Whether you’re looking to buy your family home, invest in property, refinance or renovate Bluesky Financial can help you save money, save time and minimise the stress involved in obtaining finance. We provide the best possible service and advice to negotiate the best possible loan package for you.
Better service
better advice
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Which Loan is right for you?
Variable Rate Loan
Variable rate loans are more flexible but provide less certainty. Your interest rate will change if there is a change in market conditions and the Reserve Bank announces an increase or decrease to the official interest rate. A drop in interest rates may allow you to pay off your loan faster, but an increase in rates could mean that you find yourself having difficulty servicing your loan.
Fixed Rate Loan
If you want certainty of knowing what your loan repayments will be for the foreseeable future, then a fixed rate loan might be right for you. Lenders offer varying fixed rate terms, typically from one to five years. A downside of fixed rate loans can be penalties for early repayment and paying a higher rate should there be a significant drop in interest rates.
Split Rate Loan
A split rate loan combines the features of a variable and a fixed rate loan. As a borrower, you can choose to set a percentage, say 40-60%, of your loan at a variable interest rate, and fix the remaining portion for a few years. This option can help you strike a balance between certainty and flexibility.
Low Doc Loan - Self Declared Income
Low Doc loans are for borrowers who are self-employed or unable to prove their income through traditional means. Self-employed or Contractors don't always have the same financial structure or income patterns as PAYG earners, this means you may need the flexibility and convenience of a Low Doc home loan. The greatest benefit to these types of loans is that they provide non-traditional income earners with an irregular inflow of money, the opportunity to get into the home ownership market or to take out a loan to upgrade.
You are able to self-declare income for the loan approval application rather than providing full financial details to the lender. This will give you faster access to your loan plus greater flexibility.
Home Loan Supporting Documents Checklist
Identification – 100 points of ID are required:
Driver’s Licence = 40 points, Passport = 70 points.
Other documents to help make up 100 points: Medicare card, Credit or Debit card, Council Rates Notice.
Income Details:
2 most recent consecutive payslips showing year-to-date income.
Self Employed:
Last 2 years personal tax returns and ATO notice of assessments.
Last 2 years company tax returns and financial statements (Profit & Loss and Balance Sheet) if applicable
You May Also Need:
Documents For Purchasing:
Copy of signed, executed Contract of Sale
Bank statement showing deposit funds
Most recent rental statement or copy of lease agreement
Documents For Refinancing:
Official home loan statements for the last 6 months
Personal loan statements for the last 6 months
Credit card statements for the last 3 months
Most recent council rates notice for each property
Most recent rental statement or copy of lease agreement
Construction Loans:
Council approval stamped plans
DA approval
Fixed price building contract