ATO Assessments and Tax Portals.
2. A Low financial documentation or No financial documentation, Self-employed person who will need the following:
• At least one Borrower must be Self Employed.
• An Executed Declaration from all Borrowers.
• 12 months BASE Statements & Lodgment number.

You may be able to borrow 100% of the property value plus the costs involved in the purchase providing you have a second property to use as security.

Also, 100% finance may also be secured through guarantee by either a spouse or a family member.

In most other circumstances, you will require 5% of the purchase price of the property as a deposit.

Yes, you can lock in a fixed rate providing you complete a Rate Lock Application and pay a small fee. The Fee is normally 0.15% of the loan amount unless advised otherwise.

90 days from the time the financial institution approves your loan or 90 days from the time you request a rate lock on an existing loan.

It's best to have a face to face meeting with a Yellow Brick Road Wealth Manager to discuss your circumstances in detail.

Yes you can. We'll be able to locate the best possible product and interest rate for you.

There are restrictions on the maximum amount you can borrow against the property value, depending on the country you're working in.

Yes you can, providing you obtain a Foreign Investment Review Boards approval. For full details you can visit the Foreign Investments Review Board website at: www.firb.gov.au

Yes, you can purchase a property with another person.

You can use a guarantor providing they're a Spouse or a Family Member. They can assist you with a Guarantee over Security or act as an income Guarantor.

With Yellow Brick Road Home Loans, you may make a maximum lump sum repayment of $25,000 per annum.

A 100% offset account is available with our Homebase and Gold Pathway Home Loans.

You will not be penalized for making extra repayments with our Homebase, Standard Variable Rate Home Loan.

You can have a combination of fixed and variable rate facilities with our Gold Pathway, professional package Home Loan.

Depending on what the default is, who lodged it and how much it is for, you may be considered for home loan approval.

If this is your first property purchase, you will need to have saved a minimum of 5% of the Purchase Price of the property.

Yellow Brick Road can provide a visa debit card that can be linked to either our Homebase or Gold Pathway Home Loans.

Yes, you can have ATM access to your home loan account. Fee free access to the NAB and Ready teller network is available.

If you pay your loan within the second or third years, you will be charged an Early Termination Fee depending on the type of loan that you have. These fees are detailed for each loan available.

It really depends on the type of loan that you take out. At Yellow Brick Road we do not charge monthly fees on our loans.

• An establishment fee
• An Annual Package Fee which is paid up front
• A Settlement fee
• Government Charges which vary from State to State

Yellow Brick Road provides both redraw and offset facilities.

1. You may wish to purchase a property to live for the next two to three years and then convert it into an investment property loan. In this instance, we would recommend an Interest Only loan with an offset account.
2. If you plan to live in the property long term and aren't looking to purchase another owner occupied property then a Redraw facility would be the better option.

Yellow Brick Road allows you to access your loan account online.

Yellow Brick Road allows you to pay bills directly from your loan account.

There are a number of ways that you can make repayments to your loan:

• Direct Salary Crediting
• Direct Debit facility
• Internet Transfer

You can choose to employ a Solicitor to assist you with the purchase of a property. Alternatively, you can employ a Conveyancer who can complete the same work at a lower cost.

You need to have had a regular income over the past two to three years.

We recommend that you obtain a Pre Approval before looking for a property. This will give you peace of mind that you have a loan approved as well as knowing how much you need to spend without exceeding your budget.