Who Can Borrow?
Prowealth Money is able to arrange finance for the following types of borrowers:
- PAYG employees.
- Self-employed individuals.
- Companies.
- Trustees on behalf of trusts.
- People not resident in Australia.
- Recent immigrants to Australia.
- Owner builders.
- Recently discharged bankrupts.
- Those with credit issues including judgements and payment defaults.
What Do I Need To Contribute?
You will need to contribute the balance of funds to complete the purchase (the difference between the purchase price and the loan amount) and other costs associated with buying your property eg. stamp duty. You will need to provide documentation of the source of these funds in the form of "genuine savings" such as:
- Bank savings accrued for at least six months
- Term deposits
- Shares
- Existing equity in real estate.
If you do not have genuine savings you may use funds from others sources such as
- Gift
- First Home Owners Grant
Prowealth Money has severall loans for those with no savings loans including the Prowealth Money 106% Loan.
The First Home Owner's Grant is a payment to people buying their first home in which to live. For full details go to www.firsthome.gov.au.
The Government requires Stamp Duty to be paid on your mortgage and on your property purchase. Click here To estimate your stamp duty.
What Will It Cost Me?
The cost of your loan can be affected by your credit history, type of security property, and your ability to verify your income.
Lo Doc loans (where you self certify your income) are a higher risk to the funder so they have a slightly higher interest rate. However, at anytime after a Lo Doc loan settles the rate can be reduced to the lower rate if income verification can be provided.
If you suspect you have a credit history problem you will need to look at the Prowealth Money Extra Care Program.
When assessing the total cost of a loan you need to consider items such as:
- Up-front fees
- Lender's Mortgage Insurance (LMI)
- Interest
- Account management fees
- Transaction fees
- Facility set-up charges (eg. redraw)
- Early repayment fees
Fees Prowealth Money will not charge:
- No account management fees.
- No redraw set-up fees.
- Free transactions (unlimited on Line of Credit).
- No early repayment fees payable after five years.
- No LMI payable by you under 80% LVR and under $750,000.
Fees Prowealth Money will charge:
- An application fee.
- Legal costs will be charged at settlement.
- Deferred establishment fee if you pay out your loan within five years.
- LMI over 80% LVR or $750,000.
For an explanation of lenders mortgage insurance and click here to estimate your mortgage insurance.
We can show you some strategies to minimise your interest payments.
What Documentation Do I Provide?
Your Prowealth Advisor or broker can assist you to complete a loan application and provide you with specific information about what documentation you will need. In general you will need:
- Copies of documents used for 100 point personal identification.
- Property title details or contract of sale.
- Latest credit card statement.
- Statements for loans being refinanced.
- Proof of funds being contributed by you towards a property purchase.
- Full Doc loans require proof of your income.
- Lo Doc loans do not require income verification.
What Do I Need To Contribute?
With any home loan lender there are many people involved in the process of approving and settling your loan (eg. valuers, insurers, solicitors). Because everyone's circumstances are different each loan application requires care that everything is properly organised. To achieve a quick settlement of your loan - An application fee. maintains strong control of the application process and a good communication with you.
Within 24 hours we can provide an approval-in-principle.
Formal approval is provided after:
- You provide verification documentation.
- Your credit history has been checked.
- Property valuations are completed.
- Mortgage Insurance approval is obtained.
Formal approval will normally take around five working days from receipt of the loan applications and all verification documentation.
Approval can be provided subject to a particular condition. For example, provision of a contract of sale and valuation where you are looking to buy a property at auction.
Once you receive formal approval our solicitors will issue you with loan documents generally within two days. Settlement will occur after you return the documentation. Our solicitors will arrange to pay all parties involved (eg. loans being refinanced, vendors) and timing of the settlement will depend upon the availability of all parties. Settlement will be a minimum of two days.
How Will My Loan Account Work?
You will have to live with your loan account for a long time. Over 30 years you life circumstances will change many times. You need a loan, which is functionally strong and very flexible. Many basic loans offer low honeymoon rates but lock you into inflexible loans with no long term price advantage.
With a Prowealth Money Premium Loan you can:
- Have up to four loan splits or sub-accounts at no additional charge.
- Each sub-account can have different features.
- Change payment frequency.
- Change payment day/date.
- Make additional loan repayments at anytime.
- Redraw funds with no minimum amount and no fee.
- Use a cheque book.
- Make payments on your credit cards.
- Make bill payment debits direct from your account.
- Access loan information using the Internet or phone.
- Make loan changes using the Internet or phone.
- Change loan structure and features anytime after settlement.
- Substitute a new security property for your current property fully completed loan documents.
Use of this website signifies your agreement to the Terms of Use.
Each office is independantly owned and operated.