Get the right information and advise for your home loans
Learn about the process involved in investment loans.
1 Initial Interview
This is the first meeting with the client to seek their goals, requirements and purpose for the loan. From the information provided by the clients, PJ Home Loans will discuss the options with the client and find a suitable lender to meet their needs.
2 Estimated Timeframe of lodgement
Your loan application will be lodged with the lender within 24 hours of receiving of ALL required supporting documents and application forms as requested.
3 Conditional Approval
Estimated Timeframe 2-3 days.
Since we lodge on your behalf, the lender will send PJ Homeloans a conditional approval letter once it has been conditionally approved. Upon conditional approval, property valuation(s) will be ordered by the lender (if required).
4 Valuation Reports
Estimated Timeframe 3 days.
Valuation report(s) will be received by the lender within 3 days of request. (subject to property access).
5 Unconditional (full) Approval
Estimated Timeframe 2 days.
We will receive unconditional approval from the lender within 2 days from receipt of their satisfactory valuation(s). We will then contact you to confirm the unconditional approval.
6 Mortgage Documents
Estimated Timeframe 5-10 days.
The lender will send a copy of the mortgage documents to you or the nominated party within 5 days of unconditional approval. You will receive instructions on how to handle the documents.
7 Loan Settlement
Estimated Timeframe 2-10 days.
Purchasing a property
Between 2-3 days after you have returned your mortgage documents your solicitor/conveyancer will contact the lender to book settlement.
Between 2-3 days after you have returned your mortgage documents the lender will liaise directly with your existing lender (if different) to arrange your property refinance.
Congratulations! Settlement has been booked and your loan is in place.
*Please note, time frames are subject to variation based upon the lender selected, the valuer commissioned and/or the complexity of the loan application.
See the most frequently asked questions about investment loans.
How much deposit do you I need?
The deposit required depends on the type of loan facility you choose. A deposit for a home is usually between 5% – 10% of the purchase price or valuation (whichever is the lesser) of the property, which you pay when signing a Contract of Sale.
How often do I make home loan repayments – weekly, fortnightly or monthly?
Most lenders offer flexible repayment options to suit your needs. Aim for weekly or fortnightly repayments, instead of monthly, as you will make more payments in a year, which will shave dollars and duration off your loan.
How do I choose the loan that’s right for me?
New home loan products are emerging rapidly in the market. Mortgage Consultants at PJ Home Loans can help you find a loan and professionally package it so that it suits your particular needs.
How long does settlement take?
The length of time between exchange of contracts and settlement varies. It normally ranges from four to six weeks. Settlement time is normally dictated by the seller and the lender, but is negotiated with the buyer.
What fees/costs should I budget for?
There are a number of fees involved when buying a property. To avoid any surprises, the list below sets out all of the usual costs:
How is interest calculated?
What are the documents required for investment loans.
There is a list of documents required in order to process and approve your home loan. Make sure you bring the documents below to your meeting with your mortgage consultant to help fast-track your loan application. This is a general checklist, so some of the documents may not apply to you. Our Mortgage consultant will confirm which documents you need based on your home loan type. All documents can be copies unless stated otherwise.
100 points ID is required for all types of home loans.
Other documents that help build up 100 points include: Credit cards, ATM/Debit cards, Pensioner Concession card, Health Care card, Electricity/Gas/Telephone/Water Bills, Tertiary Student ID card, Letter from Employer etc. Consult with your mortgage consultant to see the points for each identity document.
Documents For Investors
Additional Documents For Borrowers Seeking A Construction Loan
Additional Documents If You Already Own A Home
These documentation is based on your income status.
If you earn a wage or salary
OR any of the following
If you are self employed
If your Tax Returns and Notice of Assessments are greater than 24 months old, you must still provide them along with either one of the following
If you are applying for a Low Documentation Loan you will need:
If you earn Rental Income
One of the following
If you receive Government Income (eg: Centerlink and/or Veteran Affairs)
Your latest government advise letter which shows your income/benefit (less than 90 days old)