BSB 806 015

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BSB 806 015

Frequently Asked Questions

Home Loans

Questions...

  • Am I on the best home loan interest rate?

    Our home loan specialists will be happy to review your current loan to ensure you are on the best rate possible for your situation, please call 13 25 77 or visit your local branch and one of our friendly team will be happy to assist.

    Alternatively, one of our mobile lenders can come to you, even on weekends.

  • Can I skip the next repayment that's due?

    As long as you have previously made additional payments to your loan account and the loan is sufficiently in advance, you may be able to skip a repayment.  Call us on 13 25 77 or visit a branch if you would like us to check the advance status of your loan repayments.

    Further reading on Financial Hardship

  • How is interest calculated on Home Loans and Personal Loans?

    P&N Bank Home Loans and Personal Loans interest is calculated daily, and charged in arrears.

    Use our loan calculators to explore ways to pay off your loan sooner and learn how much money you could save in future interest payments. Our home loan calculator can help you get a better understanding on what your current loan will cost over its life, then see the results of making hypothetical changes. 

    Please refer to the Interest Rates section of our website for current interest rates on all of our Products.

  • What happens if I get sick, have an accident or lose my job and I can't pay my loan?

    When you took out your loan or credit card with us, you would have been offered optional insurance to cover unforeseen events like accidents and unemployment. 

    Please call 13 25 77 or visit your local branch so we can check whether you have insurance on your loan.

  • What does LVR stand for?

    LVR stands for Loan to Value Ratio. It relates to the amount of the loan against the value of the property you are buying.

    For example, if the property you intend to purchase is valued at $600,000 and the loan you apply for is $480,000, your LVR would be 80%. 

    It's good to know your LVR when exploring your home loan options as discounted interest rates can sometimes be offered on a lower LVR. Also, if your LVR is higher than 80% you can be charged Lenders Mortgage Insurance (LMI).

    If you need more information, one of our mobile lenders can come to you, even on weekends, and talk you through the best option for your home lending needs. Alternatively, please call 13 25 77 or visit your local branch and one of our friendly team will be happy to assist

  • What's an Offset Account?

    An Offset account is a savings account linked to a P&N Bank home loan that reduces the amount of interest payable for the home loan. Every dollar in your Offset account is interest free for the home loan. No interest is paid on funds in the Offset account. $5,000 in your Offset savings account will result in $5,000 of your home loan being interest free.  

  • Where can I find my minimum loan repayment?

    You can check your minimum monthly loan repayment on our Mobile App or Internet Banking.

    Mobile App
    Go to Accounts and reveal the information "i" icon. Extra loan information will display including you next payment due date and payment amount. 

    Internet Banking
    Go to the Account and expand the more details section (Tip: click on the ellipsis …). Your next payment and amount due will display. 

    If you need more help, please call 13 25 77 or visit your local branch and one of our friendly team will be happy to assist.

  • Can I pay off my home loan faster?

    Most of our loans can be repaid at a faster rate which can reduce the cost of the loan to you. However, some loans contracts do not allow the loan to be paid out earlier.  

    Use our loan calculators to explore ways to pay off your loan sooner and learn how much money you could save in future interest payments. Our home loan calculator can help you get a better understanding on what your current loan will cost over its life, then see the results of making hypothetical changes. 

    To find out if your loan allows early repayment, please call 13 25 77 or visit your local branch and one of our friendly team will be happy to assist.

    You may be interested in our article on How to pay your loan off sooner

  • How will the payment to the builder be made from my approved construction loan?

    We transfer funds electronically to the builder's bank account as specified on the tax invoice on successful assessment of the tax invoice and valuation (if required). Please allow 48 hours for funds to reach the builder's/vendor's accounts. For more information view our managing your construction loan brochure.

  • Why don't P&N Bank have a standard discharge authority form?

    P&N Bank individually prepare the discharge authority. This ensures that there is no delay in your settlement.

  • What should I do if I sell my property?

    If you sell your property you will need to request discharge papers. 

    To discuss your options, call us on 13 25 77 or visit your local branch to speak with one of our home loan specialists. Our team can review your current situation and guide you through the process. 

     

  • What is Bridging Loan?

    A Bridging loan is a fully secured, short term property funding loan for members who wish to sell existing property and who have found a new property to purchase, or are purchasing vacant land where building contract or preliminary costing have been entered into.

    A P&N Bank Bridging Loan allows you to go ahead and negotiate a new property purchase before selling your existing property.

    To apply for a Bridging Loan, you can book an appointment online or call us on 13 25 77 to speak with one of our home loan specialists. Alternatively, one of our mobile lenders can come to you, even on weekends, and talk you through the best option for your home lending needs.

  • Are there any penalties for paying out my home loan early?

    There is an industry standard discharge fee applicable to all home loans. Depending on your home loan type, a break cost may also apply. Please review our Fees & Charges or your loan contract for more details. 

    If you need more information, please call 13 25 77 or visit your local branch and one of our friendly team will be happy to assist.
     

  • How do I request discharge papers?

    To request discharge of mortgage papers, please call 13 25 77 or visit your local branch and one of our friendly team will be happy to assist.

  • What is Lenders Mortgage Insurance (LMI)?

    Lenders Mortgage Insurance or LMI is an insurance policy a borrower pays to protect the lender against a loss in the event of a forced sale. LMI is usually only required where the loan value ratio (LVR) exceeds 80%. 

  • How do I request an escalation?

    If you require an escalation for a discharge authority, please contact our friendly staff on 13 25 77 advising why the request is urgent.

  • Can I track or see the progress of my loan?

    You can check the progress of your loan with our Mobile banking app or Internet Banking service by tracking all your transaction and the balance as often as you like 24/7. 

    Use our loan calculators to explore ways to pay off your loan sooner and learn how much money you could save in future interest payments. Our home loan calculator can help you get a better understanding on what your current loan will cost over its life, then see the results of making hypothetical changes. 
     

  • What are the current fees associated with my home loan?

    The fees and charges applicable to your particular home loan will be listed in your loan contract. Further details of our Fees and Charges are also available online. 

    If you need more information, please call 13 25 77 or visit your local branch and one of our friendly team will be happy to assist.

  • I'm interested in refinancing my loan, what should I do?

    When looking to refinance your home loan you can book an appointment online, visit your local branch or call us on 13 25 77 to speak with one of our home loan specialists. Alternatively,  one of our mobile lenders can come to you, even on weekends, and talk you through the best option for your home lending needs. 

  • Which home loan is right for me?

    When choosing any type of loan, it's important to work out the features you need from your loan and how much it will cost over the life of the loan. The type of loan will also depend on the purpose for the application and your personal circumstances.

    Whether you're buying your first home, your next home or your forever home we have a range of home loans and calculators that will help you with your home ownership journey.

    To apply for a Loan, you can book an appointment online or call us on 13 25 77 to speak with one of our home loan specialists. Alternatively, one of our mobile lenders can come to you, even on weekends, and talk you through the best option for your home lending needs.

  • Can I get a pay out figure for my Home Loan?

    Yes, to obtain a payout figure please call 13 25 77 or visit your local branch and one of our friendly team will be happy to assist.

  • How do I apply for a Home Loan?

    To apply for a Home Loan, you can book an appointment online or call us on 13 25 77 to speak with one of our home loan specialists. Alternatively, one of our mobile lenders can come to you, even on weekends, and talk you through the best option for your home lending needs.

  • What is the difference between a straight sale and a variation?

    A straight sale is when the property that has sold will have sufficient sale proceeds to clear all debt that the property is securing (e.g. the sale of the property will be able to pay out the mortgage in full)

    A variation is when:

    • The property that has sold will not have sufficient sale proceeds to clear all debts that the property is securing.

    OR

    • the property that has been sold is linked to additional lending that is also secured by another property/properties.

    If you're unsure of whether your property sale is a straight sale or a variation, please contact us on 13 25 77.

  • What is required by the Bank when when I am selling my property and purchasing another one?

    For a full list of requirements when you're looking to sell your current property and buy another, please contact our friendly staff on 13 25 77.

  • What is the turnaround time for a discharge authority?

    The processing time for your request will vary depending on the complexity.

    Below is a quick guide:

    • For simple sales/refinances: 2 working days from when we receive all required documents (including valuations if applicable) and signed authorities.
    • For variations/complex files: 2-5 working days from when we receive all required documents (including valuations where applicable) and signed authorities.

    To find out how long it will take for a discharge authority on your property, please call us on 13 25 77.

  • Where do I return the discharge authority and other settlement documents?

    Documents can be handed into one of our local branches or posted to PO Box 8609, Perth BC WA 6849.

    A discharge authority can be emailed to [email protected].

    Please note, P&N cannot accept a digital signature on the discharge form.

  • What are the fees when selling my property?

    The fees to sell a property will vary depending on the property location and type of loan associated with the property. For an accurate figure, please call our Securities Team on 13 25 77.

  • I have sold/refinanced my property, what do I do next? / How do I request a discharge authority?

    Contact us on 13 25 77 or email [email protected] to request a discharge authority. Our friendly staff will collect information regarding the sale/refinance and advise you of next steps.

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