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At least one applicant must be
an Australian citizen or permanent resident (income from 2nd
applicant who is a non-resident will not be considered) |
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You must have no defaults, judgements or bankruptcy history on your credit
file. Your credit report must be perfect. There are no exceptions to this rule. You can obtain a copy of your credit file at www.mycreditfile.com.au |
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You are not a discharged bankrupt |
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If you have current loans or
credit cards your repayment history must be good over the past
3-6 months |
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You must be employed in your
current job full time or part time for at least 12 months. A minimum of 6
months full time or part time in your current job may be acceptable
if you worked in a similar role for 2 years prior to starting
your current job and you are not in a probation period |
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If you are casually employed
your must have been in your current job for at least 12 months otherwise your income will not be considered. |
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If you are self employed your
business must be at least 2 years old and you must have proof
of income in the form of personal tax returns and company tax
returns (if applicable) for the past 2 years |
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You need to have funds available to pay for the purchase
costs such as stamp duty (if applicable), mortgage insurance,
loan application fees, your conveyancing costs etc. The First
Home Owners Grant and gifts can assist. If you have a guarantor you may be able to borrow more than 100% of the purchase price and incorporate the purchase costs into the loan. |
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You are purchasing a house or a 1 bedroom unit it must greater than 45 square metres in size not including the balcony. Finance may also be available for studio apartments greater than 25sqm in size. |
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You are purchasing you home in
a location acceptable to our lenders (generally capital cities
and major regional centres only). See our acceptable
location list for details on areas which are acceptable
to no deposit lenders. |
