• Loans - frequently asked questions
What is 100PercentMortgage?
100PercentMortgage is a new home loan product, tailored for home
buyers who wish to purchase an existing residential property without
a deposit.
How much deposit do I need?
No deposit is needed to purchase your property with 100PercentMortgage.
We will lend you the full loan amount (100%) of the property purchase
price.
What are the other costs involved in buying a property?
The major costs are:
• Stamp duty on the contract price of the property
• Mortgage duty
• Solicitor's costs
How much does 100PercentMortgages charge for this service?
Our service is free. The Banks will pay us.
What if I have had a default on my credit report?
If you have a small, paid default we may still be able to organise
a 100% home loan for you.
How to calculate my monthly repayments?
Click on calculator link.
Your monthly repayments will depend on the interest rate and the
amount of the loan.
How much I can borrow?
Your borrowing capacity will depend on your income (after tax)
and your current loans, credit cards, etc repayments. See table
below for examples.
| Loan Amount* |
Your monthly Net income less expenses** |
| $250,000 |
$3,600 |
| $300,000 |
$4,000 |
| $350,000 |
$4,400 |
| $400.000 |
$4,800 |
| $450,000 |
$5,250 |
| $500,000 |
$5,700 |
| $550,000 |
$6,125 |
| $600,000 |
$6,550 |
* Note the above is a guide only based on one Lenders capacity
test. This does not represent a loan offer or advice. Please
note other qualifying criteria will be considered by the various
Lenders (refer to your broker)
** expenses include, other loan repayments, 5% of credit &
store card limits, child maintenance etc. (rent is not included
in expenses) |
In which geographic areas will 100PercentMortgage lend?
All metropolitan areas and most regional towns/areas across Australia.
We do not lend in Tasmania.
What kind of properties will 100PercentMortgage lend
on?
• Freestanding houses
• Semi-detached houses
• Town houses
• Strata units
• House & Land Packages
• Construction Loans (no owner builders)
How long will it take before the loan application is
approved?
It usually takes 24 - 48hrs for approval.
Do you provide any other type of loans?
For all other type of loans visit www.australianloans.com.au.
Or if you need to consolidate your loans into a single loan, try
www.loansconsolidation.com.au
.
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