Australian First Mortgage Home Loans

Rates and Fees verified correct on October 25th, 2016

Australian First Mortgage has a variety of home loans catering to borrowers with a variety of needs

AFMFounded in 2003, Australian First Mortgage (AFM) is an Australian-owned, non-bank mortgage manager with expertise in residential, commercial and lease financing. Mortgages obtained through AFM is funded by lenders such as Bendigo Bank, Adelaide Bank and Advantedge Financial Services, a subsidiary of National Australia Bank (NAB).

Home loans provided by Australian First Mortgage

Full doc home loans

This category of home loans includes all loans suitable for the borrower in need of a traditional loan. These loans typically have fixed or variable interest rates, and often include an interest-only or principal and interest payment option. Conforming loans can be used for building purposes, to purchase new properties, for bridging finance or for consolidating debt and refinancing. Below are some of the loans on offer through AFM.

Non-conforming home loans

AFM non-conforming home loans are for those borrowers who may not necessarily fit the eligibility requirements for the traditional home loan. The loans may be low-doc loans and often carry a high loan-to-value ratio (LVR). These home loans are an option for the self-employed or credit-impaired borrower.

Platinum SMSF loan

This full doc loan is available to Self-Managed Superannuation Funds (SMSFs) and for residential property investment purposes only. Loan amounts range from between $150,000 to $2,000,000 with an LVR of 70%. The loan term can go up to 30 years, with a fixed or variable interest rate. This loan cannot be used for construction purposes.

Non-managed SMSF loan

Similar to the Platinum SMSF loan, this loan can be used for residential property investment. The maximum amount available under this loan type is $1,000,000 with an LVR of 80%. Loan terms are available for up to 30 years, with a variable interest rate. This loan is unavailable for construction purposes.

Low-doc home loans

AFM offers a range of low-doc home loans, including basic and fully-featured home loans. These are aimed at self-employed borrowers and others who can’t get provide the regular range of income evidence when applying for a loan.

Specialised options

AFM also offers loans which cater to those with paid or unpaid defaults. These loans come in both full doc and low-doc alternatives.

How to apply for an Australian First Mortgage home loan

You can find out more about a home loan with AFM by contacting a mortgage broker. Below is an outline of the steps in the AFM home loan application process.

  • Get pre-approved. The AFM process of pre-approval involves completing the necessary application forms, which can be accessed online.
  • Submit required documents. After completing the application, you will be required to submit the supporting documents such as proof of identification, proof of income, current debt status and proof of your deposit.
  • Pre-approval notice. After your application has been assessed, you will be issued with a pre-approval notice. This notice represents AFM’s commitment to finance your property purchase.
  • Search for your property. Your approval notice will indicate how much you can borrow, giving you the opportunity to better search for properties, whether on the open market or in an auction.
  • Loan processing. Once you have identified a suitable property, your mortgage broker will walk you through the process of getting the loan needed to ensure that you become a property owner.

If you are considering buying a home at some point in the near or distant future, it’s a good idea to start researching your options and educating yourself ahead of time. Experienced mortgage broking firms such as Australian First Mortgage (AFM) offer advice to home buyers on how to prepare for the loan approval process, and also assist them to find the best home loan solution among the many options available on the market.

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This page was last modified on 19 October 2016 at 11:11.

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