Level 16, Central Square
323 Castlereagh Street
SYDNEY NSW 2000
Phone: 02 9217 2727
Fax: 02 9281 7611

FAQ

The following is a list of our most frequently asked questions with answers.

If you still can't find the answer you are looking for, call AIMS on 1300 132 467.


Who is AIMS Home Loans?
What does AIMS stand for?
How do AIMS fund home loans?
Why should I get a mortgage with AIMS Home Loans?
How much will you lend?
How long do I have to repay the loan?
How do I make my repayments?
For what purposes will you lend me money?
What do you mean by "acceptable residential property"?
Should I choose a fixed or variable rate?
Can I switch from variable to fixed?
What will the fixed rate be?
Can I repay my loan early?
If I'm ahead in repayments, can I get access to that money?
Can I borrow further money in the future?
I'm self-employed - how can you help me?
I'm not sure how good my credit rating is?
I have friends overseas who'd like to invest.
Is there anything else I need to know?
What other products do you offer?
I am all ready to get a home loan with AIMS - what is the next step?


Who is AIMS Home Loans?

Please refer to about us section of this site

What does AIMS stand for?

Australian International Mortgage Securities

How do AIMS fund home loans?

As we do not receive deposits from customers, our funds are raised from capital markets through insurance companies, Government funds, large superannuation funds and other institutional investors. The manner in which we obtain our funds requires us to meet the high standards set by international rating agencies, institutional investors and mortgage insurers.

AIMS comply with State and Federal legislation which is monitored by the Australian Securities and Investment Commission (ASIC), the Department of Fair Trading and the Australian Consumer and Competition Commission. AIMS is also a member of the Mortgage Industry Association of Australia.

AIMS Home Loans holds an Australian Credit Licence Number 389027.

The security we offer our customers is further enhanced by one of Australia's largest trustee companies, Perpetual Trustees Company Ltd., which oversee the management of the capital funds.

We are one of the very few non-bank lenders which issue our own mortgage backed securities thus giving us greater control over our funds. This financial strength allows us to develop flexible products with lower interest rates.

Why should I get a mortgage with AIMS Home Loans?

As a customer of AIMS, there are many benefits you will receive including:

  • AIMS are a Lender - AIMS has its own AAA rated Residential Mortgage-Backed Securities securitisation program.
  • So many awards - you don't have to take our word, AIMS have won over 30 recognised national awards for our various home loan products. To see some of these awards, please visit our Awards page.
  • 100% Australian owned and operated - AIMS has no foreign ownership and remains fully Australian owned.
  • Over 20 years experience - established in 1991 we are one of the first non-bank lenders in Australia and have a wealth of experience in home mortgages and financial solutions.
  • Wide range of financial products - as AIMS is a Lender and operates independently of outside influences, we can focus on developing leading products to help customers achieve their financial goals. All our products represent flexibility, value for money and contain an array of features.
  • Tailored and flexible solutions - sometimes people do not fit into the typical mould or have unique financial requirements. Our consultants can utilised our own flexible lending policies and tailor a solution especially for people in unusual circumstances, including those who are self-employed, have an irregular employment history or who have had a poor credit rating in the past.
  • Contributing to the community - we believe companies have a responsibility to the local community.
  • Deliver on promises - many companies promise you everything under the sun but fail to deliver. At AIMS, we ensure we exceed expectations so customers are completely satisfied with our products and services.
  • Close relationships with our customers - we believe a relationship doesn't end after your home loan is approved. Our highly trained staff continually keep in touch with customers to ensure the home loan process is as smooth and trouble-free as possible. Our professional and friendly consultants are available seven days a week to ensure all your needs are being met and AIMS offers 24-hour Loan enquiry systems.
  • We speak your language - we understand Australia is a multicultural country. If English is not your first language, we will do everything possible to make our offer as clear and easy to understand.
  • High investment in staff - at AIMS we believe high quality staff are the key to a successful business. All our consultants are experienced in going that extra step to help achieve your goals.
How much will you lend?

Our loan amounts range from $50,000 up to $1,000,000. With a maximum LVR as follows:

$0 to $500,000 = 90% LVR

$500,001 to $750,000 = $85% LVR

$750,001 to $1,000,000 = 80% LVR

Further LVR Restriction may apply to some investment loans, special securities or properties in locations outside Sydney or Melbourne Metropolitan areas. Please refer to your AIMS Consultant for details.

How long do I have to repay the loan?

An AIMS Home Loan can be repaid over 30 years. Naturally, you can take the loan over a shorter period - whatever you feel comfortable with. And remember you can choose to pay your loan off even sooner by making additional repayments.

How do I make my repayments?

Repayments can be made by direct debit from your bank or building society, cheque or statement savings account. This occurs on the last working day of each month or fortnightly on Fridays for those customers who have opted for a fortnightly repayment plan. Should you wish to make extra payments you can do this by sending a bank or personal cheque direct to us. Our loan consultants and Customer Service Department are available 7 days a week to provide further details on how to make payments including our Telephone Banking and direct credit from salary options.

For what purposes will you lend me money?

Provided the security for your loan is an acceptable residential property, AIMS will lend money for any worthwhile purpose. While most of our loans are for purchasing a home, purchasing a residential investment property or refinancing an existing residential property loan, any worthwhile purpose can include home improvements, your children's education or business purposes.

What do you mean by "acceptable residential property"?

"Acceptable" properties include almost any residential dwelling including houses, townhouses, home units and villas. As long as the property is in good condition and AIMS is to be the first registered mortgage holder there's not too much else to worry about. An AIMS loan consultant is the best person to advise you on the appropriateness of the property you are interested in as a suitable security for your loan.

Should I choose a fixed or variable rate?

If you choose a variable rate loan, naturally the interest rate can rise or fall depending upon the cost of funds and therefore your repayments will rise or fall in line with rate movements. For many customers, our variable rate loans are popular as a means of owning their home quickly. Extra payments can be made at any time while also taking advantage of periods of low interest rates.

Choosing a fixed rate loan means you can lock your interest in at a set rate for 1 to 5 years. So if you think interest rates have hit rock bottom or that rates may rise you can add certainty to your loan by taking this option.

Some borrowers like a bet each way. At AIMS you can fix a portion of your loan and leave the remainder as variable. This way you get the best of both worlds.

Can I switch from variable to fixed?

Absolutely. You can do this at any time during the term of your loan by giving us written notice. Similarly you can 'split' your loan at any time. An AIMS loan consultant can best advise you on this option and what's required to do it.

What will the fixed rate be?

AIMS Customer Service will quote you an indicative rate upon receiving your enquiry. The actual rate will depend on our cost of funds at the appropriate time you formalise the settlement or switch.

When the fixed rate portion of your loan matures, the interest rate will automatically revert to the prevailing variable rate at that time. If you wish you can continue with a fixed rate portion - that rate being set at the prevailing fixed rates at that time.

Can I repay my loan early?

Yes, full repayment of your mortgage can be made at any time. All we require is one month's written notice of your intention to do so.

Don't forget that for all variable loans and the variable component of split loans you can make extra repayments at any time at no charge. If you would like to pay more off your fixed loan then you will need to contact AIMS and make the appropriate arrangements.
This may result in having to pay fixed rate break costs.

If I'm ahead in repayments, can I get access to that money?

A Redraw facility is a feature of our variable rate loans. This allows you access to funds you have prepaid over and above your minimum installment amounts during the term of your loan. The minimum withdrawal under this facility is $100.

Can I borrow further money in the future?

Definitely. Naturally any new or extra borrowings are subject to lending criteria at the time of application and as always our professional loan consultants can help you with any queries you may have.

I'm self-employed - how can you help me?

Yes. Remember that word - "flexibility". We can offer you an Loan which is especially popular with self-employed people and investors. You can get a 30 year flexible loan and use your mortgage redraw facility to access the available principal. This helps in times when your business may need an injection of funds without all the hassles and expense of bank overdraft facilities.

Sometimes, being self-employed, it is difficult to provide all the normal documentation most borrowers require for loan transactions. At AIMS we've developed a LoDoc loan to help borrowers who fall into this category. This product has most of the features of our other loan products plus the added advantage enabling customers who may not be considered an acceptable risk by most lenders the opportunity to get into the property market either as a home buyer or investor.

(This product is temporarily suspended.)

I'm not sure how good my credit rating is?

AIMS provide a wide range of home loans, even for those who do not fit into the typical lending criteria such as self-employed borrowers with limited trading history, contract and part-time employees, recent divorcees, older borrowers, recent immigrants and even those that have been made bankrupt in the past or have poor credit records.

I have friends overseas who'd like to invest.

The AIMS' Overseas Borrower Program lets overseas residents invest in Australian residential properties by providing loans ranging from $50,000 to $500,000. These loans can be taken over 15 to 30 years and can be either fixed or variable including an interest only option. Increased payments can be made and redraw facilities are available.

Overseas borrowers may be required to have a power of attorney residing in Australia.

Is there anything else I need to know?

When you've made your decision about the AIMS home loan that's right for you, your AIMS loan consultant will help you with your application and you can expect approval within 48 hours. Once approved, we require you to pay the remaining establishment fees to enable property valuations and legal documentation to be prepared.

Generally if you are borrowing less than 80% of the value of the property there are no other costs to be paid to AIMS in the settlement process. If you are borrowing more than 80% you will be required to pay lender's mortgage insurance at the time of settlement. Lender's mortgage insurance insures our lending risk which enables us to issue our own secure bonds thereby delivering the most competitive interest rates to our customers.

You will be responsible for your own out of pocket expenses in relation to the loan transaction. These expenses may include Stamp Duty, Bank Cheque Fees, lenders mortgage insurance (if applicable), search fees, the professional fees of your own legal representative and any disbursements fees incurred from your or our legal representatives. It's important for you to ascertain your likely costs as these may vary depending upon your own individual circumstances.

As always your AIMS loan consultant is the best person to help you with any queries relating to costs, especially as they pertain to mortgage insurance. Naturally, we recommend you seek independent legal advice should there be any uncertainty as to your understanding of the documents you are signing and you obtain any independent financial advice especially regarding any financial planning or taxation planning structures you may be considering.

Most importantly once your loan is settled AIMS do not charge you any monthly account keeping* or management fees - there are no hidden costs.

* With the exception of AIMS First Option Variable rate home loan which charges a $10.00 per month account fee

What other products do you offer?

AIMS offers a range of products in addition to our home loans including:

I am all ready to get a home loan with AIMS - what is the next step?

It is easy to apply for a loan whether it be over the phone, online or through one of our consultants. If you wish to speak to one of our consultants, phone 1300 132 467 or send an email to AIMS Home Loans. If you wish to apply online, click here.

Alternatively contact us or drop into one of our Centres.


© Copyright AIMS Home Loans 2005