Questions:
Loan to Value Ratio (LVR) is the percentage of a property's value that you are borrowing. It is calculated by dividing the loan amount by the property's value and multiplying by 100.
Example: If your property is valued at $800,000 and your loan amount is $640,000, your LVR is 80%.
Lenders Mortgage Insurance (LMI) protects the lender if a borrower defaults on their home loan.
It is generally required when the Loan to Value Ratio (LVR) exceeds 80%, although requirements vary depending on the lender and loan product.
LMI is typically a one-off cost that can be paid upfront or added to the loan, depending on the lender's requirements.
Depending on your loan product, you may choose to make repayments weekly, fortnightly or monthly.
To change your repayment frequency, contact Axis Lending Customer Care to discuss the options available for your loan.
Please note: Interest Only repayments can only be made monthly.
Making additional or lump sum repayments may help reduce your loan balance, save on interest and pay off your home loan sooner.
Additional repayments will not automatically reduce your regular Principal & Interest (P&I) repayments. However, you may request a repayment recalculation, subject to lender approval.
Limits, fees or restrictions may apply, particularly to fixed rate loans. Contact Axis Lending Customer Care to discuss your options.
Making more frequent repayments may help reduce your loan balance faster and save on interest over the life of your loan. Any additional repayments may also be available for redraw, subject to your loan's terms and conditions.
The potential savings depend on how your repayments are calculated and the total amount you repay each year.
Contact Axis Lending Customer Care to discuss the repayment frequency options available for your loan.
Interest is generally calculated daily on your outstanding loan balance and charged to your loan account monthly.
Reducing your loan balance may help lower your interest charges. The amount of interest charged depends on your loan balance, interest rate and the number of days in the calculation period.
An offset account is a transaction account linked to an eligible home loan. The balance in your offset account reduces the loan amount on which interest is calculated, helping you save on interest.
For example, with a $500,000 loan and $30,000 in a 100% offset account, interest is calculated on $470,000.
Offset accounts are available on eligible loan products and may be subject to fees and conditions.
A redraw facility allows you to access eligible additional repayments you have made above your minimum required loan repayments.
Redraw is available on eligible loan products and may be subject to minimum amounts, limits, fees and other conditions.
To increase your regular repayments, contact Axis Lending Customer Care to discuss your options.
Reducing your repayments below the required minimum amount may require approval and is subject to your loan's terms and conditions.
If you are experiencing financial difficulties, please contact us as soon as possible to discuss available assistance.
You may be able to change your repayment date, subject to your loan's terms and conditions.
Your lender may require your loan repayments to be at least one month in advance before approving the change.
Contact Axis Lending Customer Care to discuss the options available for your loan.
To request a loan payout figure, contact Axis Lending Customer Care.
Your payout figure will include your outstanding loan balance, accrued interest and any applicable fees or charges.
As interest is calculated daily, the payout figure is valid for a specified date and may change if your loan is paid out on a different date.