You may submit an application for assessment, but you will need to become a member of South West Credit before a loan is funded.

The amount you can borrow is 95% of the property value. The actual amount you can borrow is however determined by your ability to meet the repayments of the loan.

Lodge your application with South West Credit or apply online at www.firsthome.gov.au or in person at any Office of State Revenue.

Request for one of our Loans Specialists to contact you or call us on (03) 5560 3900 (Monday - Friday, 9am – 5pm AEST).

Deposit
The biggest initial cost is the deposit. This could range from 5% and above of the value of the property.

Registration fees
Registration fees are payable on a property purchase and on a mortgage.
Whenever a property changes hands, the change of ownership must be recorded with the appropriate State Titles Office. A document known as a Transfer of Land must be lodged, the cost of which varies in each State/Territory. Please contact your solicitor/conveyancer who should perform this task on your behalf.
There is also a government charge to register your mortgage document. We will pay the applicable state authority on your behalf. You will be charged this cost.

Legal fees
Legal expenses for the average home purchase include:

• Solicitors fees (between $500-$2000)
• Survey and building certificate ($450)
• building inspection and pest report ($400-$500)

Searches and inspections
Contracts should never be exchanged until the necessary searches and inspections have been completed. Searches and inspections may include title search and building inspection and pest report.

You can arrange to make your loan repayments either by payroll deduction, direct debit from your savings or transaction account, Internet banking transfer or at our branch.

Statements are produced six monthly or more frequently on request. Duplicate statements can be requested at any time from our office or you can download your eStatement at any time via our secure Internet Banking.

Your loan must be secured by a registered mortgage over a residential owner occupied property.

The best way to obtain peace of mind that your repayment obligations will be met in the case of accident, illness or involuntary unemployment is to take out Mortgage Protection Insurance through South West Credit.

Lenders Mortgage Insurance will be required if the amount of your loan exceeds 80% of the valuation or purchase price, whichever the lesser. Building insurance is required to be taken out equal to the amount stated in the recommendation on the property valuation.

The Credit Union gives you the option of making extra repayments on your loan and then having the flexibility of being able to redraw on these extra repayments. You need to have your loan in advance by at least one months repayment. This facility is free of charge when processed online and allows you to park extra funds on your loan, thus saving you interest and then redrawing them as required.

Lenders mortgage insurance if applicable, covers the Credit Union against a loss in the unlikely event that we have to exercise our right to sell the property due to ongoing default of loan repayments. It must not be confused with Insurance designed to cover your lending obligations in the case of sickness, accident or involuntary unemployment.

Mortgage Protection Insurance provides you with the peace of mind that if an unfortunate event, such as your death, disability, involuntary unemployment or trauma occurs, your assets will be safe and your loan repayments will be taken care of.

We encourage you in times of genuine financial hardship to contact us immediately on (03) 5560 3900, to discuss your situation.

• View our range of Home Loans
• View our Home Loan Interest Rates