Key details applicants need to know

 

Loan terms

A maximum loan term of 32 years generally applies to standard home loan products, however longer loan terms up to 45 years will be considered in special circumstances.

Interest rates

Interest rates vary depending on the terms and conditions applying to the particular loan product selected. The majority of eligible couples wishing to purchase an established house with a standard IBA home loan have a commencement interest rate of 4.5 %, increasing by 0.5% per year following the end of the first full calendar year, until the interest rate reached the IBA Home Loan Rate (currently set at 1.37% below the Commonwealth Bank standard variable home loan rate). Interest is calculated daily on the outstanding amount of loan principal and is charged to the loan account at six monthly intervals.

Valuation

IBA Homes has a panel of approved valuers and will arrange a house property valuation to be obtained as part of the loan assessment process. Applicants are required to meet the cost of the house property valuation.

Conveyancing costs

Fees charged by solicitors and conveyancers vary so it is advisable to ask for an estimate of likely costs beforehand. Contact details for solicitors and conveyancers in your local area can be found in the yellow pages

Stamp duty

Most states and territories allow eligible first home buyers an exemption or concessional stamp duty on the purchase price or market value of the property purchased. Also, some States and Territories levy stamp duty on mortgages. Further information on stamp duty rates can be obtained by visiting the website relevant to your state or territory:

ACT - ACT Revenue Office
NSW - NSW Office of State Revenue
QLD - QLD Office of State Revenue
NT - Territory Revenue Office
SA - Revenue SA
WA - WA Office of State Revenue
VIC - State Revenue Office Victoria
TAS - State Revenue Office

Changes in property ownership resulting from Family Law or similar relationship proceedings generally are stamp duty exempt.

Purchase price limits

IBA Homes has purchase price limit zones for its standard loan products. The purchase price zone limits vary with each State and Territory and between urban, regional and remote areas. For details of the purchase price limit applying in any particular location please contact a local area office

Credit reference report

Your personal credit history will be assessed if you apply for an IBA Homes loan. If you wish to know what information about you is held by the credit reference agency, you are entitled to obtain a copy which can be requested by visiting Veda Advantage.