How to Apply for an Auswide Bank Home Loan?
You can apply for a home loan either in person by visiting an Auswide Bank branch or online via the company’s website. Besides, the website also provides helpful tools such as a repayment calculator and a borrowing power calculator to help you plan your budget and loan amount.
- Submitting your application: You can complete and submit your application online in about 15 minutes or visit a branch to apply in person.
- Receiving conditional approval: You will typically receive conditional approval within 24 hours of submitting your application, subject to verification of your income, expenses, assets and liabilities.
- Supporting documents: You will be required to provide documents such as payslips, bank statements, identification and proof of deposit within 5 business days of receiving conditional approval.
- Receiving formal approval: Once Auswide Bank has assessed your supporting documents and conducted a valuation of the property you wish to purchase, you will receive formal approval. This can take up to 10 business days, depending on the complexity of your application and the availability of the valuer.
- Signing the loan contract: After receiving formal approval, you will be sent a loan contract to review and sign. You should read the contract carefully and seek legal advice if needed before signing and returning it to Auswide Bank within 14 days.
- Settlement: The final step is the settlement of your loan, which is when the funds are transferred to the seller or builder of the property. This can take up to 6 weeks, depending on the type of property, the state or territory you are buying in, and the solicitors involved.
Notably, the total time it may take to avail of an Auswide Bank home loan can span approximately 4 weeks to 12 weeks. And this duration ultimately depends on various factors such as your personal and financial circumstances, the type of loan you opt for, the borrowed amount, the nature of the property you intend to purchase or construct, and the documentation you provide.
Documents Required for Auswide Bank Home Loan
To apply for an Auswide Bank home loan, you require to submit the following documents along with your application form:
- Proof of identification: Passport, driving licence, medicare card or other authorities-issued identification.
- Proof of income: If you are an employee, you must submit either the two most recent consecutive payslips or three months' Bank Statements showing consecutive salary credits. Alternatively, you can provide a copy of your employment contract. For self-employed individuals, proof of income must include the last two years' company tax returns and a Tax portal current within 30 days. Additionally, you will need to submit the last two years' full company financials (including Profit & Loss statement and Balance Sheet) and the last two years' personal tax returns along with the notices of assessment.
- Loan-Specific Documents: 1-month Statement for main non-Auswide Transaction Account (Account receiving salary credits) and 1-month Statement for ALL non-Auswide Credit Card, Personal Loan, and Home Loan Accounts.
- Proof of savings: Most recent Account statement showing 3 months of savings patterns, and other documentation demonstrating your savings.
Auswide Bank Home Loan Calculator
An Auswide Bank Home Loan Calculator is an online tool that lets you estimate your monthly repayments, interest rate and the maximum loan amount you can avail of. You can also use it to compare different loan options and scenarios, such as changing the loan amount, term, frequency or type of repayments.
To use the Auswide Bank Home Loan Calculator, you need to follow these simple steps:
- Visit the official website of Auswide Bank and click on the Calculators & Resources tab.
- Find the Home Loans Calculators option and select the calculator you want to use, such as Home Loan Repayments Calculator, Lump Sum Calculator, Extra Payments Calculator, etc.
- Enter the required information, such as the loan amount, interest rate, loan term, repayment frequency, etc. You can also adjust the sliders to change the values.
- Click on the Calculate button; instantly, the result will be displayed. You can also view a graphical representation of your entire loan details, including Auswide home loan rates, capital amount, loan tenure, and more.
Kindly be aware that these calculators are for indicative purposes only and do not constitute a quote or an offer from Auswide Bank. The actual repayments, interest rate and cost of borrowing may vary depending on your personal and financial circumstances, as well as the type and features of the loan, the fees and charges applicable, and the market conditions.