Knowing what you can afford to borrow is really important. You may have a home loan, but you still want a life.
Make a list of your current and future needs and expenses, our checklists under 'Brochures & Forms' might be able to help you. Don't forget to include any plans you may have for the future, and how much it's going to cost.
Don't forget, you never know how your health, income and personal circumstances may change. So just because you may be able to borrow a certain amount of money, it doesn't mean you should.
Now you can use our great range of home loan calculators to help you work out how much you could borrow.
Generally you need a deposit of at least 20% of the purchase price of the property. Any less than this and you'll need lenders mortgage insurance.
Even if you don't have a 20% deposit, we may still be able to lend up to 90% of the purchase price.
If you want to borrow more than 80% of the purchase price of the property you will need to provide us with a bank statement(s) indicating at least 3 months of savings history.
If a family member or friend wants to help you with your loan application, they may be able to use some of the equity in their own property. If you want to know more on this just call us.
Here are some costs that are often forgotten (and been known to cause a few sleepless nights). Now you know, you can budget for them.
Stamp duty is the state government tax on mortgage documents and the property. The laws and amounts vary from state to state. For more details or to work out stamp duty costs in your state, visit the relevant websites below, or use our stamp duty calculator.
Conveyancing is the legal process of transferring ownership of a property from one person to another. You can use a conveyancer or solicitor to do this. The main difference is a solicitor can give you legal advice, while conveyancers are generally cheaper then solictors. You need to budget for a title search to verify ownership and type of property.
When you borrow more than 80% of the property value you will need lenders mortgage insurance. Lenders mortgage insurance covers us if you default or do not repay your loan, i.e it's insurance for the lender, not the borrower.
As soon as the contracts are exchanged you need to organise building insurance. If you're an owner occupier, you might want to consider contents insurance as well.
Here are just some of the costs you need to include (it's a great time to have a garage sale and save on some of the moving costs!):
Before you buy make sure you organise a strata search and pest inspection. It may cost a little, but if you find problems it can save you money in the long run. Check whether your solicitor can arrange these inspections for you.
It's all a matter of matching a home loan with your life. Answer these basic questions and you'll start to get a better idea of what home loan will best suit your needs.
It's easy. Apply online or over the phone with a Home Loan Specialist. They'll be with you every step of the way - from filling in the application form right through to settlement.
Apply by calling a home loan specialist who will walk you through the application form and explain the process and what is involved in applying for a home loan.
Click here to download the application form to apply for any of ING DIRECT home loan products. When you have completed and signed the Application form, please return it (with supporting documents) to:
Applying for a home loan online with ING DIRECT is fast and easy. There are 3 parts to applying online: Pre Approval, Full Approval and Settlement.
It will take approximately 20-25 minutes for you to complete the online application. Click here now to start the online application.
Contact a local MFAA accredited mortgage broker and ask them to run through the key features and benefits of ING DIRECT home loans.
Visit us at our Customer Information Centres:
* All applications for credit are subject to ING DIRECT credit approval criteria.
SMS 'home loan' to 133 464 and a Mortgage Specialist will call you back. Standard SMS rates apply. Not available on Vodafone or 3 networks.