Panda Financial

Getting started

Our Mission

Our home loan experts will ensure that you:

  • Have a vast range of options to choose from
  • Negotiate you the best rates for your loan
  • Take care of any issues in regards to your application form
  • Ensure you are not billed any extra fees than is required
  • Provide a yearly review on your loan

Getting ready to buy your first Property

Some of the key points to consider before you start looking;

How much savings do you have?
Most lenders will want to see that you are able to save on a regular basis and will usually look at your last 6 months bank statements. Depending on your situation, some lenders may lend up to 95% of the property value and may consider adding Lender Mortgage Insurance (LMI) premium to the loan up to 97% of the property value. In general, if you are borrowing over 80% of the property value then LMI will be applicable.

At a minimum, lenders will require you to have at least 5% of the property value in genuine savings as well as enough money available to cover other costs of purchasing a property such as stamp duty, conveyancing etc.

In some instances, some lenders may allow you to utilise your parent’s property as a security to reduce the deposit required to purchase the property.

How much can you borrow?
A home loan pre-approval allows you to know the maximum amount lender is willing to lend and any conditions the lender would require you to meet for the finance of the property

When you know how much you can borrow, you will be able to bid or negotiate on a property confidently.

Fees involved in buying a property
As a buyer, you will need to have sufficient funds available to cover a number of costs before settlement. Some of the costs may include stamp duty, loan set up fees, conveyancing, settlement fees, inspection costs, valuations and insurances such as lenders mortgage insurance and building insurance.

Grants and Incentives
Our government has introduced a number of incentives and benefits to provide a helping hand.

Depending on the State of the Property and your circumstances, you may be eligible for the following:

• First Home Owners Grant
• First Home Buyers Assistance Scheme (Stamp Duty Exemption/Discount)
• First Home Super Saver Scheme
• First Home Loan Deposit Scheme

To find out more information on the above visit the following sites

Home loan options in less than 5 minutes

Juan Xian
Senior Mortgage Consultant

B. Maths and Finance, Dip. Finance and Mortgage Broking Management, AMC, FBAA, Justice of the Peace