FOR THE BORROWER
We offer a broad range of innovative mortgage products for owner occupiers and investors with full product features and ultra-competitive rates. We have a specific focus on SMSF loans secured by both residential and commercial property and are a market leader in this field. Our loan products are currently being offered by over 5000 brokers across the country. We only use the services of experienced mortgage brokers and credit assessors to ensure your loan is handled with expert care from enquiry to settlement. We also manage the loan throughout its life and offer a modern internet banking solution to help borrowers self-manage their loan account.
ON THIS PAGE
How can I apply for SMSF?
Can I get my loan pre-approved?
Should I use a broker?
Where do I make repayments?
What happens if I miss a payment?
What is an offset account?
How much are my repayments?
What fees and charges do I have to pay?
What is a property valuation and why does Granite need it?
How does Granite determine the value of my property?
How much stamp duty will I need to pay?
Do I need a lawyer?
HOW CAN I APPLY FOR AN SMSF?
SHOULD I USE A BROKER?
You will need to engage with an accredited mortgage broker should you wish to lodge a loan application with Granite Home Loans.
We don't currently accept applications directly from borrowers. You are best working with an accredited broker who can assist you in completing the application and compiling all necessary supporting documents. Granite will then accept and process the broker's application made on your behalf.
WHERE DO I MAKE REPAYMENTS?
Direct Debit arrangements will be put in place with the loan documents. You can make repayments on a weekly, fortnightly or monthly basis. You then have the ability to manage your loan accounts via our modern Internet Banking Platform.
WHAT HAPPENS IF I MISS A PAYMENT?
It is important you contact us as soon as possible if you miss a repayment or are experiencing any financial difficulty or stress. We will work with you to support you through any difficult times you experience.
HOW MUCH ARE MY REPAYMENTS?
Loan repayment will be set out in the approval letter, loan documents are also displayed on the internet banking platform.
WHAT IS AN OFFSET ACCOUNT?
An offset account is a separate but linked account to your main loan account, into which you may deposit and surplus monies. Any monies deposited into your offset account are offset against the outstanding loan balance and reduce the principal amount on which you pay interest.
WHAT FEES AND CHARGES DO I HAVE TO PAY?
Part 10 of the National Credit Code requires that credit providers include a comparison rate when they advertise credit which is regulated by the Code. The comparison rate includes:
- The interest rate
- Most fees and charges
For example, if a lender advertises an interest rate of 5.49%, its comparison rate might be 5.75%. The comparison rate regime aims to inform consumers of the true cost of credit that applies to a specific credit product and make it easier for consumers to compare the different credit products available on the market. A comparison rate does not include all fees and charges. For example, the comparison rate does not include:
- Government fees and charges
- Charges that are only charged in certain circumstances (e.g. if you pay off the loan early).
WHAT IS A PROPERTY VALUATION AND WHY DOES GRANITE NEED IT?
A property valuation is a report on the proposed security property prepared by a professional valuer, with the assistance of relevant market and property data. The report provides Granite with an overview of the property, its current condition, future marketability and most importantly a professional opinion on its current market value. The figure is then used to ensure compliance with relevant credit policy and assist in the risk assessment and pricing determination.
HOW DOES GRANITE DETERMINE THE VALUE OF MY PROPERTY?
Granite does not determine the value of your property. A professional valuer undertakes this task. Granite relies on the valuer's professional opinion.
HOW MUCH STAMP DUTY WILL I NEED TO PAY?
This will depend on the value of the property being acquired, the state in which the property is located and whether or not you qualify for any exemptions. Your broker will be able to assist you here.
DO I NEED A LAWYER?
Yes, you will need a lawyer/ conveyancer to assist you to acquire title to the property and assist you to understand the loan documents and any guarantees or other securities to be provided.