FREQUENTLY ASKED QUESTIONS

QUESTIONS 

Answers 

What is the First Home Loan Deposit Scheme?

The First Home Loan Deposit Scheme is an Australian Government initiative to support eligible first home buyers purchase a home sooner.

Under the Scheme, part of an eligible first home buyer’s home loan from a participating lender will be guaranteed by NHIFC. This is aimed at enabling first home buyers to purchase a home with a deposit of as little as 5 percent (lender's criteria apply).

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For more info please contact or visit on: 

First home Buyer’s grant?

The NSW Government’s comprehensive package to improve housing affordability is focused on helping first home buyers, who often face stiff competition from investors.

For first home buyers, this comprehensive package will:

• Abolish stamp duty on all homes up to $650,000

• Give stamp duty relief for homes up to $800,000

• Provide a $10,000 grant for builders of new homes up to $750,000 and purchasers of new homes up to $600,000

• Abolish insurance duty on lenders’ mortgage insurance

• Ensure foreign investors pay higher duties and land taxes

• No longer allow investors to defer paying stamp duty on off-the-plan purchases.

To find out more contact us or visit:

https://www.revenue.nsw.gov.au/grants-schemes/previous-schemes/first-home-owner-grant

Why should I use a finance broker?

• Evaluate how much you can afford, taking all of your circumstances into account

• Provide expertise about which lenders are most likely to approve your application for finance, and where you will get the best deal.

• Prepare your application for finance and present it in a professional submission to the lender

• Arrange pre-approval on a loan to make shopping around hassle-free.

How long does it take to get a loan approved?

After taking down your information, our brokers will have an answer regarding your loan application usually 3 to 7 days depending on the lender's credit policy and assessment criteria.

I’m discharged from bankruptcy or I have credit issues, can I get a loan?

Yes. Once you are discharged, we can help to select the right loan and begin the path to building a solid credit history. Prestige finance is proud of our ability to find finance for people with a low credit score, giving you the opportunity to make a debt-free fresh start.

Can I make an enquiry on behalf of my partner?

Yes, if you have the information regarding your partner’s residential history, liabilities, employment and income, we can get the loan process started. We will need to get a privacy consent from your partner in order to make the initial enquiries.

What are my monthly repayments?

Once your loan is approved, your finance broker will be able to calculate your monthly loan repayments or we can tell you the inductive monthly repayments so that you can work out whether you will be able to comfortably afford the loan before you sign the contract.

 What kinds of bad credit do you commonly help with?

One of the most common defaults is a telephone bill default. We can help with all kinds of bad credit, from an overdrawn bank statement, a credit file with a lot of enquiries, to unpaid defaults or discharged bankruptcy.