With more than 30 years experience, Firstmac presents an alternative to the major banks.
With more than 30 years experience, Firstmac presents an alternative to the major banks.Firstmac Limited is a 100% Australian-owned financial institution, boasting more than 30 years of experience. It offers loans with competitive interest rates, customer-centric features and few or no fees.
Firstmac’s range of loans includes plenty of benefits and features to help home buyers own their home sooner and investors to grow their property portfolio.
Home loans provided by Firstmac
Firstmac’s home loan range is split into two categories: the Firstmac Home Loan and the Firstmac VIP Package. Each separate loan package is offered in a number of different forms, and features different interest rates and sometimes different LVR limits.
Firstmac home loan
Boasting competitive rates and a range of flexible features, the Firstmac Home Loan offers both fixed and variable options. The variable Firstmac Home Loan 80 offers a rate discount for loan-to-value ratios (LVR) below 80%, while the Home Loan 90 allows you to borrow up to 90% of the property's value. Both of these variable rate home loans feature a free, unlimited redraw and offset account. The Firstmac Home Loan is available for home buyers, investors and also those constructing a home. It's also available for business purposes.
There are no ongoing monthly or annual fees, and you can choose to make repayments weekly, fortnightly or monthly. The loan also features unlimited account access via phone and internet banking.
Firstmac VIP package
These package loans are specially designed to offer competitive rates and a range of unique features. The VIP Package can be taken out with either a fixed or variable rate, with the variable rate loan offering a rate discount for LVRs below 80%. This loan does charge an annual fee.
The variable rate loan offers a free unlimited offset account with a Visa debit card. All loan transactions, statements, redraws and bill payments can be managed online. There are also split rate options, and additional repayments are available on both fixed and variable rate loans.
VIP Package Variable Home Loan
How to apply for a Firstmac home loan
Firstmac offers a simple and straightforward application process:
- Start an online application in five minutes. You’ll need to fill out the online application form with your personal contact details, the amount you want to borrow, whether or not you are employed, your income, liabilities and other details.
- You will be contacted by a Firstmac agent. Once you’ve submitted your application, a Firstmac representative will contact you by telephone within two business days to finalise the rest of your loan.
Documents needed to apply for a Firstmac home loan
Personal information
When you apply for a home loan you’ll have to provide:
- Your name
- Your address
- If you have any dependants
Property information
You will also need to provide several pieces of documentation pertaining to the purchase of your home. Each home loan may require different documentation, so be sure to talk with your agent to see what your specific requirements are. However, the most common property documentation required is:
- Property valuation. When you obtain a loan from the bank, a proper assessment will need to be done on the property to determine its true value. This will ensure that the loan you are obtaining is equal to the value of the home being purchased.
- Proof of title for property. Firstmac will need to obtain a copy of the title for the property being purchased. This will guarantee that the party selling you the property is the actual owner of the property and has the rights to sell it.
- Property sales contract. Before closing on your loan, Firstmac will need to have a copy of the sales contract for the property. This will provide all the details about the sale of the property.
Financial information
- Although you will provide Firstmac with your financial information at the initial stages of the application, you will also need to provide proof of that information. Firstmac will ask for detailed information about your earnings, assets and expenses. You’ll need to provide:
- Proof of earnings. You must provide documentation that can prove your annual earnings. If you earn a wage, copies of your payslips should be adequate. If you are self-employed you may need to submit copies of your tax returns.
- Documentation for outstanding debt. If you have any outstanding debt that you listed on your home loan application, you will need to provide Firstmac with a copy of the latest statement for those accounts.
- Proof of assets. Firstmac will need documents that can prove the value of any additional assets or income that you disclosed on your initial home loan application.
Firstmac offers a number of viable home loan options, but make sure to seek expert advice and compare your options so you find the best loan available for your needs.
