We understand that buying your first home is a massive milestone, that’s why we have created these simple guides to help give you the confidence in understanding what it means to become a homeowner.
This rate helps you work out the true cost of the loan. It includes the interest rate and most fees and charges, reducing this to a single percentage figure. What is included and the method behind this calculation is set by law.
This is a report that outlines your credit history and relevant public records. This is used as part of the credit review process in your application. We receive our credit report about you from Equifax Australia.
Will need to be paid if your lending is above 80% of the purchase price. This covers the financial institution against any shortfall they may incur if your property is required to be sold, as a consequence of not making your payments
This is a ratio or percentage of the loan amount against the value of the property purchased. (E.g. A loan of $405,000 is divided by a $450,000 property value, would result in a LVR of 90%).
A bank account which is directly linked to your mortgage and can reduce the interest you pay. With this account, loan interest is charged on the difference between the offset account balance and the loan amount.
Unlike fixed, Variable interest rates are subject to fluctuation during your loan period. The bank can change these rates at any time. This decision may be influenced by changes to the Reserve Bank of Australia’s cash rate and lending market movements.
Once you understand your budget and how much you can borrow, you can apply for pre-approval. This shows your borrowing power and could help you secure a property before someone else. It is valid for 3 months and provides you with conditional loan approval for a home loan subject to specific conditions, giving you the confidence when searching, enquiring, and making offers on properties.
When you apply for your pre-approval our lenders take into account your personal financial situation, we review your budget including your debts and your assets, your credit history and we consider the deposit you are contributing. It is important to note that a pre-approval is subject to valuation of the chosen property that must be acceptable to the bank and other conditions may apply.
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