Borrowing Guide
FAQ
Got a question? Below is a list of answers to the questions most commonly asked by customers and past visitors to our site.
Simply click on a question below to see the answer.
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How is interest calculated?
Interest is calculated on your outstanding balance on a daily basis and charged to your home 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.
What is the minimum deposit required?
In some circumstances we may be able to look at a deposit as low as 5%, however there are various factors to be considered before we can advise what deposit you need in your own individual circumstances. Call 13 13 33 or book an appointment with an Aussie Mortgage Adviser to discuss your situation.
How much can I borrow?
Your borrowing capacity differs from lender to lender. For an indication of how much you can borrow, try our handy borrowing power calculator.
Why would I take out an Interest Only loan?
This is a loan used mainly by property investors. It allows the borrower to pay only interest for an agreed period instead of principal and interest (i.e. the principal balance remains the same during the interest only period). This maximises the investors tax deductions whilst also freeing up cash flow for other investing opportunities.
Can we use the First Home Owners grant as part of our deposit?
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.
Does Aussie lend for Business/Commercial/Industrial loans or properties?
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, Aussie has a small panel of lenders that can lend against a commercial security. Arrange a free, no-obligation appointment to discuss your needs.