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Why use AMB to borrow money?
Does AMB lend for Business/Commercial/Industrial loans or properties?
What documents do I need to provide?
What Identification will I need to provide?
What is the difference between a Principal and Interest home loan and an Interest-only home loan?
Why would I take out an interest only loan?
How is interest calculated?
How much can I borrow?
How much deposit do I need?
Can I get a home loan if I am self-employed and don’t have the standard financial documentation?
What if my credit history is not perfect or my current mortgage loan is in arrears?
What if I’ve found my new home but haven’t sold my current home?
What is the First Home Owner Grant (FHOG) and how can I get it?
Can we use the First Home Owners grant as part of our deposit?
What stamp duty and government charges do I have to pay if I buy my home?
What does AMB have to offer?
Secured car loan?
Personal or business finance?
How long does it take to get approved?
Can I get my finance approved before purchasing?
I've got a bad credit rating?
Are your interest rates competitive?
Do I need to provide anything with my application?
Can I buy a car privately? Can I buy from a dealer?
When do I make my first payment? Can I make extra payments?
Are there any application costs?
Have more questions?
Q: Why use AMB to borrow money?
Why use AMB to borrow money?
A:
We specialise in mortgage loans for any reasonable purpose and helping people with debt consolidation. So if you need a mortgage loan from as little as $10,000 up to $5 million, or simply need to get your debts under control, we can help.
Q: Does AMB lend for Business/Commercial/Industrial loans or properties?
Does AMB lend for Business/Commercial/Industrial loans or properties?
A:
Yes, in some cases the loan must be secured by a Residential Property that has enough equity to cover any existing mortgage plus any new loan amount. Alternatively, AMB has a broad panel of lenders that can lend against a commercial security. Arrange a free, no-obligation appointment to discuss your needs.
Q: What documents do I need to provide?
What documents do I need to provide?
A:
You’ll need the following information when you apply:
•What you earn each month
•Details of any existing loans, such as personal loans, leasing and any other personal debts
•Information about any credit or store cards, including credit limits and current balances
•Details of savings and investments, including account details and credit balances
•If you are renting, your landlord's name and phone number
•A list of other assets, including investment properties, shares, car(s), furniture, other insured assets and their value
•Details of insurances and superannuation
•Living expenses, calculated on a per month basis
•Your driver's licence number
•Solicitor's/conveyancer's details
•Details of the new/existing home to be offered as security (unless you are seeking pre-approval)
Q: What Identification will I need to provide?
What Identification will I need to provide?
A:
You will need to provide suitable identification such as a copy of your driver’s licence, bank cards, medicare card, passport, birth or citizenship certificate.
Q: What is the difference between a Principal and Interest home loan and an Interest-only home loan?
What is the difference between a Principal and Interest home loan and an Interest-only home loan?
A:
Principal & Interest means you make repayments against both the original amount borrowed ('Principal') and the interest charged. Interest-only means that you only make repayments to meet the interest payable (in the short term). You should consult with a financial advisor to determine what best suits your needs and circumstances.
Q: Why would I take out an interest only loan?
Why would I take out an interest only loan?
A:
Usually investors choose interest only repayments to maximise the benefits of negative gearing; that is tax benefits. With interest only repayments you do not pay off the principal (ie original amount) borrowed.
Q: How is interest calculated?
How is interest calculated?
A:
Interest is calculated on your outstanding balance on a daily basis and charged to your loan account once a month. For this reason, and because of the number of days between interest charges varies, the amount of interest charged each month may also vary. To calculate monthly interest, the balance is multiplied by the interest rate %, then divided by 365 days in a year, then multiplied by the number of days in the current month.
Q: How much can I borrow?
How much can I borrow?
A:
We can lend you up to 95% of the property value subject to eligibility. If you are self-employed and use Low Doc process you can lend up to 80% of the property value. (Lenders Mortgage Insurance may be required.)
How much you can afford to borrow will depend on a range of different things such as your income, your credit history, your savings/deposit, and the value of the home you’re interested in buying. Our home loan calculators can give you a good indication of your borrowing power and help you work out what your repayments would be
Alternatively, our home loan specialists can explain all your options and take you through a range of scenarios to see what works best for you. You can request an appointment now or call 1300 262 262, 8am – 5pm, AEST, 5 days a week.
The minimum loan amount is $20,000.
Q: How much deposit do I need?
How much deposit do I need?
A:
You may be eligible to borrow up to 95% of the property value. so you won’t need to save for a large deposit – you just need to have enough to cover 5% deposit plus stamp duty and other admin fees. So you could be getting into your own home sooner than you think.
If your deposit is less than 20% of the property value then you may also need to pay for Lenders Mortgage Insurance. That fee maybe capitalized top of your home loan
Q: Can I get a home loan if I am self-employed and don’t have the standard financial documentation?
Can I get a home loan if I am self-employed and don’t have the standard financial documentation?
A:
If you don’t have the standard financial documentation then you can apply with our ‘Low Doc’ loans. All you do is go through the normal application process and confirm your income through an income declaration. That's it.
"Low Doc" loans are available to self-employed people who have a good credit history and a current ABN. These loans can be used for residential property and personal investments.
Q: What if my credit history is not perfect or my current mortgage loan is in arrears?
What if my credit history is not perfect or my current mortgage loan is in arrears?
A:
No problem. We have a range of lenders that can help in these circumstances. As long as you have equity in your property we can help.
Q: What if I’ve found my new home but haven’t sold my current home?
What if I’ve found my new home but haven’t sold my current home?
A:
Bridging finance is the easy way to buy before you sell. This lending solution enables you to buy and finance your new home before you've sold your existing house. With a Bridging Finance you can buy the property you want, when you want it.
Q: What is the First Home Owner Grant (FHOG) and how can I get it?
What is the First Home Owner Grant (FHOG) and how can I get it?
A:
The FHOG is a one-off $7000 grant that has been established by the Federal Government to assist in offsetting the effect of the Goods and Services Tax (GST) on the purchase or construction of a home by a first home buyer. When you apply for a home loan, as part of your loan application we'll help you apply for the FHOG.
Q: Can we use the First Home Owners grant as part of our deposit?
Can we use the First Home Owners grant as part of our deposit?
A:
In some circumstances you may be able to use the first home owners grant as part of your deposit. Book an appointment today to discuss your situation.
Q: What stamp duty and government charges do I have to pay if I buy my home?
What stamp duty and government charges do I have to pay if I buy my home?
A:
When you buy a home there are several government fees and charges that will apply. You can use our Stamp Duty calculator to calculate these costs.
Q: What does AMB have to offer?
What does AMB have to offer? In relation to Car & Truck finance.
A:
Competitive finance, hire purchase and leasing for cars, trucks, vans, boats, machinery, tractors, equipment, motorcycles, and more.
Q: Secured car loan?
Secured car loan?
A:
Minimum loan is $7,000.00. Motor vehicles preferably no more than 7 years old. The finance will be secured on your purchase at a fixed interest rate that will not go up over a 3 to 5 year term. AMB also provides a unique finance service for people with bad credit or just having difficulty getting a loan.
Q: Personal or business finance?
Personal or business finance?
A:
Business finance (hire purchase, chattel mortgage or lease) is available to both company & individuals, providing the goods are to be used predominantly for business use, ie more than 50% business usage. For example, taxi drivers, mobile sales reps, couriers, etc could qualify for lease or hire purchase. Call AMB or speak to your tax adviser. Business finance is usually lower interest rates, and there are many structures available to maximise your budget or tax benefits.
Q: How long does it take to get approved?
How long does it take to get approved?
A:
Usually just a few hours, however complex or difficult applications can take a few days. Once approved, original finance documents must be signed and the supplier will be paid directly usually within 1-2 days.
Q: Can I get my finance approved before purchasing?
Can I get my finance approved before purchasing?
A:
Yes, providing you can give us an idea of what you're intending to purchase. Getting pre-purchase approval before you go shopping is a good idea, allowing bargaining power on the showroom floor. We must also approve your supplier, as there are many fraudulent vendors in the market place.
Q: I've got a bad credit rating?
I've got a bad credit rating?
A:
AMB will always provide you with the most competitive offers it has available, however those with high risk, bad credit ratings or ex-bankrupts may try the other product options. This is more lenient & lax in relation to approval, however is generally a higher interest rate to cover the higher risk.
Q: Are your interest rates competitive?
Are your interest rates competitive?
A:
AMB will consistently monitor current interest rates to maintain and offer the most competitive deals. We challenge you to try & find a better deal. However, the interest rate offered may vary by several per cent depending on whether you are a high or low-risk borrower. Contact AMB and get a quote now, then compare us with the banks using the comparison rate schedule.
Q: Do I need to provide anything with my application?
Documents
A:
If self employed or applying for business finance (hire purchase, chattel mortgage, or lease) please return application together with your most recent financial statements/tax returns, payslip, and/or group certificates. This extra information will speed up your assessment & may also allow you to qualify for a discount on interest rate based on that information.
On settlement some of the following may also be requested before finalising:
1. Payslip or letter from your employer
2. Bank account details for direct debit
3. Proof of home ownership
4. Formal identification
5. Comprehensive insurance policy
6. Drivers licence (with correct addresses)
7. Rent receipt (if your renting)
Q: Can I buy a car privately? Can I buy from a dealer?
Can I buy a car privately? Can I buy from a dealer?
A:
Dealer, auction, private sale and re-finance are welcome. Some used vehicles may require a vehicle inspection prior to payment.
Q: When do I make my first payment? Can I make extra payments?
When do I make my first payment? Can I make extra payments?
A:
The first repayment will be due 14 days (if fortnightly) or one month (if monthly) after settlement of a car loan. Remaining payments are deducted from your nominated bank account. Extra payments of any amount can be made at any time by cheque, cash, direct deposit and BPAY where applicable (some fees may apply).
Q: Are there any application costs?
Are there any application costs?
A:
Car Loans are without monthly or ongoing account keeping fees. Business applicants are subject to pay any government taxes, stamp duty, REVS, FID, GST and any other government charges – varies in each state.
Once approved, there is a once only fee to cover these costs and those involved with the set up, approval and/or establishment of your loan. This fee varies based on finance amount, state location, & product. Contact us to get an exact quote.
There is no fee if your loan does not approved.
Q: Have more questions?
Have more questions?
A:
Contact us now. Our friendly staff will be happy to help.
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