FREQUENTLY ASKED QUESTIONS

If my home loan is with another bank can I move to Violet?

Can I borrow more money and increase the size of my loan?

What is the minimum deposit required?

How is interest calculated?

What happens if my interest rate changes between loan statements?

Can I have my salary paid directly in to my loan account?

Why would I take out an Interest Only loan?

What if my details have changed?

Can I arrange Pre-Approval for my home loan before I find a house?

Can I change from variable to fixed interest rates?

How is Redraw calculated?

Q. Can I borrow more money and increase the size of my loan?
A. It may be possible for you to borrow more money once you meet a certain criteria. To see if you are eligible contact a Relationship Manager or click here to email and enquiry.

Q. What is the minimum deposit required?
A. As a general rule you will need a minimum deposit of 5% of the purchase price + another 5% to cover legal and government fees. More is always better but Violet can offer finance up to 97%.

Q. How is interest calculated?
A. Interest is calculated daily and charged to your loan account monthly. As the number of days varies between months, the amount will vary as well. The basic formula is:
            Balance X Interest Rate% ÷ 365 days X Days in Current Month = Minimum Repayment

Q. What happens if my interest rate changes between loan statements?
A. We will notify you of your new interest rate should it change along with your new minimum repayment amount. Both the original and new rates will also be noted on your next statement.

Q. Can I have my salary paid directly in to my loan account?
A. Yes. All Violet loans offer this feature.

Q. Why would I take out an Interest Only loan?
A. Interest Only loans are predominately used by investors. It not only maximises tax deductions but can also free up cash flow as only the interest on a loan is paid.

Q. What if my details have changed?
A. If you change addresses or phone numbers you need to notify us as soon as possible by calling Customer Service on 1300 130 775.

Q. Can I arrange Pre-Approval for my home loan before I find a house?
A. Yes. It can be easier knowing how much money you can borrow before heading to an auction. Pre-Approvals are subject to property valuations and if your circumstances change.

Q. Can I change from variable to fixed interest rates?
A. Violet loan products are very flexible allowing you change from a variable to fixed interest rate and vice-versa, or you are able fix a portion of your loan (split loan). Fees and charges may apply depending on your loan type.

Q. How is Redraw calculated?
A. The Redraw amount is anything extra you have paid off your loan above your minimum monthly payments.