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LENDING FAQ

There’s a lot to know about home loans. Here you can find the answers to some of the more commonly-asked questions by our customers.

Lend Ezy accepts any Australian Resident over the age of 18. You will also need to meet Lend Ezy’s lending guidelines. You can call us on 1300 XXXXXX to find out whether you can meet the standard lending guidelines.

It sounds too good to be true, but we’re on a mission to save you money. It’s unfair that Aussies pay way too much on their home loans. With living costs rising, you can easily save yourself some cash and spend it on the better things in life.

We put the call out to Aussies with mortgages via registered house sales on CoreLogic; Australia’s leading professional real estate information center and database. Visit the Property Data Code of Conduct for information on how Australian real estate data is handled.  

You also get to enjoy the benefits of being a part of Australia’s next lending revolution.

We definitely offer loans to self-employed workers. You’ll just need to provide the appropriate documentation, which usually includes the last 2 years’ tax returns along with regular assets, liability and expenses for your loan.

Our loans are funded through a number of institutions, including Bendigo Adelaide Bank (ABL), Origin Mortgage Management Services (Origin MMS), LaTrobe, Pepper Money among other lenders.

You can find out more about how we get our low rates through securitisation.

Of course. All financial institutions are regulated by the National Consumer Credit Protection Act 2009 (NCCPA). All personal and credit information is treated with integrity and care, abiding by our Privacy Policy.

The consumer watchdog Australian Securities and Investments Commission (ASIC) and industry supervisor Australian Prudential Regulation Authority (APRA) also regulate all financial companies including all banks, funders and non-banks within Australia. That includes us!

Among our ranks are fully qualified and trained Finance Managers offering advice on home loan enquiries and collecting your information.

Ezy. You can make an application online or over the phone with us. We operate Australia wide, so you can do everything from the comfort of your favourite chair at home.

We have a team dedicated to assisting you with completing your application, and we’ll even do the running around after it’s all submitted. No need for time-consuming appointments and confusing application forms, we make the lending process ezy.

For a general idea of how much you can borrow, check out our How Much Can I Borrow Calculator [Link].

Alternatively, you can give us a call and our Finance Managers will be able to assess your income and expenditure for a more accurate assessment of your borrowing power.

Costs can vary depending on the home loan product you choose to refinance to. You may have to pay third party fees such as legals, government charges and valuation fees.

Stamp Duty charges apply when you’re purchasing a home. These costs vary from state to state. You can calculate how much Stamp Duty you will have to pay on our calculator.

For all home loan applications, you will need to provide:

  • Evidence of income – most recent payslips of letter from employer detailing conditions. You will also need to provide your most recent group certificate.
  • Completed and signed Lend Ezy Application Form
  • Certified coloured copy of identification. Can include driver’s licence, passport, birth certificate.

 

According to your circumstances, you may need to provide extra documentation:

  • (First Home Buyers) First Home Owner Grant Application
  • (Purchase only) Signed copy of Contract of Sale
  • (Refinance only) 6 months of most recent home loan statements
  • (Refinance & Equity Release only) Rates Notice for existing property used as security
  • (Loan Consolidation only) Copy of last 3 months’ loan statements for any loan to be paid out

Yes, you will be guided through setting up your internet banking and online account access after your loan settles.

Yes, most Lend Ezy loan products allow for extra repayments at any time without penalty.

Extra repayment conditions may vary according to the loan product you choose. Give our Finance Managers a call for advice tailored to your preferences.

Yes, all of our variable loans have a redraw facility. The conditions surrounding your redraw facility can depend on the loan product you select. Conditions may include minimum and maximum amounts, and, in some cases, fees may apply.

Fixed loan products do not have available redraw, but you can attach an offset account to these loans.

Conditional approvals can be granted within 48 hours if all required documentation is given. From here, some conditions including property valuation reports and your own documentation may be required to achieve full loan approval.

The time in which you will receive a full Formal approval can depend on how long it takes for all parties to submit the appropriate conditional documentation. Sometimes it is the simplest issues that can hold up an approval: unreadable identification, a missed signature or initial, etc.

Pre-approvals are valid for 3 months after date of issue. You may be required to provide up-to-date information before formal approval.

Stamp Duty payable varies on a number of factors. Factors include the state you are purchasing in, if you are a first home buyer, or if you plan to rent the property for investment.

You can find out if you are eligible for any government Stamp Duty concessions at our Stamp Duty Calculator.

Minimum repayments will depend on your total loan amount, interest rate, and whether you’re making repayments on Principal & Interest or Interest Only terms.

We offer a Basic Repayment Calculator to help you crunch those numbers online, or you can always give us a call to discuss your repayments.

Lender’s Mortgage Insurance is a one-off insurance charge that protects the Lender if you are unable to meet repayments. It typically applies to loans where over 80% (up to 95%)  of the property purchase price is borrowed.

 

The cost of your LMI charge can start from $6,000 and range up to over 5% of the loan amount.  You can choose to pay this cost upfront or some lenders will allow you to capitalise it into your loan.

 

Capitalising your LMI means the insurance charge is added to your total loan amount. Let’s say you are borrowing $450,000 and your LMI is $6,000. By capitalising your loan you would be borrowing a total of $456,000 ($450,000 + $6,000).

Mortgage Offset Account. This can reduce interest that you pay on your loan. Your mortgage is linked to an account into which your salary and other cash can be deposited. You can then withdraw the funds to pay your bills.

For example, if you have a loan of $300,000 and have $10,000 in your offset account, the amount of interest you pay will be calculated on only $290,000 ($300,000 – $10,000). Use these savings for another deposit instead of paying off your current mortgage.

Check out our Mortgage Offset Calculator to see how you can pay less interest on your loan with an Offset Account.

Extra Repayments/Redraw Facility. You can make extra repayments and create a ‘kitty’ for times when you have unexpected expenses such as plumbing or electrical repairs or for when you’re not receiving a rental income.

A loan with this feature allows you to skip a mortgage repayment as long as you have enough funds in credit to cover that mortgage repayment. Our Mortgage Extra Repayments Calculator can help you crunch the numbers in paying off your home loan with more than the minimum repayment.

Yes, you can use the equity grown in your current property to help purchase your next home or an investment property. Most people with mortgages will have built up enough equity over time to make their next property purchase.

 

What’s equity? It’s the value of the difference between your loan amount and value of the property. In order to make an accurate calculation of how much equity you have, you would need a full valuation of your property, then subtract your loan amount from that value.

For example, you have a property valued at $800,000 and your outstanding loan amount is $300,000. You would have $500,000 of equity sitting in your property that can be used as a part of or a full deposit.