Frequently asked questions
Applying for a home loan with Loan Easy is simple. Just fill out an online enquiry, and you will contacted by one of the Loan Easy team.
Check out our Home Loans repayment calculator to get an estimate of how much repayments may be.
For a more accurate estimate, we will need to complete an application to review all your information. We can even arrange a home loan pre-approval to give you the confidence you need to bid at an auction.
The minimum and maximum loan amount varies by product and lender, contact us for more details.
In most cases the team at Loan Easy will be able to give you a conditional approval within 48 hours. How quickly you get full approval depends on how quickly you are able to provide the necessary documentation to support your application. The most common causes of a delayed approval are normally the simplest – Unreadable Identification, missed signature etc.
Contact us today for assistance with the application process.
Lender’s Mortgage Insurance, as the name states, is insurance that protects the Lender not you as the borrower.
Lender’s Mortgage Insurance (LMI) is a one off fee that normally applies to loans where the customer is borrowing more than 80% of the purchase price. LMI is scaled depending on the percentage you need to borrow (between 80 – 95%) and the amount of the loan (ie, $450,000).
LMI can start from $6000 and range up to over 5% % of the loan amount. You have two options to pay this fee. Some lenders allow you to capitalise the cost of your LMI, meaning that they will add this figure to your loan amount.
For example, if you are borrowing $450,000, your LMI may work out to be around $6000. You would actually increase your loan amount to now borrow $456,000 ($450,000 + $6,000).
Contact us today for assistance with the application process.
The Stamp Duty payable on your new property depends on a number of factors including which state you purchase in, whether or not you are a First Home Buyer and whether or not you are going to live in the property or rent it out for investment.
To find out exact amounts, please contact us to discuss your loan requirements.
Depending on your circumstances and the home loan you have applied for, you will generally need to supply the following;
- Evidence of income – most recent payslips or letter from employer detailing conditions and most recent group certificate.
- Completed and signed Reduce Home Loans Application Form
- Certified coloured copy of your driver’s licence.
- First Home Owner Grant application (Required for First Home Buyers only).
- Signed copy of Contract of Sale (Required for Purchase only).
- 6 months home loan statements (Required for Refinance only).
- Rates Notice for existing property used as security (Required for Refinance/Equity Releases only).
- Copy of last 3 months’ loan statements for any loan to be paid out (Required for Loan Consolidation only)
