Western Australian residents could benefit from a home loan option from Goldfields Money
The former Goldfields Credit Union is now an authorised deposit taking financial institution, regulated by the same rules as Australian Banks. This will allow them to expand throughout Perth and beyond to all of Western Australia.
As a part of this plan, Goldfields Money provides its members with competitive home loan options.
Who is Goldfields Money?
Goldfields Money offers home loans for buyers, investors and homeowners who want to refinance. They can also be used for the purchase of land or to build a new home. With pre-approval available, you can know your buying power before you start shopping. With a Goldfields Money home loan, you are offered discounted variable rates and fixed rates.
Home loans offered by Goldfields Money
Standard home loan
The standard loan is available for up to 95% loan to value ratio (LVR) in amounts between $50,000 and $1,250,000. Terms extend for up to 30 years at a variable interest rate with the option of a fixed rate for up to the first five years.
Discounted home loan
A loan officer can tell you if you qualify for a discounted home loan. If you are purchasing an investment loan, you may choose interest only repayments for up to five years. Both personal and investment loans can be used for purchasing new property or refinancing an existing one.
Special rate home loan
New customers to Goldfields Money could qualify for a special rate on a home loan. The same features are offered, including unlimited additional repayments during the variable rate period of the loan.
Fixed rate home loans
For homebuyers who like the security of a steady repayment amount, a fixed rate is offered for up to the first five years of the home loan. Upon completion of the terms the interest rate reverts to the standard variable rate.
Things to think about with Goldfields Money home loans
Benefits
The home loans offered by Goldfields Money have the flexibility to be used for a variety of purposes. With multiple options such as these, you can structure your loan the way you want:
- Repayment frequency. You can make repayments weekly, fortnightly or monthly.
- Repayment terms. Choose between principal and interest repayments or interest only for up to five years. You may also make additional repayments during a fixed rate period, but not in excess of $10,000 per year.
- Offset account. Free offset accounts are offered to assist in reducing your interest owed.
- Fees. There are no monthly account fees with a home loan.
Considerations
- Lender’s mortgage insurance. Lender’s mortgage insurance (LMI) is required on all home loans where the LVR is greater than 80%.
- Establishment fee. There is a home loan establishment fee of $350.
How to apply for Goldfields Money home loans
Goldfields Money allows you to fill out your home loan application online. Before getting started, they advise that you have the following information on hand:
- Identification. The details of either your driver’s licence or passport.
- Income. Detailed information about your employment and income.
- Debts. The current balances of any outstanding debts you have.
Before proceeding check the above chart and compare the features and rates to choose the right loan for you. Once you do begin your application you have the option of saving it to go back to if you are not entirely prepared.
Documents needed to apply for a Goldfields Money home loan
Personal information
In addition to having the information to add to the application, Goldfields Money will also need to have copies of certain documentation:
- Identification. You will have to supply a photocopy of your photo identification before the loan can be established.
- Why your ID is important. There are regulations that have to be followed by banking institutions to help prevent fraud and money laundering. For this reason they must carefully verify the identity of all loan applicants.
Property information
Information about the property you are purchasing is important to provide security for the loan:
- Contract of sale. This is the sales contract drawn up between you and the seller and provides information about the property and details of the agreement.
- Title certificate. This is provided to show that the seller is listed as the owner of the property.
- Land transfer. This is necessary to show that the ownership of the property will be passed to you.
Financial information
Even though you provide information on your application, the lender will still ask for documentation. This will include:
- Pay slips. Current pay slips that show your name, income and year to date earnings.
- Bank statements. You will be asked to provide the institution with copies of your current bank statements.
- Debts. The statements of any other loans you may have and credit card accounts may be needed.
