FAQs
You can save (quite a lot of) time and money
First and foremost, as we typically have great relationships with so many different lenders, we often have access to interest rates you may struggle to find elsewhere. When you can get a good interest rate, it will save you money on your monthly repayment and over the life of the loan. Put simply, a broker’s connections can potentially net your significant savings!
You also don’t need to spend time running around speaking with different lenders. We will do all the legwork for you.
Your financing option will be tailored specifically for you
When you speak with a finance broker, we will ask questions to help them explore the right deal for you. Finance brokers are working for you, so you can rest assured the financing options they show you are most suited to your needs. You might be surprised to learn how many different products and features are available when financing a home loan, so it’s good to have an impartial advocate on your side.
You’ll have a better chance of getting approved
A finance broker can work with you to determine which options are most suited to you and your needs. Understanding the credit policies and qualification criteria of various lenders can be difficult for someone not spending all their time working with this subject matter, but a finance broker does! This means you’ll be put in the best possible position to get approved.
If you are borrowing more than 80% of the property value this is when Lenders Mortgage Insurance (LMI) needs to be paid. The payment is not applicable until you settle on the property and it is a one off payment. The idea of lenders mortgage insurance is that it protects the lender if one day you aren't able to meet your repayments and the home is sold with the debt outstanding. There are however, plenty of other options that allow you to get into a home with no lenders mortgage insurance and without having to pay a hefty deposit!
To be eligible for the First Home Owners Grant (FHOG) you need to have the following criteria: Be 18 years or over, An Australian resident, Not received the FHOG before, Never owned a property in Australia and occupy the home as your primary residence for a period of 6 months within 1 year of completion of the FHOG transaction. This is a one off payment of $10,000 from the state government.
Generally speaking the suggestion is a 20% deposit of the value of the home. Anything less than this and you will then pay Lenders Mortgage Insurance (LMI). We suggest speaking with our professional in house brokers for further information.
To be eligible for Keystart the following criteria applies: Earn no more than $148k as a single or $218k as a couple or family, must be Australian citizen or resident, not own any other home or land, plan to live in the home in the duration of your loan and have a minimum of 2% deposit.
Possibly – it all comes down to the price of your land. If your land is valued below $350,000 (which is very possible in Perth’s new estates) you can forget about stamp duty. However, once the land portion of your package creeps over $350,000, stamp duty becomes payable.
The exact cost depends on the price of your land so when in doubt, speak to one of our House and Land experts – they’ll be able to give you a full breakdown of the costs involved.
The good news? Regardless of whether you need to pay stamp duty on the land or not, there’s absolutely no stamp duty payable on the home itself.
When referring someone to Oui Finance, you will receive a $500 visa gift card upon settlement of your referred friend's home loan application. There is no limit to how many people you can refer, as long as you provide a name and contact details, we will do the rest!