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Choice Finance Cairns - The Buyers’ & Borrowers’ Guide to · PDF file 2010. 8. 6. · & Borrowers’ Guide to q u e e n s l a n d h o m e l o a n a n d i n v e s t m e n t f ni

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  • The Buyers’ & Borrowers’ Guide to queensland home loan and investment finance asic reg. no. 355458

    including guide to low cost conveyancing Compliments of Choice Finance Cairns

    in association with The Conveyance Shop

    afg australian “gold” and

    “silver” lender achievement

    awards since 2005

  • Low Cost Conveyance plus free Wills for loan clients. Conveyance just $750 with a home loan through Choice Finance Cairns. (Subject to change without notice).

    Located conveniently under one roof Choice Finance Cairns in association with the Conveyance Shop at 40 Aplin Street, Cairns

    (corner Sheridan Street, near Cairns Central Shopping Centre)

    Ph 1800 515999

    Home Loans We have the lending policies of ALL banks to choose from - not just one, or your usual bank - we have many options available. We Fix deALS quickly - call us.

  • and guide to low cost conveyancing

    & insurance protection

    1st Floor: 40 Aplin Street, Cairns 1800 515999 • Fax 07 4051 8844

    Email: [email protected] Visit our wEbsitE: www.choicefinancecairns.com.au

    The Buyers’ and Borrowers’ Guide to queensland home loan and investment finance

  • 4

    Glossary of Terms .....................................................................................6 About Us ...................................................................................................7 Our Service ...............................................................................................8 Financing Through Us Saves You Money ................................................8 New Age Conveyancing ..........................................................................9 Our List Of Lenders ................................................................................10 A Simple Guide : Basic Steps For Buying A Home Or Property ........... 11 Pre-contract Steps: Deposit, Employment .............................................. 11

    Repayment ......................................................................................... 11 Credit History ....................................................................................12 Finance Pre-approval .........................................................................12 The Agent ...........................................................................................12 Contract ..............................................................................................13 Post Signing Of Contract ...................................................................13

    Essential Terms Of Contract ...................................................................14 Units .................................................................................................14 Deposit ..............................................................................................14 Finance Clause ...................................................................................14 Building And Pest Inspection – See Definitions. ............................14

    Finance Approval And Mortgage Documents .........................................15 Settlement ...............................................................................................15 Seller Or Refinancing ..............................................................................15 Some Basic Fees And Charges —Definitions ..........................................16

    Loan Application Fee .........................................................................16 Broker Fees ........................................................................................16 Account Keeping Fees .......................................................................16 Valuation Fees ....................................................................................16 Legal Fees — Or Document Fees ......................................................16 Deferred Establishment Fee ...............................................................17 Mortgage Insurance ...........................................................................17 Other Fees ..........................................................................................17 FIRB Information ...............................................................................17

    Contents

  • 5 In association with

    Conveyancing .........................................................................................18 Basic Contract Terms: ........................................................................18 Cooling Off ........................................................................................18 Disclosure Statement .........................................................................18 Deposit ...............................................................................................18 Subject To Finance .............................................................................18 Building And Pest Inspection.............................................................18 Settlement Date ..................................................................................19 Settlement Statement .........................................................................19 The Settlement Process ......................................................................19

    Refinancing Your Home ..........................................................................19 Pre-approvals ..........................................................................................20 Products...................................................................................................20

    1 Genuine Savings ...........................................................................20 2 Investment Home Loans ................................................................21 3 Professional Package .....................................................................21 4 Low Documentation Home Loans .................................................22 5 Construction Loans ........................................................................22 6 Personal Loans/car Loans/credit Repair ........................................22 7 Motor Vehicle Loans ......................................................................23

    Commercial Finance ...............................................................................23 First Home Owners Grant .......................................................................24 Stamp Duty Principal Place Of Residence And First Home Buyers ......25 Loan Repayments ....................................................................................25 What Deposit Do You Need? ..................................................................26 Queensland Government Fees ................................................................27 Insurance: Sample of Premiums .............................................................28 Your Most Valuable Asset: YOU ............................................................30 List of Insurers ........................................................................................31 Web Connections and Calculators ..........................................................32 About Choice Finance Cairns .................................................................33 Standard Conveyancing Fees and Outlays ..............................................36

  • Short Glossary of Terms Pre Approval: As professional mortgage consultants, we arrange

    for potential borrowers to apply to a lender for a Pre-Approval for finance. It is almost like a full loan application without the specific property set out in the application. It will be subject to valuation of the property. It can be renewed, e.g. if it is for 3 months or 6 months—simply request an extension of time. A pre-approval will allow you to negotiate the purchase of a property with confidence.

    Tenant in Common: Where each party on the title have a separate and distinct share and his or her share becomes part of his or her estate when he/she dies.

    Joint tenancy: When one person dies the other person/persons on the title automatically gets the interest of the deceased.

    Line of Credit: A loan arrangement with a specified credit ceiling.

    LVR: Loan to valuation ratio

    Mortgagor: The person borrowing.

    LMI: Lenders Mortgage Insurance. Usually when the loan is over 80% in value —or, in LO DOC loans, this is taken out to pay the Lenders if after a default the property sale does not pay out the mortgage in full.

    Variable Interest: A rate that changes with the market

    Standard Variable: Offers comprehensive features. It is often the rate that fixed loan rates roll over to at the end of a fixed term

    Basic Variable: A variable home loan at a reduced rate with fewer features than a standard variable

  • Neil MacIsaac 0437 515 999

    Accredited Mortgage Consultant

    Rhonda Sciacca 0448 515999

    Accredited Mortgage Consultant

    Toby Sciacca 0412 515 999

    Qualified Practicing Lawyer and Accredited Mortgage Consultant

    7

    Choice Finance Team

    ... in association with ....

    Contact with your Lender

    We at Choice Finance Cairns are a team of very active and experienced mortgage brokers. Though our membership of AFG, we have direct access to all of the best finance products in Australia. As Mortgage Brokers accredited directly to these banks and financiers, YOU DO NOT PAY US—we earn our brokerage only from