Loan Amounts & Deposit Requirements
Can I use the loan to purchase a property in a Trust or a Company?
At this stage, we are only providing mortgages to individuals or joint owners.
Do you offer top-up loans?
Yes, we do. A top-up loan allows you borrow additional funds on top of an existing Simplicity Home Loan. If approved, the new amount is combined with your current loan, and you’ll receive a new loan agreement to review and sign. Approval is subject ...
Will there be the option of getting a second mortgage over the property?
No, if you have a home loan with us, you will not be able to get a second mortgage on the property. We don’t allow any other borrowed funds to be used towards the purchase of your first home and we don't accept third-party guarantors as added ...
How much deposit do I need?
We require a 20% deposit. In other words, we will lend you up to four times the amount of your deposit (as long as your minimum monthly repayments are not more than 35% of your combined household income after tax). For example, if you have a $200,000 ...
How much will you lend?
The maximum we will lend is 80% of the registered valuation of the home, or its sale price, whichever is lower. There is no upper limit on how much we will lend, but we reserve the right to turn down any loan applications at our discretion. The ...