Mortgage and Home Loan FAQ

How much can I borrow?

With most of our products, we allow you to borrow up to 95% of the value of your property but you may have to pay Lenders Mortgage Insurance if your loan amount is more than 80% of the value of your property.

To get a better idea of how much you can borrow and the type of information we need to pre-approve your application, use our How Much Can I Borrow Calculator.

What deposit do I need when taking out a loan?

For most of our products, you need to have at least 5% of the value of the property. The source of your deposit doesn't matter – it could be anything from a gift to a government grant or your savings.

However you should make sure you have enough saved to cover any relevant stamp duty, registration, insurance and legal costs. To get a better idea of costs, use our Stamp Duty & Other Costs Calculator.

What will my repayments be?

Your repayments take into account the annual interest rate, loan term, repayment frequency and loan amount. Use our How Much will my Repayments be Calculator to get an idea of minimum repayments.

Am I eligible for the first homeowners grant?

Generally speaking, you will be eligible for the first homeowners grant of $7,000 if neither you or your spouse have owned a home nor claimed the grant previously. For more information on the first homeowners grant visit www.firsthome.gov.au.

What are your interest rates?

At QuickDirect we aim to deliver the lowest possible interest rates over the life of our loans no matter how much you borrow offers low rates across all of its home loan options. To check out our interest rates click here.

What is a comparison rate?

The comparison rate gives you an idea of the cost of your loan taking into account the annual interest rate, any honeymoon periods as well as fees and charges. The comparison rate is a good way to compare the all in cost of borrowing across different products and providers.

You can compare our loans and our competitors loans by using our Compare QuickDirect Calculator.

What fees do I have to pay?

For standard applications we have no application fees, no valuation fees, no legal fees, no settlement fees, no redraw fees, no additional repayment fees and no monthly account keeping fees.

Wherever possible, we try to avoid charging fees to our customers but depending on your circumstances additional costs may apply. In particular, government fees and additional legal fees may be relevant. For more information about our fees click here.

What's an interest only home loan?

An Interest-Only Loan means for an initial period of up to five years your repayments only cover the interest on the loan. At the end of this period you will still owe the full amount you borrowed. The advantage is the repayments are very low during this early phase of the repayment schedule. This loan is ideal for people who are borrowing for investment purposes.

What is redraw?

Redraw is a feature, which allows you to withdraw the extra money you've paid into your home loan. That is, the extra money you have paid in addition to your scheduled repayments.

You can use the internet or a touch-tone phone to access your account so you can check balances, make additional repayments, redraw funds or review transactions. For more information on accessing your account click here.

How often can I redraw?

You can redraw as often as you like, as long as you have made additional repayments over and above your scheduled repayments.

Can I repay my loan early?

In the event that your loan is fully repaid within five (5) years from the settlement date you may be liable for deferred establishment fees. Refer to individual product disclosures for details.

How is interest calculated?

Interest is calculated on the daily outstanding balance of your loan. You can reduce the interest payable by making extra repayments or depositing additional funds into your loan account to reduce your balance. You may be able to redraw these funds as and when you need them.

Can I use my QuickDirect loan to purchase shares?

Yes. You can redraw funds from QuickDirect loans to invest in shares, property or whatever you choose. You can even redraw funds for personal use.

How do QuickDirect products compare to other mortgage providers?

At QuickDirect we have no branch overheads and we don't pay broker commissions. This means we keep our costs low and pass the savings back to our customers.

Our products are always amongst the most competitive in the market. Click here to compare our products with other mortgage providers.

What do I need to apply?

All you need to begin your application online are details of your income, current credit obligations and limits and the amount you are looking to borrow. Our How Much Can You Borrow Calculator gives you an indication of the sort of information we are after when you decide to proceed.

Alternatively, if you're ready to proceed click here.

How long will it take to process my application?

We can provide you with pre-approval in a couple of minutes and your loan could be settled in as little as 5 days. For details of our application process click here.

Can I apply for a QuickDirect home loan face to face?

With QuickDirect, everything is done over the phone and the internet. This helps keep our costs down and pass savings back to you.

How do I transfer my existing home loan over to QuickDirect?

Just follow our easy 5 step application process and leave it to us to work the transfer through with your existing home loan provider.

How do I apply for the first home owners grant?

Apply online at www.firsthome.gov.au or apply in person at any Office of State Revenue.

What is lenders mortgage insurance?

Lenders mortgage insurance protects your lender in case you are unable to keep up your repayments. It is usually required on loans of more than 80% of the value of the home. You pay a single upfront fee when you take out the loan, or in many cases you can even add the fee to your loan amount.

What is a property valuation?

A valuation is a professional assessment of how much a property is worth.

How does QuickDirect determine the value of my property?

We may use an external valuer or rely on the price stated in the "Contract of Sale" depending on the situation, price of the property, location and how recently the property was purchased. If required, an external valuer will inspect the property, consider all the factors that affect the value and produce a professional property report and valuation for QuickDirect.

How much stamp duty will I need to pay?

Depending on your circumstances, you may have to pay government fees in the form of stamp duty. Use our Stamp Duty & Other Costs Calculator to work out how much you will owe.

Do I need a lawyer?

Once you've found a property, it's a good idea to ask your agent to send the proposed "Contract of Sale" to a lawyer or conveyancer for review. You will also need a lawyer or conveyancer to assist you with the settlement process and the exchange of title documents.