Frequently Asked Questions

Having spent many years in the industry helping Australians find finance for their homes or secure their financial futures through property investment, Five Dock Finance have identified the following top Frequently Asked Questions asked by our customers.

In order to apply for a home loan you will need to submit the following documents:

  • Proof of identity that includes photo ID.
  • Proof of income.
  • Details of expenses like rent, utilities and school fees.
  • List of assets including savings history.
  • List of liabilities such as vehicle repayments, credit card and other loan repayments.

With a 20% deposit based on the value of the property you intend to purchase you can avoid having to pay extra fess like Lender’s Mortgage Insurance. If you don’t have the funds for a deposit, you can make use of a Family Pledge or a 100% House and Land package for new property.

This fee depends on the state you’re in and is usually found on the state’s website.

This means that your application for the amount to be financed has received favourable appraisal – you are able to pay the home loan instalments. Being pre-approved, however, is not binding and does not hold when making an offer to purchase.

Yes, it is possible to include stamp duty fees to the home loan amount. The fee payable varies according to state and the property’s value. This is a cash pay-out and can be used as a deposit.

Yes. Equity is calculated on the difference between property value and the existing home loan balance. You can find finance to invest in another property by borrowing against the equity value.

Typically a missed payment here and there does not prevent you from obtaining refinancing but this depends on your situation. You are less likely, though, to receive the best rates and terms.

This type of loan offers a shorter loan term and is used for the in-between period of selling one home and buying another.

This is a unique type of insurance that safeguards the financial institution. It is a once off amount payable for home loan finance with a value that exceeds 80% of the property purchase price. The amount payable is dependent on the percentage of finance you require.

A mortgage/home loan offset account is linked to your home loan and can be used to save you money by reducing the interest payable. A redraw facility is a home loan feature that allows you to deposit extra funds into your mortgage account that can be later used for those unexpected household maintenance expenses.