12
Credit reference
The lender we choose together is going to
do a credit reference check on you. They’ll be
looking at any credit applications made by you
and will be checking if you’ve defaulted on
payments or have an infringement referenced
either in your name or your company’s name
if you are self employed. Make sure that you
have a “clean slate” by checking your credit
report. If something appears that you are
unaware of, advise the agency immediately.
You can order your personal credit file online.
Enter your personal information, pay by credit
card and your credit file will be forwarded to
you as a PDF file. Alternatively call 1300 762
207 and order your credit file over the phone.
Please bring a print out of the credit file to
your appointment with us.
Howmuch can I borrow?
The amount you can borrow depends on
the type of property you are buying and
how much money you have left when you
account for all your fixed commitments
from your net income. As a general rule of
thumb, you
should be paying less than one
third of your income on your mortgage
repayments.
Firstly, look at your weekly
budget by using our budget planner.
We are experienced in helping you determine
how much you can borrow and what type of
loan will suit your budget and lifestyle.
What deposit will I need?
Most lenders require a 5% deposit and a
history of savings. It is once again common to
include some of your capitalised assets in your
loan with some lending institutions allowing
up to a 97% LVR. If you are borrowing more
than 80% of the purchase price you will be
required to pay lender’s mortgage insurance
(LMI - an additional fee). The more you can
put down as a deposit, the less you will have
to borrow, the lower your repayments and the
less you will have to pay over the lifetime of
your loan.
We will look at your personal circumstances
and work with you to determine your deposit
requirements.
Deposit bonds
A deposit bond is a guarantee to the vendor.
You, the purchaser, are able to provide this
guarantee to the vendor by paying a small
premium to the insurance company for the
bond.
All purchase funds are paid at settlement. In
the ordinary course of events, settlement takes
place, the purchase price is paid in full and the
deposit bond simply lapses.
BORROWING ESSENTIALS
Call us for
our article on
your deposit
options.
Call the office
and ask us
for a copy of
our budget
organiser.
BUDGET
ORGANISER
Item
Weekly
Fornightly
Monthly
AnnualTotal
Salaryorwages (after tax)
$
$
$
$
Pension/governmentallowance
$
$
$
$
Child support/maintenance
$
$
$
$
Investment income
$
$
$
$
Other income
$
$
$
$
Total income:
$
$
$
$
Debt repayments
Mortgage/rent
$
$
$
$
Car loan
$
$
$
$
Personal loan
$
$
$
$
Creditand storecards
$
$
$
$
Taxeson investments
$
$
$
$
Other
$
$
$
$
Householdexpenses
Rates (land/water)
$
$
$
$
Bodycorporate fees
$
$
$
$
Repairsandmaintenance
$
$
$
$
Gardening/lawnmowing
$
$
$
$
Cleaning (house/pool)
$
$
$
$
Utilities (gas/electricityetc)
$
$
$
$
Householdpurchases
$
$
$
$
Groceries
$
$
$
$
Telephone -fixed
$
$
$
$
Telephone -mobile
$
$
$
$
Internetaccess/payTV
$
$
$
$
Motorvehicle/transport
Fuel
$
$
$
$
Repairs
$
$
$
$
Lease
$
$
$
$
Registration
$
$
$
$
Parking
$
$
$
$
Fares/public transport
$
$
$
$
Educationexpenses
HECS
$
$
$
$
School feesandexpenses
$
$
$
$
TAFE fees
$
$
$
$
Tuition
$
$
$
$
INCOME
EXPENSES
$
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“Many lending institutions now
also recognise the money you are
paying as board or rent as being
part of your savings history.”
