Tips
Turning your dreams into reality begins with understanding different home loan options and features, as well as the application documentation you need. Your personal Dreamstreet mortgage consultant will come to you to provide you with FREE tailored advice and guide you every step of the way.
Getting the right home loan loan and features for your specific needs is crucial. We take the time to understand your needs and tailor a solution for you, rather than just offering you an ‘off-the-shelf’ product like other banks.
Home Loan Types
Bridging Loan
A short-term loan typically used when you are in the process of selling one property and buying the next, or when waiting for longer-term finance to be arranged.
Construction Loan
A loan to build a new home. It generally involves drawdown payments where loan funds are received in instalments at the completion of each major stage of your construction work.
Fixed Rate Loan
A fixed rate loan has a set interest rate for a set period of time. When the fixed rate period ends, you have the choice of fixing the rate again or switching to a variable interest rate. Repayments remain constant during the fixed term, regardless of changes to market interest rates.
Interest-Only Loan
‘Interest-only’ means that no principal repayments are required. You only pay the interest portion of your loan for up to 10 years. After this time, the home loan will revert to a principal and interest loan, allowing it to be repaid in full over time.
Land-Only Loan
A home loan to purchase a vacant block of land.
Principal and Interest Loan
A home loan that requires you to make regular repayments of the amount you borrow (the principal) plus interest. Interest is the fee charged for borrowing the principal.
Split Loan
A split loan allows you to have a portion of your loan with a fixed interest rate and the remainder at a variable rate. You can choose the fixed and variable proportions for your split loan as long as there is a minimum portion that is fixed.
Variable Rate Loans
Interest rates on these home loans move up or down based on market interest rate movements. A change in market rates will affect your regular home loan repayment amount.
Home Loan Features
Application Fee (No)
A free home loan application, fees have been waived.
Australia Post Deposit
Ability to make mortgage repayments at Australia Post.
BPAY In
The ability to make BPAY mortgage repayments from your existing bank account.
BPAY Out
The ability to make BPAY payments from your mortgage account to another financial institution.
Break Fees (Low)
This low fee applies to fixed rate home loans that are terminated early.
Capitalise Your
Upfront Fees
This feature allows you to add your upfront purchasing costs (like stamp duty and conveyancing) to your home loan.
Capitalising Interest
The ability to skip one or more repayments if you have sufficient redraw funds available from which to deduct interest payments
Capitalising Interest
This feature allows you to skip one or more home loan repayments if you have sufficient redraw funds available to cover your interest payment/s.
Third Party Direct Debits
You can provide your BSB and loan account number to another financial institution to debit funds periodically from your home loan account.
Loan Application Documentation
Assets
Bank statements showing your savings history (usually for the most recent three months). Statements of the value of any other assets you own including superannuation, shares, motor vehicle and home contents (e.g. member statements, share certificates, insurance statements). If you own other investment properties, you’ll need to provide rate notices for each property.
If your deposit (or part of it) is a gift, you’ll need a statutory declaration confirming the gift amount and that it doesn’t need to be repaid.
Expenses
Details of your rent/board payments
Council and water rates
Electricity and gas bills
Details of any extraordinary expenses (e.g. private school fees or maintenance/child support payments).
If you are buying
Copy of the contract
Copy of the certificate of title
If you are building
If you are a builder, your broker will also need to see a copy of council approved plans, the building specifications and your fixed price contract (construction/renovations) from your builder.
If you are refinancing
Your current property loan statements
Details of the home being refinanced (e.g. number of bedrooms, bathrooms, garage and /or other inclusions).
Income
Your two latest payslips or a letter from your employer stating the length of your employment and your gross and net income including regular overtime and allowances.
If you are self-employed, you’ll need your tax returns for the past two financial years and your most recent assessment notice. You may also be required to supply profit and loss statements certified by a registered accountant.
Details of any other income, bonuses, allowances or benefits you receive (e.g. Family Tax Benefits).
Liabilities
If you have a current mortgage, you will need to provide your loan statements for the past three months.
If you have other debt (e.g. car/personal loans or credit cards), you will need to provide up-to-date statements for each.
Proof Of Identity
You will need at lease one form of photo ID:
• Passport
• Driver’s licence
• Proof of age card/Australian tertiary institution card, Department of Defence ID, Waterways/Boat licence
If you only have one form of photo ID, you will also need to supply secondary identification:
- Birth certificate
- Citizenship certificate
- Centrelink rates/electricity bill
- Medicare card
- Most recent tax assessment notice
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