Home Loans FAQ’s

Who is eligible for a loan?

Your are eligible to apply for a loan if you are over 18 years of age and are a permanent resident of Australia and currently residing in Australia. if you are not an existing Capricornian Member, it is necessary to become a Member before the loan is approved.

What do i need to bring in when applying for a loan?

In order to assess your loan application, we require:

  • income verification
  • savings history
  • evidence of all debts and commitments (including credit card debt)
  • 3-6 months statements of all debts to be consolidated into the new home loan.
  • contract of sale

View other requirements in our Get Loan Approval Quickly information sheet.

If i want to refinance my home loan from another financial institution, how many statements am i required to provide?

We need to see 6 months of the most recent statements.

Can the First Home Owners Grant be classified as a part of our deposit?

Yes, however additional savings may be required to cover the minimum 5% deposit. If you’d like to discuss buying (or building) your first home, simply contact your local Branch Manager on 1300 314900 or email us at info@capricornian.com.au

Is there a charge if i pay my loan out early?

If your home loan is on variable rate, there is no charge to pay out your home loan early. For a fixed rate home loan, an early repayment fee may apply if you payout the loan early or pay extra payments (beyond your monthly contracted payment schedule) exceeding $10,000 in any one year period.

We’re building / renovating and don’t need all the funds at one time. Can we access money progressively to pay builders, plumbers and electricians when we need to?

Yes. The Capricornian can provide funds progressively as long as the account to be paid are invoiced. Please talk to one of our lending professionals regarding the timing of payments.

How much can i borrow?

We have some great loan calculators on our website which will give you a rough indication of how much you might be able to borrow.

To discuss with us how much you can borrow, you can:

What costs am i likely to incur?

The application fees on our home loan products are included in our Conditions of Use. Other costs involved with purchasing of your home include legal and government cost. Please talk to one of our lending professionals on 1300 314900 for a quote on fees, or simply read our Conditions of Use brochure.

Can i add any additional costs to the loan?

In some cases you will be able to add additional costs to your loan.

If we are looking to renovate or add an extra room later can we borrow more?

Yes. We can lend you extra for the renovations, provided you have sufficient equity in your property for the amount you are looking to borrow.

Can i make my repayments weekly or fortnightly, or do i have to make monthly repayments?

You can make repayments at any time including weekly, fortnightly or monthly, provided your minimum monthly repayment amount has been paid into the loan by the due date.

Can i make extra payments when i like?

Yes, you can make extra repayments as often as you like.

Lump sum or additional repayments on fixed rate home/investment home loans may incur an early repayment fees.

When buying a property, when do i need to take out an insurance policy?

As soon as you sign a contract to purchase a house you are liable for any insurance claims so it is a good idea to take out home insurance as soon as you sign the contract.

The Capricornian can offer home and contents insurance at very competitive rates.

When building a property, when do i need to take out an insurance policy1?

You will need to insure the property as soon as it is handed over to you (i.e. when you have made the final payment). The building contractor should have insurance until you have made final progress payment, you are responsible for insuring the property.

What is Consumer Credit Insurance1?

You can choose to protect your loan with Consumer Credit Insurance1 (CCI) which is designed to meet your loan obligations and provide you with the security that your major commitment will be taken care of in the event of certain unforeseen circumstances including death, involuntary unemployment, accident and sickness. Our lending staff would be more than happy to discuss your individual requirements.

1 This is general information only and does not take into account your individual objectives, financial situation or needs. Before making decisions about any of these insurance products you should consider the appropriateness of the information having regard to your circumstances and the applicable Product Disclosure Statement (PDS), available at any Capricornian branch, or by calling 1300 314 900.