Home Loans in Queensland
At MediPro, we have access to mortgage options from a wide panel of major banks and secure lenders, and truly understand home finance in a real estate context. Getting your home loan sorted out early can ensure you are in the best position to negotiate for your home on your terms. And while the home loan application process can seem daunting, it is often simpler than most people think.
What is Home Loan Pre Approval?
It means a lender has agreed, in principle, to lend you money for buying a home but has not moved forward to final approval. It is a good first step into getting a home and provides borrowers with several options. First-time buyers tend to ask,” What is home loan pre-approval?” as they begin exploring their mortgage options. Home loan pre-approval is a great way to ensure you know how much you can afford to pay for a property before you even start looking. A written pre-approval can also give you an advantage when negotiating on a property with a vendor, as opposed to someone who has no pre-approval or finance in place. Home loan pre-approval is generally valid for about three months, and you will still need a satisfactory valuation on the property you intend to purchase before your pre-approval can progress to a full loan approval.
What is the Deposit Required for a Home Loan?
Most banks and lenders minimum deposit required for a home loan is 5 per cent of the value of the property you are purchasing, before they will approve you for a home loan. Your mortgage options will depend on the lender and your individual situation, you may be able to fund your deposit from a range of sources, including genuine savings, monetary gifts, inheritances and first homeowner incentives. However, most lenders will require at least a portion of your deposit to come from genuine savings.
If you don’t have the deposit required, you may be able to make use of family equity, also known as a limited guarantor loan. The most common form of family equity is where a family member offers their existing property as security for a portion of the home loan, generally around 20 per cent.
Is the Queensland First Home Buyers Scheme for Me?
Buying your first home is an exciting experience, but there is a lot to think about. At MediPro, we make the home loan application process as smooth and easy as possible, so you can concentrate on finding the right home. As part of our service, we will help you to understand the types of mortgage options available to you and will assist you in choosing the right one for your situation. If you are eligible for the First Home Owners Grant or any state government first home buyer assistance, we will help you fill in the paperwork. For a thorough inventory of the eligibility requirements please look here. On general principle, we encourage all qualified first-time homeowners to apply for the grant.
How to Get an Investment Property Loan?
Property investment can be a smart wealth creation strategy, if you get it right. And that doesn’t just mean finding the right property – you need the right investment finance as well. First time homeowners need to inquire into the Queensland First Home Buyers scheme regardless of any other finance options. Your investment loan package should be tailored to your investment strategy and goals, and we will work closely with your financial planner and accountant to make that happen. If you are interested in how to get an investment property loan, regardless of whether you are an experienced property investor with a big portfolio, or just starting out with your first property, MediPro can help you get the right investment loan for your circumstances.
What is Refinancing?
“What is refinancing?” and “How will it impact my finances?” are important questions to ask since refinancing your mortgage is something that takes careful consideration. The most important thing to look at is if refinancing will place you in a better position than you would be if you stuck with your current loan. we can go through the sums with you to show you the costs involved in changing home loans, as well as your projected costs over a set timeframe for both your current and proposed home loans. And if you decide that refinancing is the right move for you, weI help you complete all the necessary paperwork to make the change.
Does Debt Consolidation Affect Buying a Home?
If you are regularly making your repayments, then no it should not affect your ability to get a mortgage and May lower monthly payments. Circumstances vary however so it’s best to consider this option thoroughly and seek professional advice. Debt consolidation can be a handy solution when you are struggling with repayments on several debts, such as your home loan, credit cards and personal loans. Debt consolidation works by combining all those debts into your home loan, which is generally the debt with the lowest interest rate. Because the interest rate is lower, and the loan term is usually longer, your monthly repayments will drop, giving you a bit of breathing space.
What Mortgage Options for Self Employed Borrowers Are There?
We recommend using a low documentation loan or if your credit history is sparse enquire about a non-conforming loan. Many self-employed borrowers need a loan that isn’t quite standard, mostly because they don’t have the full financial history required to get a regular loan. Low documentation, or low doc, loans are excellent mortgage options for self-employed individuals since they fulfil the needs of many self-employed borrowers. You’ll still need some financial history and paperwork – often about 12 months BAS statements and an ABN that has been active for at least 6-12 months.
Upgraders / New Property Buyers – What Are Bridging Loans?
They are short term loans that pay for a new property while you are in the process of selling an existing property. Financing the move from one property to another can be quite stressful, especially if you are yet to sell your home which is why we recommend bridging loans – a bridging loan can help free up the funds that are tied up in your current property to purchase the next one. With a bridging loan, your lender will use both your current and new property as security and lend you enough to buy your new home.
While you are waiting for the sale and purchase process to be completed on both your current and new property, you make interest-only repayments on the loan, or maybe even no repayments at all (referred to as capitalising the interest). Once you have sold your old home, the proceeds go towards paying off your bridging loan. The amount left over (known as the end debt) is then transferred to a standard home loan, becoming the home loan on your new property.
Interested to Learn More?
MediPro Capital Finance offers home loans for medical practitioners and has 25 years of experience to help you fully understand your finance options. We welcome all questions so please get in touch online at or call 1300 375 626.