Providing Home Loans to Geelong and surrounding areas.
Geelong locals have trusted us to help make their dreams of home ownership a reality since 1974. Most of our customers come to us from word of mouth recommendations. Why not experience the Geelong Bank difference?
Although buying your first home is an exciting time, the big picture to some may seem daunting. Geelong Bank loan specialists are here to guide you every step of the way. From how much you can borrow right up until settlement they will be there to take you through the process.
Determining the following will help pave the way to a solution to taking on one of the biggest financial decisions in your life.
In addition to the deposit, you will need to cover other costs associated with buying a property and obtaining a home loan:
No matter what kind of home you’re looking for, there are some key features to consider. There are large townhouses or apartments and small family homes, so looking for what you want in a home is as important as the type of building.
These are just some basic questions. Each home has its advantages and disadvantages and no two buyers have the same wants or needs. The best way to evaluate which home is right for you is to consider what you must have and what you can live without.
There are a number of resources you can use to find a home, including:
Closely check the:
If you think you have found the property for you it may be worthwhile to pay for a professional inspection to check potential problem areas.
Variable interest rates, comparison rates, mortgage offset, stamp duty, Lenders Mortgage Insurance, redraw – what do they all mean? It can be overwhelming. Speak to a Geelong Bank loans specialist who will not only guide you through the process and help select the home loan right for you, they will ensure you have a clear understanding of your obligations.
Once you have signed a contract to purchase your home, it’s time to think about protecting your assets with insurance.
Our Lending Solution includes obligation-free quotes on any home and contents insurance with our insurance partnership with very reputable and experienced mainstream insurance providers.
You should also consider protecting your loan by taking insurance that helps protect your income, family and assets should you become sick, lose your job or death. Ask our lending specialist about Mortgage Protection Insurance.
Achieving the dream of home ownership is one of the most exciting times in your life. However, it also comes with a big challenge – the time it takes to save a substantial deposit that lenders often require (typically 20% of the home’s purchase price). If you do not have a substantial deposit saved, your lender may be prepared to provide you a home loan with a smaller deposit (as little as 5%), by taking out Lenders Mortgage Insurance (LMI).
Lenders Mortgage Insurance (LMI) is an insurance policy that your lender takes out to protect itself against the risk that you (the borrower) default on your loan repayments and your lender is unable to recover the full outstanding loan amount.
Lenders Mortgage Insurance is arranged by your lender and the premium is a one-off cost your lender pays to us (the insurer) upon settlement of your property purchase. This cost is passed on to you (the borrower) by your lender, as a fee.
We understand that buying a property is a very important decision and it can be both challenging and stressful. To help you navigate through the home buying process Genworth has created the following resources:
Genworth is a leading provider of lenders mortgage insurance (LMI) in Australia. More information on Genworth and LMI can be found at genworth.com.au