Auswide Bank Home Loan

About Auswide Bank Home Loan

Auswide Bank, founded in 1966 as Wide Bay Australia, has remained steadfast in its noble mission to assist individuals in achieving home ownership, building/saving/investing wealth, as well as accessing banking services that simplify folks' lives. With a remarkable legacy spanning over 50 years, Auswide Bank takes pride in offering an outstanding financial product — namely, Auswide home loan. This loan is purely digital, easy to manage, and fuss-free, designed to cater to the needs of modern digital-savvy customers. Above all, Auswide home loan rates are exceptionally low, standing out among the best in the current market. Now, if you want to know more or everything about Auswide Bank home loans, let’s dive in!

Pros of Auswide Home Loan

• Auswide home loan rates are highly competitive and affordable.
• Feature-rich home loans include redraw facility, repayment options, offset accounts, etc.
• Special allowances encompass special benefits for medical professionals, special support for first-home buyers, and more. And in some cases, the bank accepts some unusual security types, such as serviced apartments, dual key properties, over 55’s accommodations, etc.
• Outstanding customer support, which is accessible through multiple channels, including dialling the toll-free number, texting via SMS, utilising net banking, or visiting a bank branch directly.

Cons of Auswide Home Loan

• Stringent lending policy for some particular type of income profile such as self-employed, casual workers, or else.
• Limited branch access for people outside of Queensland.
• More focus on home buyers rather than property investors.

Features of an Auswide Bank Home Loan

Following are some of the key features of an Auswide home loan:

Generous Loan Amount

The maximum LVR (Loan-to-Value Ratio) you can avail of is 95% of the property value with lenders' mortgage insurance (LMI) and 80% without LMI. This generous loan amount ensures that you can secure the fund that meets your financial requirements, regardless of how big your financial objective is. Notably, the exact loan quantum will be determined by various factors, such as your eligibility criteria, income, creditworthiness, type of loan and other relevant considerations.

Competitive Interest Rates

The interest rate of Auswide Bank home loan commences from just 5.99%. These interest rates are among the lowest in the market, which means you can borrow money without worrying about paying too much interest. As a result, this advantageous scenario lets you be free from hefty interest rates, allowing you to save a substantial portion of your hard-earned money.

Flexible Repayment Terms

The maximum loan tenure you can avail of an Auswide home loan is 30 years, offering you the option to select a repayment period that suits your financial situation and goals. Notably, this remarkable feature empowers you to adjust your loan EMIs with utmost flexibility, thus enabling you to mitigate the likelihood of default.

Completely Digital

The entire loan process for an Auswide Bank home loan can be seamlessly completed online/digitally. I.e., you can ultimately free yourself from the hassle of visiting a bank branch, filling out physical forms, submitting documents, and so on. Instead, you can leverage the user-friendly digital platform of Auswide Bank, making it easily accessible to customers.

Eligibility Criteria 

The eligibility criteria for an Auswide Bank Home Loan typically include the following:

• Age Requirement: The borrower must meet the minimum age requirement set by the bank, I.e., 18 years or older.
• Residency Status: The applicant should be an Australian citizen or a permanent resident (or married or in a de facto relationship with a citizen or permanent resident). 
• Income: The applicant must have a stable income and be free from or alleviated of Debt-to-Income Ratio (DTI).
• Credit History: A favourable credit history is crucial for securing an Auswide home loan. And the typical credit score for home loans ideally falls within the range of 650 to 700.
• Assets: Assets can take many forms, including apartments, houses, land, deposits in savings accounts, investment properties, vehicles, shares and superannuation. Documents confirming your ownership of assets are required as part of the loan application process.
• Loan Purpose: The purpose of the loan should align with the bank's lending policies, which typically include owner-occupied properties or investment properties.

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.

Customer Service for Auswide Bank Home Loan

To get more details about Auswide home loans, you can contact one of their home lending consultants at 1300 138 831. Additionally, you have the convenience of utilising their online banking, mobile app, email, live chat or branch services to get in touch with them.