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1. Once I complete the application forms, what other documents do I need to supply to Dreamloans?
2. What does 'genuine savings' mean?
3. How much deposit do I need?
4. How do you calculate what my minimum repayment is?
5. How do I make repayments and can I make lump sum payments or higher monthly repayments?
6. Can I switch from a variable to a fixed rate once my loan has settled?
7. Can I pay out my home loan early?
8. How will I know how much I can qualify to borrow?
9. What is Lenders Mortgage Insurance?
10. What if I have had bad credit problems in the past?
11. What if I have filed bankruptcy?
12. What if I have just started a new job?
13. What are the most common mistakes in buying or refinancing a house?
14. How do Dreamloans fund home loans?
15. Why should I get a mortgage with Dreamloans?
16. How long do I have to repay my loan?
17. If I am ahead in my repayments, can I access that money?
18. Can I borrow more money in the future?
19. I'm not sure how good my credit rating is?
20. What other products do you offer?
21. I'm ready to apply for a loan with Dreamloans, what is the next step?
22. What kinds of mortgage loans are there?
23. How long does it take to own my own home?
24. How long does it take to get my loan approved?
25. Who do I contact for information once my loan is in process?
26. What is a non-conforming loan?
27. Who do I contact for general information and questions?
28. Am I eligible for the $7000 First Home Owners Grant?
29. How do I find the best loan for me?
30. I don't have current financials, can I still get a loan?
31. What is a finance Broker
1. Once I complete the application forms, what other documents do I need to supply to Dreamloans?
Documents need to be supplied to Dreamloans to verify the contents of the Dreamloans Application Form. The most common documents requested are:
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100 points of ID (to verify identification)
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2 pay slips or employment letter (to verify employment and income)
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latest Group Certificate or Tax Return (to verify employment and income)
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Bank Statement (to verify genuine savings)
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Loan statements (to verify repayment history if re-financing)
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Council rates (to verify property ownership)
Top2. What does 'genuine savings' mean?
'Genuine savings' represents a sum of money that has been progressively saved over a period of time. A genuine savings period is normally around 3 to 6 months.
3. How much deposit do I need?
In some cases no deposit is needed. There are products in the market place that will support a 100% purchase price, or equity in existing property may be utilised to fund 100% of the purchase price.
4. How do you calculate what my minimum repayment is?
Loan repayments are calculated via a formula that takes into consideration the loan amount, loan term and interest rate.
5. How do I make repayments and can I make lump sum payments or higher monthly repayments?
Repayments of a loan are directly debited (withdrawn) from a nominated bank account. Lump sum payments and higher monthly repayments can be made on most loans although if the rate is fixed there may be a limit of how much extra you are able to pay during the fixed rate period.
6. Can I switch from a variable to a fixed rate once my loan has settled?
It is possible to switch from a variable product to a fixed product, though there is often a fee to do so.
7. Can I pay out my home loan early?
You are able to pay out your loan early by requesting a pay out figure from the lender. This figure will include any discharge or administration fees that are linked to the loan. An early repayment fee may be charged if you are repaying a fixed rate contract.
8. How will I know how much I can qualify to borrow?
Your borrowing capacity is calculated through a number of servicing calculators. These calculators may vary between the lenders and mortgage insurers. Contact Dreamloans to assist you.
9. What is Lenders Mortgage Insurance?
Mortgage insurance is protection that the lender takes against bad debt. Bad debt is when a property is sold for less than the balance of the loan on the property. The mortgage insurance premium is a once off payment and is generally paid by the applicant if more than 80% of the value of the property is borrowed. Lenders mortgage insurance protects the lender, not the client.
10. What if I have had bad credit problems in the past?
People who have credit problems are still able to get loans through non-conforming lenders. These lenders specialise in loans for people who do not fit into the prime market. The rates are slightly higher to cover the risk of the lender. Contact Dreamloans for further details.
11. What if I have filed bankruptcy?
If you have been bankrupt in the past but it has been discharged, you are still able to get a loan through a non-conforming lender. A person who is bankrupt is not able to borrow money from financial intermediaries.
12. What if I have just started a new job?
People who have just started a new job can still get a loan in most circumstances such as moving within the same industry, or having good savings.
13. What are the most common mistakes in buying or refinancing a house?
When people purchase a new house or re-finance they often forget about the government and lenders fees. This can cause a shortfall in funds to complete the transaction. People also often approach their current bank, which can often cost them more money, as they do not compare the cost of the loan with the competition.
14. How do Dreamloans fund home loans?
Home loans are funded via the lender who pool their funds from various sources. Dreamloans brokers have access to over 30 separate financial institutions (lenders). The lenders pay us, so our services cost the client nothing.
15. Why should I get a mortgage with Dreamloans?
Dreamloans are able to access market-leading products while providing personalised service. This can save you time and money. We offer free service on home loans.
16. How long do I have to repay my loan?
Home loan repayments are calculated over 30 years (a shorter term can be requested), most people however, repay their loans in a shorter period than this by making extra payments or they refinance to use the equity in their home for other investments.
17. If I am ahead in my repayments, can I access that money?
You can access your money via a redraw facility. Advise your Dreamloans broker if you would like this facility as not all loans offer this service.
18. Can I borrow more money in the future?
You are able to top up your home loan in the future as the value of your property increases and repayments have reduced the initial principal. There are some government cost and possibly a new establishment fee associated with this.
19. I'm not sure how good my credit rating is?
Credit ratings can be checked through Baycorp Advantage. We can do this for you for a small fee.
20. What other products do you offer?
Dreamloans can offer commercial loan facilities through parent company LKFS. We can also refer you to Oracle financial services for your financial planning requirements.
21. I'm ready to apply for a loan with Dreamloans, what is the next step?
Complete an online application and one of our experienced consultants will be in touch with you.
22. What kinds of mortgage loans are there?
There are many different ways that a loan can be structured. You can have a fixed rate or variable rate, or split the loan into both. You can pay off the interest only or both the principal and interest in your repayments. There are many variations that are possible. Speak to a Dreamloans consultant about your specific needs.
23. How long does it take to own my own home?
You will own your home freehold when the lender discharges their interest over the property, that is the loan is repaid in full.
24. How long does it take to get my loan approved?
The length of time it takes to get an approval depends on how quickly the client can provide the broker with the relevant documentation to support their loan. Generally, it takes about 3 working days to obtain an approval when all relevant information is supplied.
25. Who do I contact for information once my loan is in process?
A Dreamloans consultant will keep track of your loan for you and contact you as necessary. You can also contact them with any questions that may arise throughout the process.
26. What is a non-conforming loan?
A non-conforming loan is a loan that is available to people who do not fit into bank policy. This can be either a person who has a default on their credit record or has been in short term employment.
27. Who do I contact for general information and questions?
Please contact us via our toll free number, 1300 780 050, to speak to one of the Dreamloans team.
28. Am I eligible for the $7000 First Home Owners Grant?
To offset the impact of the introduction of the goods and services tax (GST), the Commonwealth has requested that the States and Territories assist first homebuyers through the establishment of the First Home Owner Grant (FHOG).
The First Home Owner Grant applied from 1 July 2000. Each State and Territory Revenue Office is responsible for administrating the grant in their respective jurisdictions.
The broad principles of the grant are:
• Eligible applicants will be entitled to a one-off $7,000 payment.
• Eligible applicants must be Australian citizens or permanent residents, who are buying or building their first home in Australia.
• To qualify for assistance, neither the applicant nor their spouse (or de facto) must have previously owned a home, either jointly or separately.
• An eligible home must be located in Australia and will be a new or established house, home unit, flat or other type of self contained fixed dwelling that meets local planning standards.
• An eligible home must be intended to be a principal place of residence and occupied within 12 months..
• The First Home Owner's Grant assistance is not means (income/asset) tested.
• Joint applicants will be restricted to a single application for a single property and only one payment of $7,000 will be issued.
IMPORTANT: Please check with your State or Territory Revenue/FHOG office before you intend to purchase your home, as there are minor variations in relation to definitions and application forms between the states.
29. How do I find the best loan for me?
Confused, and want the straight truth? There are many banks and other lenders with hundreds of loan products in the Australian market. Can you calculate which is the best loan? YES, you can, arithmetically and precisely. It is not that confusing if you're shown how.
The best mortgage or home loan for you is the loan which offers a better combined calculation of interest rate, fees / charges and other benefits. Verify this statement with a qualified and independent accountant, actuary or mathematician.
Simple, don't get confused with all the fancy loan names and "selling" made by a bank manager or specific lender Consultant. Contact Dreamloans and have access to all these products under the one roof.
Talk to one of our professional consultants about other loan strategies.
30. I don't have current financials, can I still get a loan?
If you have a current ABN and or are on salary and have been in your current position for over 1 year, you can sign a self-declaration of income, specifying your earnings. This type of loan is designed for people who have not had time to complete their current financial records and need a loan now. Refer to 'Low Doc Loan' in the 'Loans' section of this website.
A Finance Broker is a person or group of people, who have accumulated considerable experience in the Finance Industry and have been accredited by financial institutions to refer business for consideration and approval. The Finance Broker will arrange finance to meet the specific and individual needs of their clients and should normally cover the whole spectrum of lending packages. A Finance Broker is responsive to the needs of their clients and should structure loan packages to satisfy the specific lending requirements of their clients.
Dreamloans is a free mortgage and finance service, providing home loans and commercial finance through over 30 of Australia's leading banks, and other lenders.
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