Are there any exit costs for closing an Aussie home loan?
Yes, a discharge fee is payable and this can vary depending on your loan. You will find information on discharge fees in your loan contract. And fixed loans may have additional break costs.
You can also find the fees for our popular home loan products here:
- Aussie Select Basic Variable Rate Loan
- Aussie Select Fixed Rate Loan
- Aussie Optimizer Plus Variable Rate Loan.
- Aussie Optimizer Line of Credit Loan.
- Aussie Optimizer Plus Combo Line of Credit Loan.
What are the penalties (break costs) for ending my fixed loan term early?
This will depend on a number of things – including the size of your loan, when it was set up, and how long you’ve held it for.
This fee could be referred to as a break cost or early repayment adjustment. You’ll find more information about how we calculate the costs that might apply to you in the terms and conditions section of your loan contract. Or, you can talk to us by calling 13 13 33.
Does Aussie charge an establishment fee for home loans?
Aussie doesn’t charge any upfront fees for setting up a home loan – the only cost we pass on is the fee charged by our solicitor for attending the loan settlement.
The government has a mortgage registration fee that applies to new home loans as well.
Since your property is used as security for a home loan (by way of a mortgage), the government requires it to be registered. The State Government charges a registration fee to add and remove mortgages. These fees vary from state to state, so you’ll need to check the revenue office website for your state or territory. Our stamp duty calculator can also help you with this.
It’s worth noting that some lenders charge extra establishment fees to offset their offer of a lower interest rate. So if you find a lender charging set-up fees, you’re in a good position to negotiate hard on your interest rate. Similarly, if you find a lender with an exceptionally competitive rate, keep an eye out for any additional fees they might be charging you to make up for it.
Can I get a loan from Aussie for a leasehold property?
The short answer is ‘maybe’ because it will depend on a number of things. So if you’re interested in this type of loan, an Aussie broker can talk you through your options.
When you buy a leasehold property, the land remains in the ownership of the Landlord or ‘freeholder’ (as opposed to a ‘freehold’ property, where the ownership is transferred to you). This can affect your lender’s rights on the mortgage – because the property isn’t yours, and can’t be used as security.
Does Aussie offer low doc loans?
While Aussie Home Loans (the lender) doesn’t offer a low doc loan, Aussie brokers have access to low doc loans through other lenders on our panel.
Low doc loans are designed for people who don’t have access to all the paperwork required for getting a loan. This is often the case for small business owners and people who are self-employed, since they don’t have a regular income and often can’t access things like tax returns and financial statements.
Does Aussie offer construction loans?
Are there any penalties for paying off my Aussie loan early, or for making lump sum payments?
Generally, the faster you can pay off your loan the better. There are some things to keep in mind though. For example, fixed rate loans usually have a restriction on the extra repayments you can make before being charged a ‘break cost’ or ‘early repayment adjustment’ fee. With an Aussie Select Fixed Rate Home Loan, this is 5% of the balance of your loan at the time of fixing, allowed each year of your fixed term.
To pay down a variable rate loan faster, try:
- Putting as much as you can afford on your mortgage. A good budget will make this easier.
- Switching from monthly to fortnightly repayments. By making repayments more often, you can reduce your interest over time.
- Having your salary paid into your mortgage account and paying your bills and other expenses from there. Keeping a lower balance will reduce your interest.
- To keep your repayments the same even when interest rates go down.
How do I make a lump sum payment off my Aussie home loan?
You can get in touch with us 13 13 33, or send a direct debit request through Aussie Online.
You can also make a payment online by transferring funds from your bank account to your loan account. Give a call to get the correct account details before you make the transfer.
If I get pre-approved for an Aussie home loan, are there any postcode restrictions on where I can buy?
Yes, but this will depend on a number of changing factors. Postcodes are usually restricted because of market volatility in the area, or a concentration of risk (where a lender has too many securities in one area).
Once you’ve found a property, your broker will submit an application for you to determine whether the postcode is restricted.
How do I remove a name off a joint loan? Or add a name to my current mortgage?
This can be quite a complex process, and you’ll need to talk to your lender about it and how it can be done. There could be fees and charges involved too.
If you have an Aussie home loan (meaning Aussie is your lender) the best place to start is to give us a call on 13 13 33 to talk about how your situation’s changed. Once we know where you’re at, we’ll be able to offer options about what to do next. The time period for any changes will depend on the specific solution – it could be a fairly lengthy process, so be prepared to wait a while.
What will my interest rates be on an Aussie home loan?
There are lots of factors that can affect your interest rate – including the reserve bank, the type of loan you have and the terms of your loan. You can do a quick interest rate comparison of our loans here.
If you’re an existing Aussie customer and you have a question about your current interest rate, give us a call on 13 13 33.
What’s a mortgage registration fee and how much is it?
Since your property is used as security for a home loan (by way of a mortgage), the government requires it to be registered – so that any future buyers can check the claims on that property. The State Government charges a mortgage registration fee to add and remove mortgages. The fee varies from state to state, so you’ll need to check the revenue office website for your state or territory. Our stamp duty calculator can also help you with this.
Is there someone I can call if I have an Aussie home loan and am experiencing hardship?
There is a dedicated hardship management team who can offer support if you’re ever under financial stress. They’re available Monday to Friday 8:30am - 5:30pm AEST. So give us a call on 13 13 33 so we can connect you to them. And don’t forget to have your loan number handy when you call.
Does Aussie offer home loans for rural properties?
Yes, there are a few restrictions though. For example, we can’t offer home loans on properties in farming or production zones, or on properties being used for income purposes.
If you’re looking at rural properties, it’s best to talk to your Aussie broker about your plans first.
Does Aussie offer home loans to people wanting to invest in Australian property from overseas?
To be eligible for an Aussie home loan, you need to be an Australian citizen or permanent resident.
There could be restrictions if you’re an Australian citizen and you’re working and earning an income overseas though. And if you don’t meet the requirements but your partner does, you may be eligible.
However, some types of temporary visas may be considered. So it’s best to talk to your broker – they’ll be able to figure out your eligibility and take you through your options.
If you ever need to speak with us from overseas, you can call us on +61 3 9679 9500.
How do I change my direct debit details or linked bank account?
All you need to do is complete a Direct Debit and Repayments Form and return it to us – we’ll take care of it from there.
Keep in mind, if there’s more than one name linked to your account, we may need both of your signatures.
Where can I find a Discharge Authority Form?
Just give us a call on 13 13 33 and send you the form.
Can I view my Aussie Home Loan statement online?
You sure can – all you need to do is log into Aussie Online. You’ll find your statements under the Your Account tab. Look for ‘Online Statements’.
If you’re looking for statements for the previous financial period, keep in mind it can take a couple of weeks before they’re uploaded.
How do I change my login password for Aussie Online?
If you know your current password, log in to Aussie Online and go to ‘My Details’ in the top right corner where you can change your password.
If you don’t know your current password, call us on 13 13 33.
How do I get an Aussie Online login and password?
If you’re a new customer, you’ll receive your login and password by SMS approximately three days after your loan settles.
If you’re an existing customer who has forgotten your customer number or password, give us a call on 13 13 33 and we’ll reset your password for you.
How do I log in to my Aussie account?
- Go to aussie.com.au
- Click on the ‘Login’ button in the top right corner
- Select ‘Aussie Home Loan’
- Enter your Customer Number and 6-digit password
Locked out of Aussie Online? Give us a call on 13 13 33 to reset your 6-digit password over the phone.
How do I change my linked BSB and Account Number?
You’ll need to download the Direct Debit and Repayments Form which you’ll find in Aussie Online under the ‘Forms’ tab.
Complete and sign the form and return it to us using the contact information on the form.
Keep in mind, if there’s more than one name linked to your account, we may need both of your signatures.
Why has my repayment gone up when my interest rate has gone down?
Certain events such as an interest rate change can trigger a recalculation of your regular payment amount. If you have redrawn from your loan since the last recalculation event, you may find your repayment has increased even if your interest rate has come down.
You can request a recalculation of your repayments at any time by calling us in 13 13 33.
How do I pay off my loan, and what’s the discharge process?
Give us a call on 13 13 33 and we’ll walk you through the discharge process that applies to you.
How do I change to interest only payments?
If you’re thinking about changing your home loan to interest only payments, call us on 13 13 33. We’ll need to review your current loan status, and may need some more documents from you before we can start the process.
Keep in mind, interest only payments are only available within the first 10 years of your loan, and for a period of up to 5 years.
How do I switch to a fixed interest rate loan?
If you’re thinking about fixing your loan repayments, give us a call on 13 13 33.
You can fix your loan for up to five years at a time, but it’s worth noting that different rates apply to each term.
Can I have a better interest rate?
Give us a call on 13 13 33 – we’ll be happy to chat rates with you.
Where can I use the debit card that’s on my Aussie Home Loan?
You can use your debit card at most ATMs and major retailers across Australia. You get free withdrawals at Westpac ATMs, and those with a Cash Card logo (other ATMs will also work, but you may be charged a fee).
Your debit card won’t work at Quix or Mobile service stations, or outside of Australia.
The default account for your card is cheque and the daily limit is $3000 ($1000 via ATM and $2000 via EFTPOS). This limit applies to your loan and isn’t at a card level.
If you’re unsure about anything else, just give us a call on 13 13 33. We’ll be happy to help out with any questions you have.
Can I add a third party or Power of Attorney to my loan?
Yes you can – just give us a call on 13 13 33 to talk through your situation. We’ll let you know what documentation you’ll need and how the process works.
Adding a general or enduring Power of Attorney to your loan means giving someone permission to make changes on your behalf. Alternatively, adding a third party means allowing someone to obtain information on your behalf, but not make changes for you.
How do I notify you about changes to my land, property or title?
Most changes to your land, property or title will need to be approved by us before you make them. For some changes, we’ll need to revalue your property and make adjustments to your loan as well.
It’s best to have your solicitor send the documents for any changes you’d like to make (things like council approval, or building plans) to us at CCService@aussie.com.au. That way we can review and approve your plans before you start work.
The Aussie process in three simple steps.
Talk to a broker.
Once they know the details of your situation, they can help you find the right home loan solution for your needs.
Finding a great loan.
An Aussie home loan expert won’t just take you through our range of products, they’ll also guide you so you make the right choice for your individual goals.
Negotiating and completing.
Once you’ve found the right loan, your broker will negotiate a great rate for you and take care of the paperwork.