FAQS

How much can I borrow?

How much you can borrow depends on how much deposit you have, your current household income and what monthly expense commitments you have. Use our handy calculator to give you an estimate of how much you could borrow.

How much do I need for a deposit?

How much you need for the deposit depends on how much you are paying for the home you are purchasing. Depending on your credit, some lenders will require twenty percent while others will only require five percent. If you qualify for the First Home Owner's Grant, your funds required to complete the purchase may be lower.

I have never owned a home before. How do I apply for the First Home Owners Grant (FHOG)?

Applying for the Commonwealth Government's First Home Owner Grant requires you to complete an application with the Office of State Revenue. It's a straight forward form that we can supply to you at the time of your application.

Your lending institution will take care of lodging the form on your behalf. We will supply you with a copy of the application form prior to arranging settlement of your loan.

What are Hyaline’s fees and charges ?

In most cases, Hyaline’s fees are paid directly by the lender with no additional cost to our clients.  You pay no extra for a service that could save you thousands.   Our market strength gives Hyaline significant buying power, which we pass on to our clients.

How is interest calculated?

Interest is calculated on your outstanding balance on a daily basis and charged to your home loan account once a month. For this reason, and because of the number of days between interest charges varies, the amount of interest charged each month may also vary.

The formula is Balance x interest rate/365 days in a year x number of days in the current month.

What happens if I have previous defaults on my credit report?

A bad credit rating in the past can have serious ramifications for applicants and can exclude them borrowing funds both now and in the future.   However, if you know you have a default recorded on your credit record, do not despair!

The ramifications of a blister appearing on your record vary widely depending on several factors, including how many defaults are listed, the size of the defaults, whether you have since paid any monies outstanding, and whether you can make a suitable justification or explanation for default. In some situations we may be able to arrangement a non-conforming mortgage for you - a loan that typically features exemptions to overly stringent credit history requirements.

Why would I take out an Interest Only loan?

This is a loan used mainly by property investors. It allows the borrower to pay only interest instead of principal and interest (i.e. the principal balance remains the same during the interest only period). This maximises the investors tax deductions whilst also freeing up cash flow for other investing opportunities.

Why do we need Lenders Mortgage Insurance for our Home Loan?

Lenders Mortgage Insurance (LMI) protects the lending institution from the risks associated with underwriting mortgages. It is often the case that a Lender's trustee (the body who "owns" the funds lent under a mortgage agreement) requires all mortgages to be covered by Lenders Mortgage Insurance. It is a form of protection that ensures the financial stability of the institution lending funds to you. Generally it is required for loans over 80% of the market value of your property.