FAQ's

1. Who can apply?

Anyone over the age of 18 years who can meet repayments may apply. Lenders look for people who have stable employment, residency and can provide a schedule of their assets and liabilities.

2. How much deposit will I need?

The deposit required will depend on the type of transaction and loan facility you choose. If you are looking at investing or purchasing your own property you can borrow up to 100% of the purchase price or valuation (whichever is the lesser). If you are looking at purchasing vacant land you can borrow up to 95% of the purchase price or valuation (whichever is the lesser). You can borrow up to 100% of the purchase price for most of our home loans accept for Asset line products, where you can borrow up to 90% of the purchase price or valuation (whichever is the lesser). For Home Loans and Asset Lines, Lenders Mortgage Insurance may be payable if the loan is more than 80% of the value of the property. This percentage may vary, depending on the type of home loan. Where Lenders Mortgage Insurance is payable for Asset Lines, terms and conditions apply. First Home Owners may also qualify for the First Home Owners Grant, which can be used towards Government, legal and bank fees. The grant is normally processed on your behalf by the lender. If you intend on borrowing for investment purposes you need to demonstrate 20% equity in your existing property or deposit. If you already own a property, you can use equity in that property as a deposit to purchase another property.

3. For what purposes can I borrow?

• to buy a residential property
• to buy a residential investment property
• to refinance an existing mortgage
• to refinance an existing mortgage and consolidate your other debts
• for investment purposes (other than property) where you provide enough equity in property as security
• for a second mortgage over current property where extra money is needed to buy a residential investment property

You can also borrow for business or personal reasons, using goods and chattels, such as motor vehicles, as security, or you may look at borrowing on an unsecured basis. Differing interest rates, terms and conditions apply.

4. How much can I borrow?

The minimum amount we would lend for a home loan is $10,000. The maximum loan amount depends on your borrowing capacity. Our loan calculators can give you an idea of how much your monthly repayment would be and how long you could take to repay the debt. Once you submit your full application, we will assess your financial position and confirm the loan amount and term you have requested.

5. What if I’m self-employed?

There are specifically designed and structured lending products for self-employed borrowers. You need only explain your circumstances and we’ll explain your options.

6. What sort of fees and charges apply to home loans?

Each lender has their own specific schedule of fees for their products and services. We can provide you with a copy of those schedules upon request and explain the implications of each.

7. What are the differences between fixed and variable rates?

A fixed interest rate does not vary for the fixed rate period, so payments remain constant for this period. A variable interest rate may vary according to market conditions, and may increase or decrease at any time. Your loan payments will change accordingly to reflect this change in interest rate.

8. What is a "Pre-Approval" and how can I get one?

Pre-approval is a conditional approval based on your ability to repay a loan. This means that you can search for a home, knowing how much the lender can is willing to approve for you. If you’ve not yet decided just which property you’re wanting to buy, then we can assist you with a pre-approved home loan to help you in negotiating a purchase price.

9. How can I make repayments?

There are several ways to do this and you can choose the method most convenient for you. You can arrange an automatic regular repayment from a nominated account - weekly, fortnightly or monthly. Most, if not all lenders, provide comprehensive electronic funds transfer services, phone banking, internet access, B-pay and GIRO-Post through Australia Post offices.

10. Can I access advance payments?

Dependent upon the lender and product type, in general, yes you can access advance payments. Each lender has their own specific terms and conditions. We can explain the best options to you in order that you achieve the maximum in flexibility from your lending products.

11. Can you look at business financing too?

Leisure Finance has the capacity, skills and experience to assist with any form of finance request, from car loans to commercial property purchases, leasing of earth-moving plant to shop & office fit-outs. You need only ask, or use the online application and we’ll respond to you within 24 hours.