Frequently Asked Questions

To get an estimate of your borrowing capacity, please contact our experts at Empire Broking on (03) 9133 5565.

At Empire Loans we can finance home purchases of up to 95% LVR (subject to the loan meeting our eligibility criteria), which means you can start to look at buying once you have saved around 5% of the purchase price.

We can finance investment purchases of up to 90% LVR (subject to the loan meeting our eligibility criteria), which means you can start to look at buying once you have saved around 10% of the purchase price.

At Empire Loans we do not charge you any fees. However there are fees associated with every home loan application which should be factored on top of your deposit. For example, establishment and ongoing administration of your loan account, legal fees.

Get in touch with one of our Lending Specialists on 03 9133 5565 to understand the full list of fees on a Empire Loans home loan and when these might apply.

Empire Loans allows multiple credit defaults. Whether they are more recent defaults or those listed years ago, we have a range of products that can cater to your situation.

When we evaluate your credit history, we focus on why the defaults happened rather than the fact you defaulted. We also look at your current means of income, ability to repay the loan, deposit amount and the location of the property.

At Empire Loans, there are a few solutions available for borrowers who have been officially discharged by one day or entered a debt agreement. In some cases, we may be able to assist you in finalising a debt agreement as part of the debt consolidation feature that’s part of many of our home loans.

It depends on your financial situation. There is no limit to the number of debts you can consolidate as long as the outcome of the consolidation puts you in a better financial position. We can look to refinance different types of debt including credit cards, personal loans, car loans, private finance, tax and other business debts.

You will need to have documents supporting your current financial position such as recent bank statements, payslips or other proof of income, personal identification and a snapshot of your current asset and liability position.

For PAYG applicants we require two current payslips plus one of the following:

• Most recent group certificate
• Most recent tax return / taxation notice
• Current letter of employment
• Bank statements – to confirm last 3 months salary credits

For Self-Employed applications we need your last two years Financial Statements and Certified Tax Returns + Tax Assessment Notice. If you are self-employed and unable to provide these documentation, you may still qualify for an alternative documentation (alt doc) loan.

There are two types of income documentation options available for self-employed borrowers; full documentation (Full Doc) and alternative documentation (Alt Doc). Note that we consider self-employed borrowers who have been in business for at least 6 months.

We also consider a range of income types for the self-employed including:

• Net profit before tax
• Wages/salaries
• Dividends and trust distributions
• Addbacks such as depreciation and non-recurring interest charges
• Superannuation contribution in excess of 9%

Note: All applications are subject to thorough credit assessment and loan suitability criteria. If you have any questions, give us a call on 03 9133 5565

Empire Loans consider borrowers with alternative sources of incomes provided it forms a part of the overall household income.

Some of the income sources we accept are:

• Carers allowance
• Disability support
• Long term pensions (war/widow’s pension)
• Family tax benefits (Part A and B)
• Worker’s compensation
• Centrelink income
• Child support
• Income protection payments
• Bonus/ Commission/ Overtime
• 80% rental income
• Car allowance/ Company vehicle

While Empire Loans can submit the First Home Owners Grant (FHOG) on your behalf, we generally cannot use it as a deposit towards your home purchase as the funds are often not available on the settlement date.

Stamp Duty is usually required as part of any home purchase, although the amount you pay depends on the state in which you are buying a home. Different states have different stamp duty regulations, and its generally based on the purchase price of the property.

Generally, an application with a Loan-to-Value Ratio (LVR) of 80% or more (meaning you have a deposit of less than 20%) may result in you having to pay Lender’s Mortgage Insurance (LMI). LMI is a third-party insurance premium payable by you as the borrower, to protect the lender against the potential loss that may be incurred if you’re unable to repay your home loan.

Only Australian and permanent residents who hold a valid VISA to stay in Australia indefinitely, will be eligible for a Empire Loans home loan.