Services

Home Loans (New Purchases and Refinancing)

Aussie Lucky Money’s experienced home loan consultants can help you find the best loan product based on your own situation. Whether you are buying a home for the first time, living in it, investing, building a new home, renovating it, or developing it, we can provide you with free loan services, submit the required documents for you, and apply for the required loan for you in the shortest time.

a. Australian home loan application process

Step 1: Communicate with James Bao 0433865881 to understand your current situation and loan needs.

Step 2: Determine your loan amount (Borrowing Capacity) and choose the right loan product and bank.

Step 3: Collect your information, submit bank application, and get conditional approval (Conditional Approval)

Step 4: Bank verifies information (Verification)

Step 5: Bank arranges house valuation (Valuation), and the appraiser sends the valuation report back to the bank

Step 6: Get formal approval (Unconditional Approval) and sign the contract (Signing Loan Documents)

Step 7: The bank communicates with your lawyer to finally determine the delivery date (Settlement), and the housing loan takes effect.

b, Australian housing loan application materials list (self-occupation/investment)

Identity documents: ID (such as passport, Photo ID, driver’s license, medical insurance card, etc.)

Customers log in to https://www.equifax.com.au/personal/, register an account, and apply for a credit report.

Salary income: 2 pay slips

Self-employed people: tax return, tax payment certificate? (NOA and Tex Return)

Rental income: Lease agreement or rental appraisal letter

Proof of assets: six-month bank deposit certificate

Debt information: existing loan accounts, credit cards, personal loans, car loans, student loans, etc.

Purchase information: purchase or construction contract, lawyer information, transfer information

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House refinancing

Refinancing means that the borrower transfers the loan from the current bank to another bank. There are usually several reasons: the interest rate of the current bank is too high; the fees are too expensive; the service is poor; it is difficult to apply for a loan at the current bank when buying a house or increasing the loan

After the refinancing application is approved, the new bank will allocate funds to the old bank to repay the loan. Some bank and government fees may be incurred in the middle, but now many banks are willing to help borrowers pay the fees incurred. During the refinancing process, if necessary, the loan amount can be increased, the loan product can be adjusted, and the loan term can also be adjusted.

a, Advantages

1. The new bank can provide more favorable interest rates, and the funds saved in the long run are greater than the fees incurred when refinancing. In terms of the minimum loan interest rate and the maximum loan amount, investors have more choices. A low loan interest rate means less money to pay back to the bank; a high loan amount means more money to take out. These are all things that smart investors need to consider.

2. Multiple valuations, choose the highest. The reason is simple. The bank with a high valuation of the property means that the investor can take out more money. At the same time, after multiple comparisons, investors also have a certain concept of the price of their property in the market.

3. More flexibility in repaying the bank’s principal or interest. This is a very good condition for investors who only pay interest but not principal. It ensures that they can always hold the bank’s funds for investment, and when inflation is calculated, they will pay less money to the bank in the future.

b, insufficient

1. Refinancing may result in a certain penalty. Because if you sign a contract to stay with a bank for a certain period of time within a specified time, leaving a bank early will result in a penalty.

2. If you change banks and reapply for a loan, you will pay a certain application fee or handling fee.

In short, taking the value of the property out of the bank through refinancing is more advantageous than top up. Certainly much better than just selling the property outright.

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Investment Loans

Investment loans are structured very specifically to allow you to make the most of your capital and assets. We can help you develop an investment plan to build wealth and secure your financial future. We will then work with you to help ensure that your financial situation is always in the best shape to help you achieve your goals.

For some, the future may seem far away, but now is the time to act because when it comes to profiting from investment real estate, time is your friend. The real estate market generally has a seven to ten-year cycle: there are always highs, lows, and stable periods. But over time, real estate values have been shown to continue to rise. That’s why long-term investment strategies are considered to offer investors the lowest risk.
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Commercial Loans

Commercial loans can be used for a variety of purposes, from purchasing commercial properties to providing funds for business purposes. Small businesses often need financing to operate, expand, and grow, and they usually don’t have direct access to debt and equity markets for financing. Therefore, they must rely on financial institutions to meet their financing needs. We can provide a variety of business financing options, including renewable loans that can be used to fund the company’s immediate working capital needs, and asset financing or leasing options for plant and equipment. These financing options can be large or small. Just talk to us about your needs and goals, and we will help you explore your options.

a. Advantages of commercial loans

1. Save a lot of stamp duty. The stamp duty for buying land first and then building a house is calculated based on the land value, and the house part does not need to pay stamp duty, while the stamp duty for buying an existing house is levied based on the total price of the existing house.

2. More options and greater flexibility.

3. The construction start time and delivery time can be negotiated with the builder.

4. Progress payment: Progress payment means that the lender only needs to make payments to the bank after several major construction stages of the house are completed. This step-by-step loan method means that the lender only needs to pay the interest on the accumulated loan amount after a certain construction stage is completed.
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Personal loans

Depending on the loan policies of different banks, the borrower’s credit record and income situation are different, generally speaking, it is from $1000-$50000. The better the borrower’s credit record and the higher the income, the higher the loan amount will be.

a, application conditions

1. Must be a Citizen or PR

2. Have local income in Australia (personal loans do not accept overseas income loans)

3. ID (passport + driver’s license or medical insurance card)

4. Provide the residential address for the past three years

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construction loans

The operation mode of construction loans is progress payment, which means that the borrower only needs to repay the bank after several major construction stages of the house are completed. This step-by-step loan method means that the borrower only needs to pay the interest on the accumulated loan amount after a certain construction stage is completed. At the same time, as the construction project progresses, the loan amount can gradually increase with the value of the house, increasing the net asset value of the borrower in the subsequent construction stages.

Once the construction payment is approved and the property construction begins, the bank will begin to issue progress payments according to the construction stage. Generally divided into five or six stages:

1. Slab Down or base: The loan amount is used to lay the foundation of the property, including leveling the ground, as well as foundation plumbing and waterproofing.

2. Frame Stage: The loan amount is used to build the house frame, including brickwork, roofing, trusses and windows.

3. Lookup: The loan amount is used to install exterior walls and interior windows and doors.

4. Fixout or Fixing: The loan amount is used to decorate interior accessories and fixtures, including partial installation of gypsum board, cabinets, benches, as well as plumbing, electricity and gutters.

5. Completion: The loan amount is used to deliver contract items (such as builders, equipment) and the labor and material costs of plumbing, electricity and overall cleaning.

a. Construction loan materials

You need to provide personal identification documents and proof of income to apply for a construction loan. In addition, the following materials related to the construction contract are required to apply for a construction loan:

-Council Approved Plans and Specifications
-Signed & Dated Building Contract
-Builder’s civil building insurance and work injury insurance
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Honeymoon loan

Loans with lower repayments in the first six to twelve months are often called honeymoon loans. After the honeymoon period, the loan will become a standard floating rate loan and the repayment amount will usually increase. If you plan to take advantage of the honeymoon rate, you need to make sure that you can pay the higher repayments for the remaining loan after the honeymoon period. At the end of the honeymoon period, you may also need to pay a fee to switch to other loan options.

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Transition loan

Bridging loans are often used by homeowners who are ready to move into a new home. A transition loan is usually a short-term one-year loan used to make up the difference between buying a new property before the existing property is sold. This type of financing is usually secured by your property.

Standard variable and fixed rate loans

Variable rate loans generally offer more features and flexibility than other home loan products, especially basic or “no strings attached” loans. With variable rate loans, the interest rate can change at any time, and lenders will usually increase or decrease their variable rates in line with the Reserve Bank of Australia’s decision on the official cash rate.

Fixed rate loans are loans with a fixed interest rate for a specific period, usually one to five years. The advantage of a fixed rate loan is that you know exactly how much you will need to repay over the fixed rate period, but the disadvantage is that you will not benefit from falling interest rates during the fixed rate period.

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