First home buyer questions
Second and subsequent home buyers and investor questions
General Bluebay Home Loans Information
Q. How long will it take to get my home loan approved?
A. It varies. Different loans have different criteria and assessment times. And things will be generally go faster the more you have saved for a deposit. Especially if you’ve saved your deposit over a period of time and you can verify your income. Whatever the case, though, we’ll ensure your loan is approved as fast as humanly possible, and with a minimum of fuss.
Q. What information do I need to give to get a home loan?
A. It depends on what sort of home loan you’re applying for. As a minimum, you’ll need to verify your identity and show where your deposit is coming from and confirm your employment history. Low doc loans usually don’t require much more than that, but for a standard home loan, you’ll need to verify your income too.
Q. How much money do I need to save to get a home loan?
A. Normally you need about 5% of the purchase price saved. But not always. At Bluebay Home Loans, we offer loans that don’t require a deposit at all. These include the usual guarantor loans, but also an Australian-first, called Parent Assist, that’s offered only by Bluebay Home Loans. It allows your parents to help you save your deposit without putting their own home on the line. Read some savings tips...
Q. How do I know if I’ll qualify for a home loan?
A. You can never be 100% sure you’ll qualify for a home loan, until you apply. That said, we have years’ of experience writing home loans, so we generally have a pretty good idea from the outset. Find out if you’re likely to qualify for a home loan...
Q. What options do I have as a first home buyer?
A. Quite a few, surprisingly enough. At Bluebay Home Loans, we have low and no-deposit options available, you can co-borrow with a friend or family member, or you can use a guarantor. Better yet, you can take advantage of our Australian-first product, called Parent Assist, that allows your parents to help you save your deposit without putting their own home on the line. Read more about our first home buyer options...
Q. How much is the First Home Owner Grant (FHOG)?
A. It varies from state to state. Learn more about the First Home Owner Grant (FHOG) and stamp duty concessions...
Q. I have defaults on my credit file. Does this mean I can’t get a home loan?
A. No. It can make things more difficult, but it may still be possible for you to get a home loan. Call 1300 258 229 to speak to our loan specialists. They’ll be able to give you a better idea.
Q. What is Parent Assist?
A. Parent Assist is a brand new loan type available exclusively through Bluebay Home Loans. It allows your parents to help you into your own home without putting their own home at risk.
Q. How do I know which loan to choose?
A. There are quite a few different loans out there, so it can be hard to know which one’s best for you. If you’re still trying to decide, take a look at our home loan options, where we describe each. Or give us a call on 1300 258 229, and we’ll identify the loan that best suits your financial situation and goals.
Q. I want to build, but I don’t want to move or rent during construction. Do I have to?
A. No you don’t. We offer a Go-Between home loan (also known as bridging finance or home-to-home finance). It allows you to buy or build a second home without having to sell your existing home first, and without paying two mortgages at once.
Q. I want to buy an investment property. Do I need a big deposit or a lot of equity in my current home?
A. No. Although it can help, it’s not always necessary. We have low deposit options for both investors and owner-occupiers.
Q. I already have a home loan with a bank. Is it easy to switch to Bluebay Home Loans?
A. Sure is! Very easy. We’ll even fill in all the transfer forms, making it a completely seamless process.
Q. Who are Bluebay Home Loans?
A. Bluebay Home Loans is an Australian-owned non-bank home lender. We’re committed to providing an alternative to the major lenders, and the best service for our clients. Whether you’re purchasing or refinancing a residential dwelling, building your dream home, or buying a block of land, we can help. Often when other lenders can’t.
Q. Why should I use Bluebay Home Loans?
A. Because we’re not like the banks. We’re fast and flexible, and we’re dedicated to providing genuinely great customer service. We can get your loan approved quickly and efficiently, with a minimum of fuss. And we can help in almost every situation. Plus, you’ll always speak with a real person when you call, not a machine.
Q. Where does Bluebay Home Loans operate?
A. We operate nationally. You can apply for a home loan directly by calling 1300 258 229 or by contacting one of our accredited broker partners.
Q. Do you do construction / building home loans?
A. We sure do! In fact, we have specialist expertise in construction loans.
Q. What is the maximum interest rate charged by Bluebay Home Loans?
A. We offer a variety of interest rates on our home loans that vary depending on your individual situation. Currently the highest rate you could expect to pay on a new home loan is 9.17% per annum, although the vast majority of our clients are offered an interest rate below the standard variable rate offered by the banks. This particular rate is applicable for applicants that have experienced credit issues such as bankruptcy or credit contract defaults in the past.
Q. What Fees can I expect to be charged by Bluebay Home Loans in connection with my Home Loan application?
A. The Fees you will pay can vary greatly depending on the circumstances associated with your individual Home Loan application and the type of loan that is selected. For example, the maximum amount Fees charged upfront could be:
- Application Fee: Up to $1200
- Valuation Fee: As charged by the Valuer
- Settlement Fee: Up to $80
- Discharge Fee: Up to $795
Other Fees could be charged are those that are charged by either Governments, Solicitors, Mortgage Insurers and the funder of your loan. Contact us direct on 1300 258 229 to see what would be applicable to your individual situation.