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The amount you can borrow is dependent on the type of loan you apply for. The actual amount you can borrow is, however, determined by your ability to meet the repayments of the loan and the value of the loan security. Want to calculate how much you could borrow? Use one of our loan calculators.
The biggest initial cost is the deposit. This will range from 5% to 30% depending on the type of loan you require.
Stamp duty & registration fees
Stamp duty and registration fees are payable on a property purchase and on a mortgage.
Property purchase stamp duty & registration fees
Property purchase stamp duty is a form of government tax and is calculated on the market value of the property or the purchase price, whichever is greater. You may be exempted or eligible for a concession, please contact your solicitor/conveyancer.
In addition, whenever a property changes hands, the change of ownership must be recorded with the appropriate State Titles Office. A document known as a Transfer of Land must be lodged, the cost of which varies in each State/Territory. Please contact your solicitor/conveyancer who should perform this task on your behalf.
Mortgage stamp duty and registration fees
Stamp duty is incurred to make mortgage documents legal. The fee is determined by the amount you are borrowing. We will calculate your loan security stamp duty and will pay the applicable state authority on your behalf.
There is also a government charge to register your mortgage document. We will pay the applicable state authority on your behalf. You will be charged at cost.
Legal expenses for the average home purchase include:
Searches and inspections
Contracts should never be exchanged until the necessary searches and inspections have been completed. Searches and inspections may include the following:
A Certificate of Title obtained from the Titles Office by your solicitor/conveyancer provides details of who owns the property and who else has an interest in it. This is a good way to research if there are any mortgages, caveats, restrictive covenants etc on the property which would affect the transfer of title.
Building inspection and pest report
The report completed by your building inspector will detail any building flaws, e.g. structural issues with the building. The pest report should detail any evidence of pest infestation. It will enable you to assess the cost of any required treatment.
You can arrange to make your loan repayments either by payroll deduction, direct debit from your savings or transaction account, Internet or telephone banking transfer, or by a direct debit from another financial institution.
Statements are issued at least quarterly. More frequent or duplicate statements can be requested at any time, however a fee may apply for duplicate statements.
Account Balances and Statements are also available through our Internet and telephone banking services.
Lenders Mortgage Insurance will be required it the amount of your loan exceeds 80% of the valuation or purchase price, whichever the lesser. Building insurance is required to be taken out equal to the amount stated in the recommendation on the property valuation.
The Credit Union gives you the option of making extra repayments on your loan and therefore save money in interest changes and than having the flexibility of being able to redraw on these extra repayments. You need to have your loan in advance by at least your next agreed loan repayment plus $100 and the minimum redraw is $100. Redraws are Free!
Mortgage insurance covers the Credit Union against a loss in the unlikely event that we have to exercise our right to sell the property due to ongoing default of loan repayments.