Your Loan and Mortgage Questions
Are Austral’s loans portable?
Yes, all our loans are fully portable which means you can save on set up fees and also on stamp duty.
Can I access my loan on-line?
Yes. All our products are accessible via the internet. You will receive easy to follow instructions on how to access your loan or alternatively feel free to call our friendly customer service representatives who will guide you through.
Can I make additional repayments?
Yes. All of our products allow you to make additional payments. The amount will depend on the product you choose. Some of our products even allow you to make additional repayments at no penalty whilst on a fixed rate. We also offer a redraw facility on all of our products.
Some of our products even offer this on a fixed rate as well!
Can I switch my home loan between fixed and variable rates?
Yes. You can also split your loan and have a combination of fixed and variable rate loan accounts.
How is interest calculated?
In most cases, interest is calculated daily and debited monthly in arrears. Therefore you only pay interest on what you owe at the end of each day. So if your loan offers the flexibility to make additional repayments, any extra payments you make save you interest. This could save you thousands of dollars over the life of the loan.
Do you offer interest only loans?
Yes. We offer an Interest Only option on all of our products. The maximum Interest Only term is 10 years.
How long does it take to get approval?
In most cases we will be able to provide you with a pre-approval within 24 hours. How quickly you get full (unconditional) approval depends on you providing the necessary documentation and Austral arranging a valuation of the property.
How much can I borrow?
The actual amount you can borrow depends on your individual financial circumstances and product you choose. To assist you in estimating your borrowing capacity and what your repayments will be please refer to our calculators.
What documentation do I need to provide?
Depending on your circumstances and the home loan product you have applied for, you will need to supply the following;
- Completed and signed Austral Mortgage Application form
- Signed copy of Contract of Sale (required for purchase only)
- 6 months Home Loan statements (required for refinance only)
- 3 months loan statements for any loan to be paid out (required for consolidation only)
- Rates Notice for existing property used as security (required for refinance/equity releases only)
- Evidence of income – 2 most recent payslips or letter from employer detailing conditions and most recent group certificate
If you are applying for a Lo Doc loan you will need to supply the following;
- Declaration of Financial Position (Self Employed with an ABN min. 2 years and PAYG applicants)
If you are Self Employed;
- Last Financial Year tax return including tax assessment notice
- Previous Financial Year tax return including tax assessment notice
What is a deposit bond?
A deposit bond is a simple cost effective way to cover the deposit on a property purchase when you do not have immediate access to the necessary cash deposit. The value of the bond is equal to the required deposit. See our Deposit bond section for more information.
What is lenders mortgage insurance?
Lenders Mortgage Insurance (LMI) is usually levied if the loan is more than 80% of the value of the property. It is paid by the borrower (you) and covers the lender in the event of loan default or if the house is sold for less than the amount owed under the mortgage.
What is mortgage protection insurance?
If for some reason you are unable to meet your mortgage obligations, mortgage protection insurance will cover your repayments and ensure that you don’t lose your house to the debt collector. Policies vary quite significantly. Some only protect you if you are prevented from working due to an accident, sickness or injury. Others are more comprehensive, providing financial assistance if you become involuntarily unemployed.
Most policies will pay out your entire mortgage in the case of death or permanent disability.