Home Loan FAQs

Home Loan FAQs

• Do I have to be a credit union member to take out a loan?

  Family First is a mutual financial services organisation and as such is owned by its members, each one of whom is a shareholder. If your car loan application is approved we will be delighted to help you become a member as part of the loan process.
  Become a Member

• How much can I borrow?

  Would you like to calculate how much you may be able to borrow?
  Use Our Loan Calculator

• What costs do I need to consider?
  • Deposit
  • Registration fees
  • Legal Fees
  • Searches and inspections

  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 at cost.

  Legal Fees

  Legal expenses for the average home purchase include:

  • Solicitors fees (between $1500-$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 the following:

  Title search
  A Certificate of Title obtained from the Titles Office by your solicitor/conveyancer provides details of who owns the property and who else has an interest in it. This is a good way to research if there are any mortgages, caveats, restrictive covenants etc on the property which would affect the transfer of title.

  Building inspection and pest report
  The report completed by your building inspector will detail any building flaws, e.g. structural issues with the building or roof, damp etc. The pest report should detail any evidence of pest infestation. It will enable you to assess the cost of any required treatment.

• How do I make repayments on the loan?

  You can arrange to make your loan repayments either by payroll deduction, direct debit from your savings or transaction account, internet or Phone Access transfer, at any of our branches or using Bank@Post.
  Learn More

• How often will I receive information on my account?

  Statements are produced six monthly or more frequently on request. Duplicate statements can be requested at any time from our office.
  Account information is also available through our Internet and Phone banking services.

• What security is required to take out a Home Loan?

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

• Do I need to take out Home insurance?

  Building insurance is required to be taken out equal to the amount stated in the recommendation on the property valuation. Your Loans specialist will advise you. We can also do a quote for insurance for you if you wish just tell the loans specialist that this helping you.

• Is a redraw facility available?

  Family First 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. Terms and conditions are available on application.

• What is Lenders Mortgage Insurance?

  Lenders mortgage insurance if applicable, covers Family First 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.

• Home Loan Key Facts Sheet

  Use our calculator to generate a Home Loan Key Facts Sheet
  Request a home loan key facts sheet