Will I need mortgage insurance?
You will only need mortgage insurance if you borrow more than 80% of the property value. Whether Mortgage insurance is required depends on your lender.
What is stamp duty?
Stamp Duty is payable on purchases of properties. There are two different types of Stamp Duty:
- Stamp Duty on the Transfer of Title, which is charged by state governments and paid by the purchaser.
- Stamp Duty on the Mortgage – this duty has been abolished for most owner occupied and investment property loans but you may be required to pay it on other types of loans e.g. Business Finance.
Stamp Duty varies by state.
Can I lock in a fixed-rate?
Yes, you can lock in a fixed rate providing you complete a Rate Lock Application and pay a small fee.
How long does a locked-in rate last for?
Generally 90 days from the time the financial institution approves your loan or 90 days from the time you request a rate lock on an existing loan.
Can I use a guarantor to help get my loan approved?
You can use a guarantor provided they’re a Spouse or a Family Member.
They can assist you with a Guarantee over Security or act as an income Guarantor. The rules for this do tend to vary according to the situation and the lender; it is best to check with Lux Finance before making any decisions.
Will I need a solicitor?
You can choose to employ a Solicitor to assist you with the purchase of a property. Alternatively, you can employ a Conveyancer who can complete the same work at a lower cost.