Not everyone is eligible for a home loan with the big banks. If you fall into this category, take a look at what Homeloans can do for you.
Credit impaired borrowers, contracted workers and the self-employed can all benefit from the Homeloans Accelerate Full Doc home loan. It’s been designed to assist individuals who don’t meet certain criteria set by banks and other home loan lenders. If you have dreams of owning a home, but have had difficulty with securing the credit, take a look at what this loan has to offer.
Things to consider about the Homeloans Accelerate Full Doc Home Loan
This home loan is available to both individuals and companies, and the funds can be used towards the purchase of a new home or to refinance an existing mortgage. It can also be used to help you consolidate your debts into one convenient place or to release equity.
This is also a full doc home loan, where all of your personal and financial credentials will be needed in order to secure the mortgage. Self-employed individuals may need to look into one of Homeloans’ low doc loans if they are unable to provide the information required.
This loan is flexible in which borrowers can apply for it. It allows you to apply without genuine savings, and with an adverse credit history registered over the last 12 months. This includes up to two defaults in the last 12 months with unlimited amounts if your LVR is kept below 80%.
You can also be considered for this loan with up to two months of current mortgage arrears considered if your LVR is below 80%, although this can come with an interest rate loading.
Features of the Homeloans Accelerate Full Doc Home Loan
- Loan-to-Value ratio (LVR). The maximum amount you can borrow is 80% of the home’s value, or 95% if you’re willing to pay for Lender’s Mortgage Insurance (LMI).
- Loan terms. The terms available for this loan range from 10 to 40 years.
- Repayment frequency. Choose what works best with your budget with this loan. You can make repayments weekly, fortnightly or monthly.
- Repayment types. Make interest-only repayments when you need extra cash or principal and interest repayments. With this loan, repayments can only be made with direct credit payments.
- Additional repayments. You can make additional repayments on this home loan whenever you wish.
- Redraw. You have the option to redraw any additional repayments you make from this home loan.
Fees you can avoid
- Annual fee. An annual fee does not apply for the Accelerate Home Loan, but you will be charged a monthly maintenance fee.
Fees you can’t avoid
- Application fee. $599. The upfront fee for this loan is $599. That includes the preparation and execution of your application.
- Valuation fee. $264. The borrower is responsible for paying any third-party cost associated with assessing the value of the home.
- Lender’s Mortgage Insurance (LMI). Depending on how much you are going to borrow, your LMI will range from 1.25% to 2% of your loan amount.<
- Legal fees. There’s a solicitor fee of $400 and a title protection fee of $400 with this loan.
- Monthly fees. There’s a monthly fee of $15 with this loan, totalling $180.
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How to apply for the Homeloans Accelerate Full Doc Home Loan
You can begin the application process for this loan by clicking ‘Go to Site’. But before doing so, make sure you meet the following eligibility requirements:
- Age. You need to be over the age of 18 to apply for this loan.
- Residency. Citizens and permanent residents of Australia are welcome to apply for this loan.
If you meet the eligibility requirements, you can continue with the application. Have the following documentation nearby for easy reference:
- Contact information. Your complete contact information will be required, including name and current address.
- Income. Have ready the contact information of your current employer. Include your gross annual income.
- Debt. You will be asked to provide a full list of all of your liabilities. Include loans and open credit cards with available credit and account balances.
This loan may be one to consider if your credit worthiness is under question. Compare the rates and fees with other loans designed for individuals in your position to make sure you are getting the best deal being offered as this one includes high fees.