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Because your home is at risk when
you open a home equity credit account, you have three days to cancel the
transaction, for any reason. To cancel, you must inform the lender in
writing. Following that, your credit line must be cancelled and all fees
you have paid must be returned.
Once your home equity plan is opened, if you pay as agreed, the lender, in
most cases, may not terminate your plan, accelerate payment of your
outstanding balance, or change the terms of your account. The lender may
halt credit advances on your account during any period in which interest
rates exceed the maximum rate cap in your agreement, if your contract
permits this practice.
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What Things Will I
Need To Have My Home Loan Assessed?
- First home buyers should provide
copies of their savings account statements for a period of at least 6
months where they wish to be assessed under the 'genuine savings'
criteria.
- Those seeking to refinance an
existing loan will need to supply evidence of satisfactory repayment
history for a period of 6 months via copies of their loan statements,
along with a current Rates Notice.
- A copy of the Contract of Sale for
property purchases.
- 3 recent pay slips or 1 that
details Year to Date amounts.
Your Group Certificate for the previous financial year.
- It is preferable that self-employed
applicants make available their previous 2 years financial statements
and taxation returns, and in some cases interim year to date statements
may be requested along with cash flow forecasts. However, where this
information is not available, options for approval exist via the
‘LOW-DOC’ type product (refer to our loans page).
- Council approved plans and a fixed
price builders contract for construction loans.
- Certificate of Currency of
Insurance.
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