Our variable interest rates are based on the Reserve Bank of Australia's official cash rate and short term money market rates, which can vary from time to time.
Fixed rates are based on longer term money market rates and are subject to market conditions. They are determined at the time when your loan is settled. However, if the fixed interest rate increases between the date of offer and the date of settlement, Maxis Loans will provide the loan at the lower rate, provided that you sign and return the signed Loan Contract within 14 days of the date of the offer.
Certain residential properties must be valued by an approved valuer, appointed by Maxis Loans, as being suitable to secure the loan. But don't worry, we arrange all of this.
Property under qualified title or old law may involve additional costs ie. conversion to Torren's title.
Maxis Loans cannot provide finance for all types of residential properties. To check whether your property is suitable security, contact us on 131 915.
For a standard variable rate, you can borrow up to 95% of the purchase price or Maxis Loans valuation of the property, whichever is the lesser.
The minimum loan amount is $40,000. There is no maximum.
We don't want you to commit to something that could make your situation untenable, so the amount of your loan will depend on your income, financial commitments and ability to repay the loan.
You can set up a loan for any period from 5 years up to 30 years. Over that period, your repayments are calculated so that in addition to meeting your monthly interest payment, you will be reducing the principal amount outstanding.
Yes, if you choose a variable interest rate loan.
There are no additional costs for repaying your variable rate loan early after five years. If you repay your loan in under five years, we will charge $900 to recover loan set up costs.
Fixed interest rate loans that are repaid before the end of the fixed rate period may incur a prepayment cost if Maxis Loans incurs a loss due to the early termination of the fixed interest rate period. In this situation, the amount is no greater than the actual cost incurred by Maxis Loans.
Maxis Loans charges no application fees for home loans.
As an added benefit, Maxis Loans will pay your lenders mortgage insurance up to 80% of the Loan to Valuation Ratio (LVR) of the property. Should you require more than 80% LVR, you will need to make up the difference with a one-off mortgage insurance premium. Our consultants can assist you to calculate this premium.
Prior to the settlement of your loan, you will be required to arrange for general purpose property insurance. You will be notified of the minimum insurance coverage required after your property has been valued.
When purchasing a property, you may incur external costs and charges such as your own legal advice, stamp duty and statutory government fees and charges. If you would like some assistance in calculating these costs, contact one of our lending consultants on 131 915.
As soon as we receive your application from your broker, we can process it and, provided you have given us all the information required, we will endeavour to notify your broker of a conditional approval over the phone within 48 hours.
Final approval of the loan will be confirmed following receipt of a satisfactory valuation and all other lending criteria being met.