Find Out the Best Home Loan Lenders in Melbourne

Whether you’re purchasing your first home or making an investment, finding the best deal can be a daunting task. Luckily, there are a number of ways to optimize your home loan as there are many home loan lenders melbourne available. Loan Easy can help you find and sign up for loans at very reasonable rates. Apart from this, consider the length of the loan before making any decision. keep in mind that some loans come with longer terms than others; think about what kind of length of time you’d like the loan term to be in order to make an informed decision about which type of loan will work best for your situation.

A good lender will be able to help match your needs with the best product – whether that’s an home loan or another type of loan.
When searching for a lender, make sure that you take into account specific first-time home buyer lenders as they provide better guidance. For example, is the broker licensed and insured? Is their customer service good? Do they have a wide range of products available? All these factors should be considered when choosing who to work with.
Another thing to keep in mind is the benefits and drawbacks of using an Investment Loan Broker versus doing everything yourself. There are pros and cons to both options, so it’s important to choose one that’ll suit your needs better.

The experienced brokers for First Time Home Lenders like Loan Easy is known for helping borrowers with the right set of information as they deal with such cases on the regular basis.

Taking these steps will ensure that you get the best deal for your loan needs, so don’t wait any longer – Connect today with us to find your ideal loan!

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Refinancing

What are the benefits of refinancing?

If you’re currently paying interest-only on your home loan, at some point in the future it will expire and you’ll be required to pay off both principal and interest. This article explains everything you need to know:

With the steady rise in house prices we’ve seen over the past decades, many new home buyers and investors are wondering how they can get their foot on the ladder.

When you refinance, you’re effectively replacing your existing home loan with a more suitable option, either by changing products or moving to a different lender.

Frequently asked questions

How do I apply for a loan?
How much can I borrow?

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.
How long does it take for approval?

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.
What is Lenders Mortgage Insurance?

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).
How much Stamp Duty can I expect to pay?
What Documentation do I need to supply?
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)
Please note: we may require additional documentation depending on your circumstances.

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