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FAQ

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Every individual case is different; there are many loans in the market. Which loan is best suits you and has features you required is to speak with you Lending Mart consultant.
Redraw is one of the features that allow you to access any extra repayment money you have paid to your loan account. Generally speaking most loans you redrew as often as you like unless you have made additional repayment over your schedule. Note, some lender may charge fees on certain redrew.
Lenders Mortgage Insurance is one off fees payable by borrower if loan borrowed more than 80%. Lenders mortgage insurance covers borrower in the event of borrower default on their loan. If the property has to sale to cover the lender but the sold price is less than borrow LMI will cover the lender for the shortfall.
You can pay your loan weekly, fortnightly or monthly. (If you are paying interest only option it may vary Lender to Lender) You can pay you repayment via electronic funds transfer, BPAY, direct debit and offset account. Your repayment will basically take into account the annual interest rate, loan terms, frequency of repayment and loan amount.
If you are self-employed you may need little documents, which is call Low-Doc Loan. Generally, Instead of providing tax returns and other financial statement you sign an income declaration saying how mush you earn. Most case you may borrow 80% of property value. Remember, you may get all the standard features of Home loan just like Full doc loan.
All lenders documentation requirements may vary about income and the applicant and how it will assess by the lender must provide. Both assets are disclosed and verified, and income is used to determining the applicant’s ability to repay the loan. Employment verification may require as well as PAYG, group certificate and tax returns.
Most of lender and some loans offer a credit card as part of the home loan package. They are just like a normal credit card. Credit card packages may vary depending on the home loan product.
Stamp duty is significant cost for property buyers. Each state or territory has different rate, rules and calculations. This is state and territory government tax based on property’s selling price. First home buyers may get discount in some state. Please visit our client resource center for more information about stamp duty.
Generally, It may take around 10 working days to give you a Final Approval on your application, if you all required documents ready to go. All application case is different and this is guide only. This including the inspection of the security property to determine its value To allow enough time for the closure of your other loan (if you’re refinancing) and provide all the information required for settlement, we suggest you submit your application at least one month prior to your anticipated settlement date.
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LendingMart is the trading name of Lendingmart Pty Ltd (ACN 636 022 690, Corporate Credit Representative 520073), of BLSSA Pty Ltd (ACN 117 651 760 Australian Credit license 391237)

*WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

**Initial monthly repayment figures are estimates only, based on the advertised rate, loan amount and term entered. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

IMPORTANT INFORMATION: Loan Terms of between 1 Year and 30 Years are available subject to lender and credit criteria. Any calculations or estimated savings do not constitute an offer of credit or a credit quote and are only an estimate of what you may be able to achieve, based on the accuracy of the information provided. It doesn’t take into account any product features or any applicable fees. Lending criteria and the basis upon which we assess what you can afford may change at any time without notice. Savings shown are based on user-inputted data and a loan term of 30 years. All applications for credit are subject to lender credit approval criteria.

© All rights reserved. LendingMart.com.au 2020

Standard Variable

Variable interest rate home loans come in two forms, standard variable and basic variable. Both of these variable home loans work in a similar way but the main difference is the interest rate charged and how much flexibility is available.

A variable interest rate home loan is affected by economic conditions both within Australia and around the world, so you can expect your home loan repayments to rise and fall over the term of your loan.

VARIABLE INTEREST RATE HOME LOANS PROS

  • Your home loan repayments will fall when interest rates fall
  • You will have the opportunity to reduce your home loan balance faster
  • Can be very flexible and will often allow unlimited additional repayments
  • The average variable interest rate is generally lower than a fixed home loan rate

VARIABLE INTEREST RATE HOME LOANS CONS

  • Your home loan repayments will fall when interest rates fall
  • You will have the opportunity to reduce your home loan balance faster
  • Can be very flexible and will often allow unlimited additional repayments
  • The average variable interest rate is generally lower than a fixed home loan rate

Variable Home Loan Differences

BASIC VARIABLE

  • Low interest rate (lower than a standard variable loan) no frills loan
  • Rate is variable so it moves in line with Reserve Bank changes
  • Limited features (e.g. usually no access to offset facilities & more expensive redraw if at all)
  • Most allow extra repayments
  • Most have terms of 25 or 30 years

STANDARD VARIABLE

  • The most popular type of mortgage
  • A higher interest rate than a basic variable home loan
  • Interest rates can move up or down which will cause your repayments to increase or decrease with the move
  • It is more flexible than a basic variable mortgage thus allowing you to make extra repayments without penalty as well as offering other features
  • Most have terms of 25 or 30 years

 

WHAT YOU NEED TO KNOW:

 

Terms and conditions, fees and charges, normal lending criteria apply. New clients only, and may be withdrawn at any time. LVR < 75% and for loans $200,000 or more.

Annual fee from $395 applies. Comparison rate based on a loan of $150,000 over 25 years.


WARNING: The comparison rate is true only for the example or examples given and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different comparison rate. Terms and conditions, fees and charges, normal lending criteria apply. Details available on request.

2 years fixed

Fixed interest rate home loans offers you a fixed interest rate so you have a fixed repayment amount over a set term, usually between 1 year and 10 years. The most commonly used fixed interest rate term in Australia is 2 years.

A fixed interest rate home loan is set by your lender; they borrow money from the wholesale money markets and then sells’ this on to you. The cost to the lender of borrowing this money is determined by what the money markets believe interest rates will do over a set term. Your lender will then add a margin to this, the final interest rate is then offered to you for the fixed term you are applying for.

FIXED INTEREST RATE HOME LOANS PROS
  • You will know how much your loan repayments will be for a fixed period, regardless of market interest rate changes
  • Protects you against interest rate rises
  • You can pick the time period to suit you; fixed terms are available from 1 year to 10 years
FIXED INTEREST RATE HOME LOANS CONS
  • May be less flexible than a variable home loan rate, limiting additional repayment options and excluding the option to redraw
  • If your circumstances change and you want and/or need to exit the loan early, early exit fees will apply
  • Over the term of your loan you may end up paying more than if you had selected a variable home loan, even in a rising interest rate market

Basic Variable

Variable interest rate home loans come in two forms, standard variable and basic variable. Both of these variable home loans work in a similar way but the main difference is the interest rate charged and how much flexibility is available.

A variable interest rate home loan is affected by economic conditions both within Australia and around the world, so you can expect your home loan repayments to rise and fall over the term of your loan.

VARIABLE INTEREST RATE HOME LOANS PROS

  • Your home loan repayments will fall when interest rates fall
  • You will have the opportunity to reduce your home loan balance faster
  • Can be very flexible and will often allow unlimited additional repayments
  • The average variable interest rate is generally lower than a fixed home loan rate

VARIABLE INTEREST RATE HOME LOANS CONS

  • Your home loan repayments will fall when interest rates fall
  • You will have the opportunity to reduce your home loan balance faster
  • Can be very flexible and will often allow unlimited additional repayments
  • The average variable interest rate is generally lower than a fixed home loan rate

Variable Home Loan Differences

BASIC VARIABLE

  • Low interest rate (lower than a standard variable loan) no frills loan
  • Rate is variable so it moves in line with Reserve Bank changes
  • Limited features (e.g. usually no access to offset facilities & more expensive redraw if at all)
  • Most allow extra repayments
  • Most have terms of 25 or 30 years

STANDARD VARIABLE

  • The most popular type of mortgage
  • A higher interest rate than a basic variable home loan
  • Interest rates can move up or down which will cause your repayments to increase or decrease with the move
  • It is more flexible than a basic variable mortgage thus allowing you to make extra repayments without penalty as well as offering other features
  • Most have terms of 25 or 30 years

 

WHAT YOU NEED TO KNOW:

 

Terms and conditions, fees and charges, normal lending criteria apply. New clients only, and may be withdrawn at any time. LVR < 75% and for loans $200,000 or more.

Annual fee from $395 applies. Comparison rate based on a loan of $150,000 over 25 years.


WARNING: The comparison rate is true only for the example or examples given and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different comparison rate. Terms and conditions, fees and charges, normal lending criteria apply. Details available on request.