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Why buy a house in Australia?
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Economy and politics is comparatively stable
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In most areas, the real estate value of the last 10 years has grown by 100%
- Better returns than buying shares, there is a big rental market in NSW,
which can help pay the monthly installments
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Why borrow money?
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Save - You will only need 20% deposit, which allows you to build up your savings
- Tax Benefit (Investment property only)- You can claim back your losses
(including depreciation) from the government
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What is the difference when obtaining a home loan in Australia in comparison
to Indonesia?
- In Australia,
borrowers have the option to prepay the loan at any time they wish. For
instance, if the borrowers initially indicated the bank that they will
borrow the money over 30 years, they can decrease the loan term by
increasing the repayments or simply prepay the entire loan. However, please
note that some banks will charge a deferred establishment or penalty fees
for early prepayments within 3 years. The fee ranges from AUD 700 to few
thousands dollar depending on the bank and loan products.
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Are there any hidden costs?
- All costs will be fully explained before you sign the contract. The following
costs are not hidden costs, but additional costs which will vary according
to which bank you choose:
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Application Fee including Valuation Fee $400 - $750
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Account Keeping Fee $8 - $20 p.m.
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Discharge Fee (approximately) $250
- Variation Fee $150 - $250
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Who is best to help me with my home loan?
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Independent Mortgage Brokers - When a broker is not affiliated with any banks,
they will give you the best deal on home loans, instead of trying to sell
just the bank's products. Also, they won't sell you additional products which
you don't need
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Accreditation - If in doubt, ask to see their accreditation. Accreditations
are given to brokers by the banks after the brokers have taken an exam to
prove that they understand the bank's products. The broker with the more accreditation
is most probably better.
- ABN / A.C.N - To operate legally, any company in Australia must show their
ABN. ABN and A.C.N means the company has registered with proper authorities.
Be suspicious of companies that do not show their ABN or A.C.N.
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MIAA accredited members. All members are bound by a
strict code of ethics to ensure the highest levels of service, integrity and
professionalism. IFS is an accredited full member of MIAA, our membership
number is 400 916.
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What documents do I need to bring when applying for a home loan?
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Passport
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Drivers License
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2 Credit Cards (overseas customers only)
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Letter of Employment
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Savings proof - both local and overseas accounts.
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Proof of other income (if any)
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Bank statement showing regular income (if your income goes into a local bank
e.g. CBA, NBA, Westpac or St. George)
- Personal tax return
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How long will it take to process?
- It can vary from 24 hours to 1 week. It all depends on the banks. Sometimes
the bank may be very busy.
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Can I sign the real estate contract before I get the loan approval if I'm
quite sure that I'll get it?
- No. Unforeseen problems may come up. The best and safest way is to only
exchange contract after your loan has been approved.
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What steps are involved in buying a house?
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Contact IFS on +612
9264 9366 to see how much you can borrow
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Find your house
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Go to IFS with your documents and fill in the application form
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Wait for the approval
- Sign your real estate contract
- What role does IFS play in my buying a house?
- IFS helps you to
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Calculate how much you can borrow
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Calculate how long it will take to repay
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Choose the best bank products without any bias
- Explain in further detail anything else you need to know
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