What Clients Ask The Most
What You Should Know
What’s the process of applying for a mortgage?
When applying for a mortgage, Rocket Finance Group will guide you through so that it is as seamless as possible. Contact us today for a free no obligation enquiry and assessment.
How is interest calculated?
Interest is calculated daily and charged monthly.
Am I eligible for the first home owners’ grant?
The first home owner’s grant as offered in Victoria has the following requirements:
You must be an Australian citizen or permanent resident (or applying with someone who is).
You or your spouse must not have previously owned property in Australia.
You must be at least 18 years of age.
You must be buying or building a brand new home, valued under $750,000.
You are buying a new home is a home that:
has not been previously occupied as a place of residence
has not been previously sold as a place of residence
If you’re thinking of buying or building a new home, this could be what gets you started.
How much money can I borrow?
The sum of money you can borrow is determined by reviewing your income, your credit score and a number of other elements so that an accurate measurement of affordable repayments can be determined. This is a case by case basis as it really comes down to your personal circumstances and income.
For the first home owner’s grant, the maximum purchase value is $750,000 so anything over that will not qualify for the grant.
What documentation will I need to apply for a home loan?
When it comes to applying for a home loan, it’s important to have all of your documents ready to go. You will need four different types of documentation: Identification, income, assets, and liabilities. The requirements may vary between lenders, however, the below documents are the standard requirements.
Identification (100 points)
Birth certificate (70 points)
Passport (70 points)
Citizenship certificates (70 points)
Diplomatic documents and official documents issued to refugees (70 points)
Driver’s licence (40 points)
State or Territory issued photo ID card (40 points)
Photo ID issued by tertiary education institute (40 points)
Photo card issued by banking institution where you have been a customer for at least 12 months (40 points)
Public service ID card including your photo and signature (40 points)
License or permit issued by State, Territory or Commonwealth government, such as a boating license (40 points)
Letter confirming your identity from referee you’ve known for at least 12 months (40 points)
Mortgage documents (35 points)
Council rates notice (35 points)
Credit card statement (25 points)
Foreign driver’s license (25 points)
Medicare card (25 points)
Credit card (must have name and signature) (25 points)
Utility bill with name and current address (25 points)
EFTPOS card (must have name and signature) (25 points)
What is an interest only loan?
A. An interest only loan is a loan where you are just paying off the interest, not reducing the total loan amount or principal. Usually with an interest only loan your interest only period is limited (typically from 1 – 5 years or based on the fixed rate of the loan).
What is an offset account?
A. An offset account is a bank account linked to your mortgage that can be used to reduce the interest you pay on the loan.
Basically an offset account enables you to put all of your surplus cash into an account that reduces your loan by reducing the outstanding balance during the month. This is called daily reducible interest. Interest is calculated daily, and charged monthly.
What is Lender’s Mortgage Insurance (LMI)?
A. Lenders Mortgage Insurance is a way that borrowers can access finance with a smaller deposit than is usually required.
The premise of Lenders Mortgage Insurance is that the lender is protected against a loss, should you default on your loan and the security property sales results do not cover the outstanding cost of the loan.
Can you help with financing a commercial property purchase?
A. Yes, at Rocket Finance Group we can look after all your finance needs and have extensive experience in arranging finance for Commercial Property