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How we picked theseHere are the key features and details you need to know about Arab Bank of Australia's mortgage products.
| Feature | Details |
|---|---|
| Minimum deposit | It is possible to get a home loan from Arab Bank of Australia with a deposit as low as 5%. |
| Offset account? | You can get an offset account with several Arab Bank of Australia loans. |
| Repayment options | Arab Bank of Australia does not allow you to make interest-only repayments on its loans. |
📄 Property details. You can start a loan enquiry before you've bought a property. But to complete an application you need the address of the property and a signed contract of sale.
📄 Identification documents. You will need identification such as a driver's licence, passport or birth certificate.
📄 Proof of income documents. Recent payslips can establish your income.
📄 Asset and liability documents. You need to provide documents showing your current assets (savings accounts, investments) and liabilities (your outstanding debt).
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Hi Richard and thanks for your review of Arab Bank Australia (ABAL).
Sorry I don’t have a question but rather if I can just make a comment regarding your repayment Options that ABAL does have Interest Only repayments available on certain home loan products and can be discussed with the Lender if this option suits their needs.
Salam alikum, I recently purchased a house in Perth. I am an overseas worker and didn’t know about any islamic bank.
Now I am stressful because the way I am paying mortgage in not according to sharia. I need your help if I can transfer my existing mortgage to an Islamic bank and pay according to sharia?
Hi Faridullah,
Thanks for your question.
Transferring your existing mortgage to another lender is referred to as refinancing and is possible to do. You might want to take a look through the steps associated with refinancing. Before you start, take a look at the break costs and exit fees your current lender will charge you to leave your home loan to see if it’s a financially viable option.
I hope this has helped.
Thanks,
Elizabeth
Thanks for your reply. I want to refinance but my question is that I want to borrow according to sharia, just like other islamic banks are doing Overseas. Reply if you can be of any help in this matter.
Hi Faridullah,
You’ll need to get in contact with Arab Bank directly to see if they are able to lend to you in this way, as I’m unaware of the specifics of sharia. If they can’t offer you this, you may want to get in touch with a mortgage broker who might be able to offer you other options for lenders.
I hope this has helped.
Thanks,
Elizabeth