Loan Galaxy, Melbourne CBD, VIC
Telephone2: 1300 668 424
Address: Suite 560, 585 Little Collins St, Melbourne VIC 3076
Loan Galaxy, Melbourne CBD, VIC
- Address: Suite 560, 585 Little Collins St, Melbourne VIC 3076
- Telephone: 1300 66 84 24
- Mobile: Harry/ Harbaksh Sidh: 0434 376 015
- Mobile: Sam/Saurabh Jain: 0425 329 957
- Available 8:00am – 8:00pm
- Email: email@example.com
- Website: www.loangalaxy.com.au
- Facebook: loangalaxy
- Loan Galaxy Home Loan Broker will be happy to provide you with a no obligation FREE mortgage quote. We cover most of the major banks and second tier banks.
- Loan Galaxy is ready to help you achieve your dream!
- At Loan Galaxy Home Loans, we offer many different types of loans to meet many different needs. But perhaps more importantly, we offer the experience and expertise to find the perfect one for you. After all, getting you the loan that fits you and your lifestyle is what we do. In fact, it’s all we do.
- So send us an inquiry or call us today and see how working with your dedicated Mortgage Specialist can make all the difference.
- First Home Owners
- Home Loan Refinance
- Investment Property Loans
- Lines of Credit
- Pre-approved Finance
- Low Doc Loans
- Business Loans
- Personal Loans
- Car Loans
- Construction Loan
GET A HOME LOAN QUOTE!
- Find the perfect loan
Finding the Home Loan that works for you is as important as finding the Property that you have always dream about. Finding the perfect loan for you at Loan Galaxy Home Loans, we choose from many different types of loans to meet many different needs. We offer the experience and expertise to find the one which suite your need.
Shopping for a home loan
Current mortgage loan features and rates are constantly changing, the first loan you see may not be the best one. That’s why it really important to shop around. Loan Galaxy broker can help you Choosing the type of home loan that’s right for you.
There are many home loans available by many lenders, with new products emerging on daily basis.
Loan Galaxy broker can help you find a loan that suits your particular needs, help you complete the paperwork, file the application it with your supporting documents and submit it to lender.
Below are types of home loans and some of their pros and cons.
Standard variable loans are the most popular home loan in Australia. Interest rates go up or down over the life off the loan depending on the official rate set by the Reserve Bank of Australia and funding costs. Your regular repayments pay off both the interest and some of the principal. You can also choose a basic variable loan, which offers a discounted interest rate but has fewer loan features, such as a redraw facility and repayment flexibility.
If interest rates fall, the size of your minimum repayments will too. Standard variable loans allow you to make extra repayments. Even small extra payments can cut the length and cost of your mortgage.
Basic variable loans often don’t come with a redraw facility, removing the temptation to spend money you’ve already paid off your loan.
If interest rates rise, the size of your repayments will too. Increased loan repayments due to rate rises could impact your household budget, so make sure you take potential interest rate hikes into account when working out how much money to borrow. You need to be disciplined around the redraw facility on a standard variable loan. If you dip into it too often, it will take much longer and cost more to pay off your loan.
If you have a basic variable loan, you won’t be able to pay it off quicker or get access to money you have already repaid if you ever need it.
HOME LOAN FEATURE LIST
INTEREST ONLY REPAYMENTS
You only pay the interest on the loan, not the principal, usually for the first one to five years although some lenders offer longer terms. Many lenders give borrowers the option of a further interest-only period. Because you’re not paying off the principal, your monthly repayments are lower. These loans are especially popular with investors who pay off the principal when the property is sold, having achieved capital growth.
If you pay more than the required regular repayment, the extra amount is deducted from the principal. This not only reduces the amount you owe but lowers the amount of interest you repay. Making extra repayments regularly, even small ones, is the best way to pay off your home loan quicker and save on interest charges.
WEEKLY OR FORTNIGHTLY REPAYMENTS
Instead of a regular monthly repayment, you pay off your home loan weekly or fortnightly. This can suit people who are paid on a weekly or fortnightly basis, and will save you money because you end up making more payments in a year, cutting the life of the loan.
This allows you to access any extra repayments you have made. Knowing you have access to funds can provide peace of mind. Be aware lenders may charge a redraw fee and have a minimum redraw amount.
You can take a complete break from repayments, or make reduced repayments, for an agreed period of time. This can be useful for travel, maternity leave or a career change.
This is a savings account linked to your home loan. Any money paid into the savings account is deducted from the balance of your home loan before interest is calculated. The more money you save, the lower your regular home loan repayments. You can access your savings in the usual way, by EFTPOS and ATMs. This is a great way to reduce your loan interest, as well as eliminate the tax bill on your savings. Lenders provide partial as well as 100% offset accounts. Be aware the account may have higher monthly fees or require a minimum balance.
Your lender automatically draws repayments from a chosen bank account. Apart from ensuring there is enough cash in the account, you don’t have to worry about making repayments.
ALL IN ONE HOME LOAN
This combines a home loan with a cheque, savings and credit card account. You can have your salary paid into it directly. By keeping cash in the account for as long as possible each month you can reduce the principal and interest charges. Used with discipline, the all-in-one feature offers both flexibility and interest savings. Interest rates charged to these loans can be higher.
Home loans over a certain value are offered at a discounted rate, combined with discounted fees on other banking services. These can be attractively priced, but if you don’t use the banking services you may be better off with a basic variable loan.
If you sell your current property and buy somewhere else you can take your home loan with you. This can save time and set-up fees, but you may incur other charges.
The Loan process
Especially for first home owners, the entire loan process can be a bit daunting. Loan Galaxy Home Loans aims to make the home loan approval process as easy and simple as possible so you know what to expect each step of the way.
Step 1: Home loan appointment
In this meeting we focus on you – your situation, requirements and targets. Based on the information, your Loan Galaxy Home Loans professional will go through the range of loan options to choose from. Selecting the right loan is crucial to the entire process of getting a mortgage. Once selected, you will also learn all the details of your chosen loan and complete the loan application form.
Step 2: Home loan application
With the home loan and lender selected, now it is time to apply for the loan. Your Loan Galaxy Home Loans professional will package your home loan application with the supporting documents, keeping you involved right through, and then lodge it with your chosen lender. On the other side, the lender will get into action. Their process involves – assessing your application, asking for more information if required, performing credit checks and, if necessary, arrange a valuation of your property and organise mortgage insurance if required.
Step 3: Home loan approval
If all the documents are in order and all checks are valid, it is generally time for the good news. At this stage, the lender will advise your Loan Galaxy Home Loans professional that your loan has been unconditionally approved. Once we confirm the news, we notify you immediately. At this stage you may also need to organise your building insurance, which will be needed for settlement.
Step 4: Home loan offer
It is time for signing of contracts. Your lender will send you a loan offer for you to sign and return. The home loan offer is your loan contract and outlines the terms and conditions of the home loan, including the interest rate, term and the range of possible fees.If you have any questions about any of the documents, this is the right stage so please don’t hesitate to ask your Loan Galaxy Home Loans professional. At this stage, you may need to hire the services of a conveyancer.
Step 5: Mortgage documents
Your lender will send you or your conveyancer your mortgage documents to be signed and returned. These documents include the lender’s standard terms and conditions as well as the legal document giving the lender security over the property.
Step 6: Home loan settlement.
Once you have selected the property you wish to purchase and all things are in order on that front, your lender will liaise with your conveyancer to arrange for settlement of the loan. The home loan will be ‘drawn down’ and the property will transfer into your ownership.
How do I qualify for a loan?
Everyone is different. But it’s easy to find out what your personal home loan and mortgage rate parameters are. Lenders focus on these 5 things :
- Credit score
- Household income
- Job history
- Cash reserves
- Down payment amount
Mistakes First-time buyers can make
- Not knowing how much they can afford.
- Spending the more than they can afford.
- Choosing wrong loan product
- Not getting pre-approval.
- Not shopping around with all the banks
- Only talking to their existing bank
- Not reading the full fee schedule
- Not knowing the difference between advertise and comparison rates
- We got our home loan from LoanGalaxy. I must say they understood our needs very well. We got best loan which fits in our lifestyle. Highly recommend it to others.
- They r very helpful, lucky I got saurabh Jain from loan gallery, he is very helpful, make my loan procedure very handy, even after approved loan if I need advice, he comes first. Thank you very much…. Saurabh Jain.
- I am highly pleased by professional approach and excellent customer service by loan galaxy team.
- They have immense knowledge of Mortgage. They processed my loan very quick. Well done!!!!
- I want to thanks loan Galaxy for there excellent service
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