At AMO, we realise taking the step of purchasing your first property is a great financial commitment, which can be complex and confusing. We are dedicated to making the process of being a First Time Home Buyer an easy and confident decision by helping you choose the right home loan.Tips in buying your first home. There are several elements to consider before you start looking for your first home.
- What are the facilities in the area? For example, Shopping centers, medical centers, schools, and public transport.
- What are the future plans for the area? Are there aircraft or road constructions within the near future? Are there any new shopping centers or schools being developed?
- Compare features and prices of a house.
Tips in looking for a loan.Below are some questions that should be considered before applying for a home loan.
- How much can you borrow?
- What are your repayments?
- Are you eligible for the First Home Owner Grant (FHOG) or any Government concessions? Can my Mortgage Manager apply for the FHOG on my behalf?
- How long does the loan approval process take?
- What are the costs associated with purchasing a home? For example, Stamp Duty, Pest and Building Inspections.
First Time Home Buyer FAQ
Applying for a loan can be confusing. Below are the most frequently asked questions that AMO are asked everyday.
How do I go about applying for a loan?
Applying for a loan with AMO is easy. Simply following the directions for applying online, or download the application and fill it out. If you prefer the traditional method, simply call Australian Mortgage Options on 1300 266 266 to speak to one of our friendly consultants.
What documents do I need once I have completed an application?
Depending on the loan you are after, the documents required from you range from, two pay slips or a letter of employment (if self-employed two years balance sheets and two tax returns for your business), two years Tax Returns or Group Certificates, 100 Points ID (e.g. Passport, Drivers License and Birth Certificate), Confirmation of Deposit, copy of front page of contract - if purchase, Rent Letter - if investment, Rates notice for any existing property(ies), Copy of existing loan statements for last 12 months (if refinancing), Mandate/Consultant Agreement, $300 part establishment fee, Home Building Insurance, Other Insurance.
Is there a charge for splitting my home loan?
There is no charge for splitting your loan, you are allowed to have four different splits.
What is the Interest Rate of your Credit Cards?
The interest rates are the same as a home loan interest rate.
Can I make extra repayments on a loan?
Yes, if you are on variable interest rate loan.
What is Redraw? Does AMO provide Redraw facilities?
Redraw is a loan facility enables you to make additional repayments on your loan and then access these extras funds when necessary.
What do I do if I do not understand my loan?
If you have any problems understanding simply fill out the form under Contact Us, or call AMO on 133 266 to speak to one of our friendly customer support staff.
What methods are there to repay my loan off?
There several different methods to repaying your loan off. These are either by Direct Debt, Directly from your Salary, using the Loan Service Net (LSN) system over the Internet or Phone Line
What is the Loan Service Net (LSN), and how do I use it?
Loan Service Net (LSN) is an online system which allows you to make payments on your loan. To use the LSN system, you need a username and password. To request access to LSN please request this during your loan application process or call AMO on 1300 266 266.
*Please note: Information that is contained on the web site should be used as a guideline only. You should seek advice from professional financial, legal and real estate specialists before purchasing a property and/or applying for a loan.