Home Loans 18/11/2020

AWA Alliance Home Loan Review

Read Here for Our AWA Alliance Home Loan Review:

AWA Alliance Bank was established in 1969 as the Point Henry Credit Co-operative to provide financial services for Alcoa personnel, and to Portland Aluminium employees by 1990. Today, AWA is now a member of the Alliance Bank network and has partnered with Bendigo & Adelaide Bank. They offer home loans, savings accounts, personal loans, term deposits and credit cards. You can find their branches in Geelong and Portland in Victoria and Mandurah in Western Australia.

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Home loan products to consider

Home loan products that are offered by AWA Alliance Bank have no application fees. Below are their three products and their description.

  1. Fixed-Rate Home Loan

This home loan has a fixed rate for one to five-year terms. It has no application and ongoing fees and features a free redraw facility.

  1. Investment Home Loan

This is an interest-only home loan with no application and ongoing fees. Its redraw facility is also free. If you are looking to invest in property or want to expand your property portfolio through your self-managed super fund, you will find that this product may suit your needs.

  1. Variable Rate Home Loan

This is an interest-only home loan with a free redraw facility. It has no application and ongoing fees, as well.

Who is eligible to apply?

  1. You must be 18 years old or older
  2. You have to be a resident of Australia
  3. You should be a PAYG employee or have a regular source of income

What documents do I need to have?

AWA Alliance Bank will require certain information from you when you apply for a home loan. The following are some of the documents that you will be asked to provide.

  1. Identification

You will need to provide documents that will establish your identity, such as passport, birth certificate, citizenship certificate and driver’s license.

  1. Proof of income

PAYG employees – Recent payslips (possibly the last two months), bank statements for the last three months that reflect your salary, employment contract stating your base wage or your previous year’s tax return.

Self-employed – If you own a business, you need to find low documentation loans. Instead of payslips, you will most likely be asked to provide your latest notice of assessment from the Australian Taxation Office.

Multiple incomes – If you have more than one source of income, you will need to provide documents for each source. This includes your shareholding statement, a bank statement where your investment income gets credited or your most recent Centrelink statement.

Casual workers – You’ll be asked to provide your previous year’s notice of assessment from the ATO.

  1. Assets and liabilities

Assets – Make sure you list all the assets you have, such as other properties, high-interest savings accounts and vehicles. You have to prepare all necessary documentation per asset (e.g. vehicle registration and bank statements) before you approach a bank. The more information you provide, the more you can show lenders that you have enough money to pay for your monthly mortgages as well as a deposit.

Liabilities – You can provide the most recent statements for your credit cards, store cards, car loans or personal loans. All of your outstanding debts and ongoing loans need to be listed here.

Compare different lenders today

Making the right decision about your home loan is easier if you are armed with the right amount of information. At Makes Cents, you have access to more than 25 lenders, banks or otherwise.

By comparing multiple plans, you’ll be able to determine which lender has better interest rates and product features that suit your needs. Click here to start making a comparison today! Act now! Our AWA Alliance Home Loan Review is not our only review – read more here.

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