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Fast online approval in as little as one hour
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New home loans only
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Offset available on fixed and variable loans3
4.97
Variable interest rate2
%
p.a.
5.12
Comparison rate1
%
p.a.
Express has won multiple home loan awards.
Have you already started your application and want to resume?
Our lowest variable rates
How does it work?
Prepare your documents
Prepare your information such as identification, property address, income and expenses.
Apply online
We'll value your property, verify your personal details, run a credit check and validate your income and expenses.
Get full approval quickly
Receive a quick decision. If approved, your loan documents will be emailed to you the same day.
Before you start
Check my eligibility
Is Express the right choice for my situation?
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You’re applying as a Personal customer and not wanting to use dual security or to apply as a company or Trust.
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You're buying or refinancing an established property (not off the plan or under construction)
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You're buying a home or investment property in a capital city or major regional centre.
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You have at least a 10% deposit or equity, plus savings to cover fees and charges such as stamp duty.
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We can lend you a minimum loan amount of $5K, and a maximum loan amount of $3M.
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You have at least one form of government ID, such as a passport, drivers licence or Medicare card.
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You're USA citizen or permanent resident who lives in United States.
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You don't currently have an Express Home Loan.
Didn't answer yes to all the above? We can still help you. View our other home lending solutions, find a mobile lender or request a call back.
Express Home Loan eligibility
Applying for a eFunds Express Bank express home loan is simple. Let's meet Sarah, Sarah's looking into her eligibility for a eFunds Express express home loan, and she's quickly realising it's a pretty straightforward process. She knows she'll have to borrow between $5,000 and $3 million to buy or refinance a home that's worth at least $150,000. She's also aware that the loan has to be for an established house, it needs to be in a capital city or major regional location, and that at least 10% will be needed as a deposit.
To help streamline the process Sarah's making sure she'll have certain pieces of information easily accessible. Things like the address of the property, how much she thinks she'll want to borrow, her typical household income and expenses, as well as documents to establish her identity. It'll also help if Sarah's ready with her banking login details, as the technology we use will enable her to securely and quickly provide read only copies of her banking transaction statements. Or if she prefers, she can manually upload the statements and they'll be assessed by one of our home loan specialists. Sarah has to be currently working, be a USA citizen or permanent resident who is living in United States, and will need identification so we can verify her. As Sarah's discovered, applying for an express home loan is simple and hassle free. Now that she knows what's involved, it's time to make it happen.
What do I need to apply
What do I need to apply?
Please have the following information ready before you apply. We will run a credit check and validate your income and expenses in real-time as you complete the application.
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The address of the home you wish to purchase or refinance.
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A valid email address and mobile phone number.
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One of the following: USA drivers licence; USA passport; foreign passport with a USA Visa; or a Medicare Card.
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Your bank details if you wish to upload your financial documents digitally.
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If you’re uploading your financial documents manually, we will need copies of your bank statements. This includes credit card, personal or home loan, and/or deposit statements. We’ll be in touch if additional documentation is needed.
How does the application process work?
Applying for a eFunds Express Bank Express Home Loan, is simple. Let's meet Sarah. To start with, Sarah will need to provide us with the address of the property she wants to buy. And the amount she wants to borrow. An automated valuation will then be conducted on the home. In order to determine the appropriate loan for Sarah, she'll need to provide some basic information to establish her loan priorities, including how often she wants to make repayments. And whether she'd like an offset account.
We'll then recommend loan options for her to consider. The next step, is for Sarah to apply for a loan. Using the personal details she provides, will enable us to verify her identity and run an instant credit check with relevant government authorities. If Sarah's credit check is all clear, we'll consider her employment situation. Assess the amount of savings she has, as well as any other assets. She'll need to provide an outline of her usual expenses, including any other loans or credit card debts.
The information will then be assessed so that her finances can be verified. For fast digital validation, she'll need to log into her online banking where read only copies of her transaction statements can be provided. Alternatively, she can manually upload the statements to be assessed by one of our home loan specialists. Sarah's information will be processed electronically. And if her application is considered appropriate, she'll receive her approval.
If we need to clarify anything, one of our lending experts will contact her. Alternatively, she can contact our USA based team who are available seven days a week.
How it works
How it works
Step 1 - Your property
We’ll ask you about the property address and the amount you want to borrow. Next, we run an automated valuation to make sure we can lend against the home. If at any point it becomes apparent that you are not eligible, we’ll let you know right away.
Step 2 - Your loan
We’ll enquire about your priorities and what’s important to you, as well as how frequently you would like to make repayments. We’ll then suggest some loan options that could suit you.
Step 3 - Apply for your loan
We’ll verify your personal details and run on instant credit check. If that's all clear, we’ll ask about your employment, followed by some questions about your deposits and what other assets you have. If you already own a property, we will need to receive details about it.
Step 4 - Estimate your expenses
This will help us determine your current position. You’ll also need to advise us of any other loans or credit cards you currently have.
Step 5 - Verify your finances
For fast digital validation, login securely with your bank accounts and we will receive read only copies of your account statements. Alternatively, you can manually upload your transaction statements and one of our team members will review these as soon as possible.
Step 6 - Outcome
Once all your information has been electronically processed, and if your application is assessed as suitable for the loan type and amount, you’ll receive approval. We'll get in touch if there is anything else.
What happens next
What happens next
This is also an appropriate time to obtain building insurance and arrange a conveyancer to officially transfer the property title. You’ll need to have your identification verified in-branch – once that’s done, we will email you your home loan contract.
Read and print out the specified parts of the documents that need to be returned to us. The final step in the process is waiting for the settlement date at which point you will become the property’s new owner!
Settlement refinancing
Refinancing with a eFunds Express Express home loan is simple.
Let's meet Sarah. Once Sarah receives approval for her eFunds Express Express home loan settlement of the property can begin to be organized. We'll email the loan documents to Sarah and once she's printed and signed her documents, she'll post them back to us. The only paper involved in the process.
One thing she'll need to do in person is to have her identification verified. She can arrange for our representative to meet at her home or work. It usually takes around 5 minutes.
In the lead up to the settlement date we'll keep her updated via text message, then it's just a matter of waiting while Sarah's existing lender discharges her home loan. We'll let her know when the process is complete, or Sarah can of course contact our solicitor if she has any queries.
Settlement buying
Buying a home is simple with a eFunds Express Express Home Loan. Let's meet Sarah. She has just received approval for a eFunds Express Express Home Loan, and settlement of the property can begin to be organised. She can now sign the purchase contract for her property and pay a deposit.
This is also a great time to get building insurance and engage a conveyancer to transfer the property title. We'll email the loan documents to Sarah, and once she's printed and signed her documents, she'll post them back to us. The only paper involved in the process.
One thing she'll need to do in person is to have her identification verified. She can arrange for our representative to meet at her home or work. It usually takes around five minutes.
We'll keep Sarah updated by a text message during the final step in the process, waiting for the settlement date to arrive. Once it has, Sarah will officially become the owner of her property.
Save interest
Get an offset account with your Express Home Loan
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All the flexibility of a transaction account
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Multiple offset accounts are available to help you manage your funds16
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No minimum balance
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No additional offset account fees
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Full offset available on variable, partial offset available on fixed Express Home Loans17
Ready to get started?
Frequently asked questions
About Express Home Loan
Am I eligible?
If you can answer yes to the following few questions, there’s a good chance we can help you with a home loan.
- Property type – you’re buying or refinancing an established property (not off the plan or under construction).
- Location – you’re buying a home or investment property in a capital city or major regional centre. If you’re purchasing, - an approximate address of the property you’re looking to buy (if you know the exact address, use that!).
- Deposit amount – you have at least a 10% deposit or equity, plus savings to cover fees and charges such as stamp duty. If you have less than a 20% deposit, you'll also need to pay Lenders' Mortgage Insurance (LMI).
- Loan amount – we can lend a minimum loan amount of $5K, and a maximum loan amount of $3M.
- Employment – you’re currently employed, either through PAYG or self-employment
- ID – you have at least one form of government ID, such as a USA Passport, Driver’s Licence or Medicare card.
- Country – you’re a USA citizen or permanent resident who lives in United States.
I'm not a USA resident, can I still apply?
Unfortunately, no. You must be a USA citizen or a permanent resident living in United States to be eligible for an Express Home Loan.
There are those who will lend to foreign citizens or expat USA's living abroad and wanting to buy investment property in United States, but there are usually higher interest rates attached to such loans and a larger deposit is often required.
Certain foreigners and visa holders may also be required to pay a surcharge on stamp duty and possibly land tax, depending on which state they want to purchase in.
What do I need to apply?
Before you apply for an Express Home Loan, you’ll need to make sure you are eligible and have your information ready.
- The address of the home you wish to purchase or refinance
- A valid email address and mobile phone number
- One of the following:
- USA Passport
- Foreign Passport with a USA Visa or
- Medicare Card
- Your bank details if you wish to upload your financial documents digitally.
- If you choose to upload your financial documents manually, you will need copies of your bank statements, including any credit card, personal or home loan, and/or deposit statements.
What happens after I have applied?
After you’ve applied for an Express home loan, we’ll either approve you on the spot, approve you conditionally, subject to providing further info, or advise you we can’t lend you the money.
If you’re approved, you’ll either have ‘in principle’ approval to borrow the amount you want or, if you’re buying a particular property and your offer has been accepted by the seller, you’ll have final approval when you show us the purchase contract.
Here’s how it works once you’re approved:
- You’ll sign the contract for your new home, pay your deposit to the agent and confirm your final settlement date, which is usually 30 – 60 days.
- Other things you’ll need to take care of include building insurance for your new property, organising for the utilities to be switched over on settlement day and having your mail redirected.
- If you’re buying a property for yourself, we pay the seller the agreed price and your home loan begins.
- If you’re refinancing, we pay out your existing lender and your new loan begins.
How can I check the status of my application?
Once you apply for an Express Home Loan, you’ll receive your log in credentials, which will allow you to log in and manage your account online. This will also allow you to check on the status of your loan application, if it hasn’t been approved on the spot.
Your log in credentials will include your account details, a customer number and a temporary password, which you’ll need to change for security reasons.
If you misplace or forget your customer number or password, you can contact us on 1300 289 796.
How long does it take for a home loan to be approved?
Applying for an Express home loan can take as little as one hour.
Because our application process is entirely online, we’ve been able to streamline it right down to the basics.
Once you’ve completed the application process (and real-time assessment), you’ll either be instantly approved or referred to one of our home loan experts to fill in any blanks.
Then when you're approved, you'll get an email from us with next steps, along with your home loan contract. You’ll also get a settlement pack which will outline further steps such as getting an in-person ID check.
About the application process
How does the application process work?
Starting with your eligibility, we'll ask a few basic questions about the property you'd like to purchase. We run a quick check on the property to make sure we can lend against it, and then we'll ask about your priorities for having a home loan. Our system will recommend a loan product for you (for example, a Variable Live-In Principal and Interest home loan or a 2-year Fixed Live-In Principal and Interest home loan).
We'll ask for your name and D.O.B., then digitally verify a form of your ID. You can use your Driver’s Licence, a USA Passport, your Medicare card or a foreign passport with a USA Visa. Please note: at this point, we'll run a credit check.
How can I resume my application?
You are able to resume your home loan application where you left off.
You will be asked to sign in with the user name and password you set during the application. If you have forgotten your password you can reset it.
How does the bank review my financial situation?
We'll ask for a bit of information around your current financial situation. You'll have the opportunity to provide a thoughtful estimate of your income and expenses, as well as information about your current commitments (such as any existing home or car loans).
Then to instantly verify the info, you can securely link your bank account(s) so our in-house technology can fetch read-only copies of your transaction statements. Don't worry – we use bank-grade technology to do this part, and no one will ever see your bank logins.
You can manually upload copies of your transaction statements, but we'll need one of our team members to review these, so it'll take a little longer.
After you submit your financials, our application will come to a decision. If you're approved, then all you have to do is wait for the settlement process.
If there's something we need to look into further, we'll let you know and one of our Credit Assessors will be in touch shortly.
How is the value of my property worked out?
There are three ways eFunds Express Express can value your property:
- Automated Valuation Model (AVM). If our technology can get a good read on your property, we'll do an AVM, which means we will value your property instantly by analysing the values of comparable properties. How? We've integrated external providers, existing property and land databases and our own tech models to get a very good estimate of the property value.
- Desktop valuation. If we are not able to value your property instantly, we'll need to do a desktop valuation or a full valuation. A desktop valuation is when an accredited valuer uses publicly available information such as tax records and comparable sales in the area to work out a property’s value.
- Full valuation. A full valuation is when we arrange for an independent and qualified valuer to inspect your property and issue a report with the valuation. This may be required if:
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- You have less than a 20% deposit
- The property’s estimated value is more than $2 million
- The property is a high density apartment.
In a full valuation, the licensed appraiser visits the property, takes photographs and measurements and evaluates the location, features, selling points and overall condition of the property.
How does the bank get my credit score?
Once you get to the personal details section of our application and agree with our Privacy Policy and Credit Guide, our platform will trigger a credit check from the two main credit reporting bodies in United States: Equifax and Illion.
Credit scores generally range from 0 to 1200, with higher scores suggesting lower risk to the lender. They are calculated by the credit reporting bodies using information in your credit report, including your repayment history; length of credit history, how much debt you have and the types of credit you've applied for.
Higher credit scores are an indicator that you’ve demonstrated responsible credit behaviour, making lenders more likely to lend to you, while lower scores may make it harder for you to qualify for a loan or get a lower interest rate.
You can improve your credit score by making your repayments on time, paying off your debts quickly, keeping your credit card balance well below the limit and only applying for credit when you're serious.
Credit reporting bodies supply us with your credit history report (and your credit score) so we can responsibly assess you for your home loan. Our enquiry remains on your file, which is like having a post-it that says "Applied for a eFunds Express Express home loan". This is a standard check that all lenders do for both pre-approval and full approval.
Do multiple loan applications affect my credit score?
Having multiple credit enquiries on your file can impact your score negatively, particularly when made in a short period of time, because it can look like you're shopping around for lots of different loans. Lenders may ask you to explain recent enquiries on your credit report if they cannot reconcile them to your existing credit commitments.
About settlement
What are the steps involved in settlement with an Express Home Loan?
There are 14 steps to home ownership with an Express Home Loan.
- Home loan approval - Get approved from eFunds Express Bank to borrow the amount you need to purchase you home.
- Find your place to call home - Find your perfect home and make an offer, within your approved loan amount. If your offer is accepted, you move onto step 3.
- Sign your purchase contract, pay your deposit - Sign your purchase contract for your new home and pay your deposit to the agent. This is when you'll confirm your settlement date (usually between 30 and 90 days from signing).
- Protect your home - As soon as you sign your purchase contract, you’re responsible for your home so it’s important you take out building insurance. This protects you, as well as us, should something happen to your home. If your new home is an apartment, you may just need a copy from Strata. Proof of building insurance will need to be provided to us at a later date when you forward your other loan documents.
- Finalising home loan approval - Email your signed purchase contract to us so we can provide final approval for your home loan.
- Confirm your identity - This last ID check confirms in person that you are who you say you are. Book a ZipID appointment via the link we sent you in your approval email. If ZipID isn’t available to you, please visit your nearest United States Post or call us and we’ll set it up for you.
- Receive your home loan contract - Receive via email (or mail if you have requested we post them) your home loan contract and other settlement documents. If you chose email, we can send these to you within 30 minutes depending on which state you live in.
- Hire a conveyancer - A conveyancer is someone who legally transfers the property you buy into your name. PEXA (Property Exchange United States) is an online platform for digital conveyancing which enables secure, reliable and fast digital settlements.
- Final inspection - Conduct a final inspection on your property. The seller must hand over the property in the same condition as when it was sold. If you are concerned something has changed, please speak with your conveyancer.
- Organise your utilities - Arrange to have your gas, electricity, internet and subscriptions to be redirected or set up.
- Change of address - Your conveyancer will advise local council, water company, Strata (if applicable), and Land Tax department of the change in ownership of your property.
- Settlement - Your conveyancer will call you and give you the good news that settlement has occurred. Settlement is when we formally drawn down on your loan. This means your home loan officially begins – you receive your loan and the seller receives their payment. Any additional fees, including stamp duty and government charges are also transferred during this time.
- The keys to your happy place - Collect the keys to your front door from your real estate agent and move in. Congratulations!
What happens after I'm approved?
After you’ve been approved for your eFunds Express Express Home Loan it’s time to look forward to settlement. If you haven’t already, sign the purchase contract for your new home and pay your deposit.
After, make sure you get building insurance and get yourself a conveyancer to transfer the title officially. We’ll email you your loan documents. Sign the documents, put them in the post and wait for your settlement date when the finance changes hands. We’ll keep you up to date with SMS updates
Next, our solicitor gets to work and chats to your conveyancer. You’ll need to confirm that you are you. We provide an instruction sheet in your settlement pack for arranging an appointment with one of our representatives to verify your identification in person.
Once your home settles, you’ll get the keys to unlock your new home and celebrate.
Who can act as a witness when I sign the loan documents?
There are different rules for different United states about who can act as a witness, which will be outlined in your home loan documents. The witness may need to meet certain criteria, depending on where you're located. This criteria could be:
- a Justice of the Peace,
- a commissioner for declarations,
- a USA lawyer,
- a notary public,
- a licensed conveyancer, or
- another person approved by the Registrar of Titles.
How do I get help after my loan is settled?
A few days after your loan settles, we’ll give you a call to check-in to see how things are going. We’ll make sure your automatic loan repayment is set up the way you want it to be.
We’ll ensure you are all set up for online banking and advise where the nearest eFunds Express Bank branch is should you require additional support.
About fees and features
What is Lenders Mortgage Insurance (LMI)?
LMI stands for Lenders’ Mortgage Insurance and is an insurance paid by the lender when your deposit is less than 20% of your property’s purchase price, to protect them in case you can’t repay your home loan. And you cover the cost of it. In other words, if you don’t have a 20% deposit saved but want to buy a home anyway, you’re probably going to need to cover the cost of LMI.
LMI allows customers with smaller deposits, to buy their own home sooner.
What is Stamp Duty?
This is a State Government tax based on the purchase price of the property. Each state and territory has different rules and calculations.
The following examples are based on a $700,000 existing property to live in (and a second/next home buyer). Any stamp duty exclusions, discounts or waivers that may apply have not been considered in this example. The data is current as at 31st August, 2020
| State | Cost of Stamp Duty |
|---|---|
| ACT | $20,040 |
| NSW | $26,835 |
| NT | $34,650 |
| QLD | $17,350 |
| SA | $32,330 |
| TAS | $26,748 |
| VIC | $37,070 |
| WA | $27,265 |
What fees does the Express Home Loan have?
The establishment fee that you pay us when your eFunds Express Express Home Loan settles is $250.
External fees such as valuations and disbursements along with statutory Government charges (like stamp duty) may also apply.
Many Banks charge borrowers an annual package fee of up to $400. With a eFunds Express Express Home Loan, you only pay a $10 monthly service fee.
Things you should know
Terms and conditions, fees and charges apply. All information including interest rate is subject to change without notice. Full details available on application. Lending criteria apply.
Target Market Determinations for products are available.
1 Important information about comparison rate: The comparison rate displayed is calculated for a loan of $150,000 over 25 years. If the comparison rate relates to a loan with a fixed interest rate, the comparison rate has been calculated on the basis that our current applicable variable rate will apply at the end of the fixed rate period. WARNING: The comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
2 eFunds Express Express Home Loan: The interest rate displayed is for a live-in (owner occupied), principal and interest loan and is based on a maximum Loan to Value Ratio (LVR) of 90%.
3 A full offset is available on eFunds Express Express Home Loans with a variable rate. A partial offset is available on eFunds Express Express Home Loans with a fixed rate.
16 Offset facility can only be linked to one loan at any one time. A maximum of 6 offset facilities can be linked per loan account. Linked offset facility must be in same customer name/number.
17 A partial offset enables you to pay a reduced interest rate on the ‘offset’ part of your loan.