Understanding Home Loans

When looking for a good deal on a home loan (mortgage), the interest rate matters. A home loan is a long-term debt, so even a small difference in interest adds up over time.

With extensive knowledge of 30+ lenders polices, if you are struggling to find a loan, this is where Loan Station will come through and get you approved. We guarantee that we know how to get your loan over the line with the best solution for you and your circumstances with the best lender with rates suited to your lifestyle.

30+ Lenders

AMP,  All State Home Loans, ANZ, Bankwest, BCU, Bank of China, BOQ, Beyond Bank, Bank of Sydney, Bank of Melbourne, Bank SA, Commonwealth Bank, Citibank, DBA – Depost Bond Australia, Firstmac, Granite Home Loans, Heritage Bank, Macquarie, Mkm, Mortgage House, My State, EZY Mortgage, NAB Bank, Pepper Money, RAMS, Resimac Home Loans, Suncorp

Types of loans

Low deposit Home Loan – Loan Station can get you approval from one of our lenders for as little as 3% deposit.

Single Income and Self Employed – Loan Station are experts on policies which allows us to process even single income loans or if you are self employed

Pre-approval – Loan Station has Lenders that will be able to give you a pre-approval with 48 hours.

Refinancing – Pay out your current loan with a new one to potentially shorten your loan term or reduce your repayments allowing you to own your home sooner. Read more about refinancing here.

Offset – An offset account is a transaction account linked to your home loan. You can make deposits or withdraw from it as you would with a regular transaction account.

The big difference is that when you hold money in an offset account over a period of time, you can reduce the amount of interest charged on your home loan. The higher the balance and the longer the period, the less interest you’ll pay.  And this could help you pay off your loan sooner.

How Much Deposit Do I Need?

Depending on your circumstances we can get you a loan from as little as 3% deposit with over 30+ lenders on our panel to choose from.

3% Deposit

From as little as 3% deposit, Loan Station will help your source from our lenders the best loan to get you into your property quickly.

20% Deposit

Loan Station identifies the advantage of having a big deposit as it eliminates upfront costs, such as LMI. You could be saving thousands of dollars with a larger deposit or by having a Guarantor.  Loan Station will optimise the use of a larger deposit or Guarantor to your advantage.

First Home Buyers

Purchasing your first property? With as little as 3% deposit along with any First Home Buyer Assistance Grant’s and Schemes by the NSW Government going at the time you could be in your first home very soon.

NSW Government First Home Buyers Assistance

New Homes

Buy a new home valued at less than $800,000, apply for a full exemption and pay no transfer duty.

Buy a new home valued between $800,000 and $1 million, and apply for concessional transfer duty rate. The amount will be based on the value of your home.

Existing Homes

Buy an existing home valued at less than $650,000, apply for a full exemption and pay no transfer duty.

Buy a new home valued between $650,000 and $800,000, and apply for concessional transfer duty rate. The amount will be based on the value of your home.

Vacant Land

You won’t pay transfer duty if your land is valued at less than $400,000.

For land valued between $400,000 and $500,000, you’ll receive a concessional rate.

Guarantors

Need help getting into your home sooner? a guarantor can provide security to the loan without giving you or the lender any money by accepting the obligations associated with entering into a guarantee while you make the repayments. Talk to us today about how a guarantor can help your situtation.

What can I afford if I'm renting?

At Loan Station we recognise how some struggle to come up with a deposit for a loan.

Did you know that you can use your rental history as proof that you can service your loan?  If you have been renting for 12 months, all lenders will take into consideration that you will be able to service the loan.

Upfront costs

Buying your next home? Saving your deposit is the first hurdle for many, but you’ll need more than your deposit. Here is our helpful list of other fees and charges you will need to cover on top of saving for your deposit.

Upfront Costs

Stamp Duty: Tax payable to the government for the purchase of any property within NSW.

NSW Stamp Duty Rates

As of 1 July 2021, the following standard transfer duty rates apply.

Property value Transfer duty rate
$0 to $14,000 $1.25 for every $100 (the minimum is $10)
$14,000 to $32,000 $175 plus $1.50 for every $100 over $14,000
$32,000 to $85,000 $445 plus $1.75 for every $100 over $32,000
$85,000 to $319,000 $1,372 plus $3.50 for every $100 over $85,000
$319,000 to $1,064,000 $9,562 plus $4.50 for every $100 over $319,000
Over $1,064,000 $43,087 plus $5.50 for every $100 over $1,064,000

Each year the threshold amounts for standard transfer duty and premiums are adjusted for inflation, in accordance with the consumer price index.

Legal Costs: You will need to pay a Conveyancer or Solicitor – which supports the process of your purchase. Ask Loan Station about our affiliated Solicitor or Conveyancer for making your experience more time efficient.

Mortgage Establishment Fees: Also called establishment fees, these are fees that cover the cost of the documentation of the new mortgage. This is a one-off payment that can roughly cost between $200 – $700 depending on the loan, though many lenders waive establishment fees on some products or for special promotions.

Title Transfer Fee: Transfer if ownership around $ 150.00

Lenders Mortgage Insurance: LMI is payable if the deposit is less than 20% and is a one off cost for the Lenders security purpose.

Mortgage Registration Fees: The mortgage registration fee is paid when a mortgage is established or discharged. The cost is approximately $150.00

Building and Pest Inspections: Approximate costs depending on the location of property and size – $300-$800

What is LVR and LMI?

(Loan-To-Value-Ratio) LVR

LVR is the amount you’re borrowing, represented as a percentage of the value of the property you’re buying. The bigger you’re deposit, the lower the LVR will be.

(Lenders Mortgage Insurance) LMI

LMI is a type of insurance you can expect to pay if you borrow more than 80% of your home’s value. The insurance is paid to the lender.

What now? Take the next step

Enquire with us and one of our lending professionals will be in touch with the aim of putting you in a better financial situation to better your future.

    Loans to Suit You

    Here at Loan Station our mission is to work towards making your dream of being a home owner come true without the stress of worrying which loan is best for you. Our team will find the best loan to tailor your needs and lifestyle.