Home loan on fixed term contract

Any general questions you might have in regards to loans and finance.
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Joined: Thu Sep 05, 2019 6:51 pm

Home loan on fixed term contract

Postby Firsthome82 » Thu Sep 05, 2019 7:11 pm

Hello Experts!!!

I am currently on a fixed term contract , so will that qualify for a home loan. If so, what are the terms and conditions? Also, if you could kindly suggest what all documents are required by the lending banks.

I would really appreciate if you could provide your expert opinion.


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Otto Dargan
Mortgage Specialist
Posts: 7728
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia

Re: Home loan on fixed term contract

Postby Otto Dargan » Fri Sep 06, 2019 6:17 pm

Hi, welcome to the forum.

First and foremost, if you’re on a fixed-rate loan, you’ll incur break costs or exit fees if you refinance your loan with the fixed-rate term.

You can use our break cost calculator to work out if refinancing within the fixed period is worth it.

For PAYG (salaried) applicants:
  • Your two most recent payslips.
  • Your last three months’ bank statements.
  • Tax returns or Group Certificate or ATO Income Statement (obtained from myGov website).
  • Letter of employment.
For self-employed applicants:
  • Your last two years’ financial statements (profit & loss and balance sheet).
  • Your last two years’ business tax returns.
  • Your last two years’ personal tax returns.
  • Your last two years’ notices of assessment.
Or you can apply for a low doc loan.

Speak with one of our specialist mortgage brokers today to discuss your situation.
Give us a call on 1300 889 743 or fill in our online assessment form.
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

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