| Frequently asked questions Here are the most common questions our customers ask us about the range of loans we can offer. It's important to us that we answer all your questions so you feel comfortable with any decisions you make. If you have a question that we haven't covered here, please contact us.
Who can borrow money?
How much deposit do I need?
For what purposes can I borrow money?
What about the First Home Owner's Grant?
What sort of Fees or Charges will apply to my home loan?
What is the difference between fixed and variable rates?
What is pre-approval, and how do I get it?
How early can I repay my loan?
Can I access advance payments?
Can I attach an Offset Account to my loan? Who can borrow money?
Anyone over 18 who can meet repayments can apply for a home loan, We look for someone who is receiving a regular income and we need to know what your current debts and expenses are. ^top How much deposit do I need?
The deposit required will depend on the type loan you choose. If you are looking at investing or purchasing your own property you can borrow up to 100% of the purchase price or valuation (whichever is the lesser). If you are looking at purchasing vacant land you can borrow up to 95% of the purchase price or valuation (whichever is the lesser). This will vary depending on the lender. For Home Loans and Line of Credit loans, Lenders Mortgage Insurance may be payable if the loan is more than 80% of the value of the property. Some lenders allow you the option to use the equity in the home of a family member towards the purchase of your new owner occupied home, so you do not have to pay for Lenders Mortgage Insurance. You may borrow up to 110% of the purchase price or valuation of your new owner occupied home (whichever is the lesser). This again will vary depending on the lender you chose. With some lenders it is possible for the deposit to be made up with borrowed funds; however the monthly commitment will assessed in your affordability. First Home Owners may also qualify for the First Home Owners Grant, which can be used towards Government, legal and bank fees. We can process the First Home Owners Grant application with your loan application through the lender. If you already own a property, you can use equity in that property as a deposit to purchase another property. ^top For what purposes can I borrow money? We will lend you money:
> to buy a residential property
> to buy a residential investment property
> to refinance an existing mortgage
> to refinance an existing mortgage and consolidate your other debts
> for investment purposes (other than property) where you provide enough equity in property as security
> to buy a business or raise funds to assist your business cash flow ^top What about the First Home Owners Grant?
The Government's First Home Owners Scheme has been introduced to offset the impact of GST and assist first home buyers. Coull and Prior Finance can make it easy for you to apply for your $7,000 Grant as we will lodge it with you loan application so it is ready for settlement. ( note for South Australian First Home Owners an extra $4,000 is currently being offered by the State Government for a unspecified time) To Find out more about the First Home Owners Grant visit Revenue SA's website. ^top What sort of Fees or Charges will apply to my home loan?
Various bank fees and charges may apply, this will vary depending on the lender but we will be able to assist you in helping you save money on your home loan. ^top What is the difference between fixed and variable rates?
A fixed interest rate does not vary for the fixed rate period, so payments remain constant for this period. A variable interest rate may vary according to market conditions, and may increase or decrease at any time. Your loan payments will change accordingly to reflect this change in interest rate. ^top What is pre-approval and how do I get it?
Pre-approval is a conditional approval based on your ability to repay a loan. This means that you can search for a home, knowing how much the bank/ lender can lend you. To apply for pre-approval, please call us on 8447 4433 or Anthony after hours on 0412 659 407. ^top How early can I repay my loan?
You can pay out your loan as quickly as you like, Each lender has their own conditions, best to speak to one of our consultants to investigate this further with you.
If you have a Fixed Rate home loan and want to break the term, an Early Repayment Adjustment Fee may also apply. ^top Can I access advance payments?
Yes. Most lenders allow a redraw option on their home loans however it may be restricted on most fixed loans. ^top Can I attach a Home Loan Offset Account to my loan?
Yes. Most lenders allow offset facilities on their variable home loan, our home loan consultant can assist you in finding the right option. ^top | 
