Austral Mortgage home loans
Austral Mortgage have been mortgage specialists for over 20 years. Use their experience to help you find a home loan suitable for your needs.
Established by Guy and Vicky Edema, Austral Mortgage has been in business since 1992. With more than two decades of industry experience, this mortgage management company organises loans for home buyers and investors. AusComm, its commercial division, assists clients with funding for development projects as well as commercial property. Austral has been a member of the Mortgage and Finance Association of Australia since 1992, and it also has a Credit and Investments Ombudsman Limited membership.
Who is Austral Mortgage
Over the many years of its existence, Austral has provided mortgage management solutions for just about every kind of scenario. Austral provides loans for first-time home buyers, for people who wish to upgrade, for those looking at consolidation alternatives, as well as for first-time and experienced property investors. With a number of home loans offering several different features to choose from, Austral offers mortgage options to suit a wide variety of people. Austral Mortgage Corporation's head office is in Sydney, New South Wales.
Home loans offered by Austral Mortgage
Austral advantage home loan
The Austral advantage home loan is suited for home buyers, refinancers and investors, and it offers principal and interest and interest-only options. If your repayment type is principal and interest, you can make weekly, fortnightly and monthly payments. If your repayment type is interest-only, you can only make monthly payments. Both types can make unlimited extra repayments. This loan attracts an application fee, and the maximum loan term is market standard. It allows redraws.
First home buyer Advantage Plus - 100% offset
This variable rate loan is ideal for first-time home buyers and offers a 100% offset facility. As with the Austral advantage home loan, principal and interest loan holders can make weekly, fortnightly and monthly payments, and interest loan holders can only make monthly payments. Both can make unlimited extra repayments. This loan attracts an application fee, it allows redraws and offers a debit card linked to the offset account.
Variable Advantage Plus - 100% offset
This home loan from Austral suits home buyers, refinancers and investors. This variable rate loan includes several features and when it comes to calculating interest, this loan relies on the net balance. It includes a 100% offset account that comes linked with a debit card. There is an application fee for this loan and this loan allows redraws. As a principal and interest loan holder you can make weekly, fortnightly and monthly repayments, while interest-only loan holders can only make monthly payments. Both can make unlimited extra repayments.
Fixed Advantage Plus - 100% offset
It suits home buyers, refinancers and investors looking for fixed rate alternatives for terms in between one and five years. There is an application fee and this loan comes with an offset facility. While principal and interest loan holders can make weekly, fortnightly and monthly payments, interest-only loan holders can only make monthly payments. When it comes to making extra repayments, the extra repayment limit stands at $20,000.
These loans are ideal for self-employed individuals who do not have up-to-date financial records. You do not have to provide trading statements, Business Account Statements, or tax returns as part of the application process for these loans. This loan comes as variable rate and fixed rate as well as offers a redraw facility and includes an offset account.
Other home loans
In addition to the home loans mentioned above, Austral also offers three more related products: the Home Buyer Advantage line of credit, the Go-Between Advantage Plus 100% offset, and the Advantage Plus construction loan. If you’re looking for a line of credit loan you may want to consider the Go-Between Advantage Plus as it suits those who are looking to upsize or downsize their mortgage. The Advantage Plus construction loan is suitable for builders and renovators.
Pros and cons of Austral Mortgage home loans
- Expertise. Since Austral Mortgage deals only in mortgages, this is their core area of expertise. As a result, you may be able to have quick approvals and settlements, along with expert advice.
- Buying property using SMSF. If you establish a self managed superfund (SMSF) and wish to buy property through it, Austral Mortgage can point you in the right direction.
- Helping society at large. Part of the profits Austral earns through its home loans goes towards contributions to charities like Sir David Martin Foundation, Royal Institute for Deaf and Blind Children, Heart Research Institute, Independence Australia, Salvation Army, Sydney Children's Hospital, CareFlight, The Fred Hollows Foundation, Youth off the Streets, Canteen, and Variety.
- Only home loans. Unlike banks, where you have the option of home loan packages that give you the ability to bring all your accounts under one umbrella, Austral Mortgage won’t be able to provide you with this.
How to apply for an Austral Mortgage home loan
If you would like to apply for a home loan from Austral Mortgage, please speak to a mortgage broker.
Documents needed to apply for an Austral Mortgage home loan
As with other lenders, Austral Mortgage needs to establish your identity before providing a home loan in your name. Documents that help establish your identity include;
- Your Australian passport
- Your Australian driving licence
- Your birth certificate
Austral Mortgage also requires property-related information prior to approving a loan, and this information includes the following;
- A copy of the contract of sale
- A copy of the land rates notice (to establish ownership of land)
Austral Mortgage requires your financial information to ensure your ability to repay the loan. You may be required to provide the following’
- Wage or salary slips for the last two years
- Bank statements for the last two years
- Tax returns for the last two years
- A complete list of all your liabilities (credit cards, car loans, leases)
- A comprehensive list of assets (bank accounts, properties, investments)
If you're still not sure of which route to take, speaking to a mortgage broker can help you find the right home loan for you. It’s also a good idea to compare home loans from leading lenders to ensure you end up with the right home loan for you.
Home Loan OffersImportant Information*
Online only cashback offer: Refinancers borrowing $250,000 or more can get a $4,000 cashback for their first application (Other terms, conditions and exclusions apply). Buyers and refinancers can get this competitive variable interest rate. Application fee waived for loans above $150,000.
Take advantage of a low-fee mortgage with a special interest rate of just 2.84% p.a. and a 2.84% p.a. comparison rate.
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