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How much can I borrow?
Visit our Online Calculators page to find out. However, the amount you can borrow is determined by certain lending criteria. If this criteria is met, the minimum loan amount you can borrow can be as low as $30,000 (depending on the type of loan you apply for). A general rule of thumb; usually you can borrow up to three and a half times your gross salary.
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What are Pioneer's current Interest Rates ?
To find out what our current Interest Rates are, please contact our Client Services team on 13 13 91 or alternatively you can contact us with your query.
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Does Pioneer lend to investors as well as owner occupiers?
Yes we do! You may have fixed, variable or interest only options for your loan. We also consider multiple securities when applying for a loan.
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Does Pioneer have a construction loan?
Yes we do! Subject to you meeting our loan assessment criteria, we will be able to assist you in constructing your home. Visit our Product Range page to find out more on our construction loan product.
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How can I access Internet Banking?
You can find the link to your Internet Banking on our Home Page. Just enter your username and password that you received when you registered and you’re away. If you are yet to register then please contact our Client Services team on 13 13 91 or alternatively register for Internet Banking Online.
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Does my loan have a redraw facility?
Most of Pioneer’s Term Loan’s have a redraw facility available which allow you to redraw any accelerated repayments whenever you require them. Different minimum redraw amounts apply to our various products and a nominal fee may apply. Contact one of our Client Service Consultants on 13 13 91 or email us to find out if your account has redraw access.
(Note: You will not be able to access funds in redraw if your account is currently on a fixed interest rate).
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Why is the interest amount on my account higher some months than others?
Interest is calculated on the daily balance of your loan and the number of days in some months differs. For example, there are 28 days in February and 31 days in December.
Also, the number of weeks in a month might differ as well, so if your Direct Debit is set up to be deducted weekly rather than monthly, there may be 5 weekly repayments credited in a month thus reducing the balance compared to only 4 weekly repayments the following month.
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Can I switch from a variable to a fixed rate at any time?
You may be able to switch from a standard variable rate to a fixed rate depending on your loan product (Line of Credit products do not offer fixed rates). If fixed rates are available for your loan, then at any time after settlement you have the option of fixing all or part of your loan. You need to remember that costs may apply if you break your fixed contract before the end of the fixed term and a fee may apply initially to convert your rate.
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Can I make extra payments on my loan?
You may make extra repayments on your variable interest rate loan at no extra charge. In fact we encourage this, as the more you pay the sooner you will own your home. If you have a fixed loan you can still make extra repayments, however some products limit this to a certain amount before you are charged a nominal fee. Most fixed rate loans allow lump sum payments of between $10,000 and $20,000 before a fee is charged.
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Can you let me know what my repayments are if I lock my loan in for a fixed rate?
Please call 13 13 91 to speak to one of our Client Services team members to determine what your repayments would be. We will need to take into account the number of years you have remaining on your loan, the fixed interest rate & your loan balance. Or alternatively send us an email us with your query.
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Why have I exceeded my limit on my Line of Credit in the first month?
This is not uncommon with a fully drawn Line of Credit. Interest is calculated daily and debited monthly. Your statement will show that we require payment by a due date which is usually 28 days thereafter, which means if you have not had any salary credits into that account during that month, then your account will exceed its approved limit.
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Why am I constantly over my limit on my Line of Credit account?
I don't use the account for anything and I pay my monthly due amount? When a Line of Credit is fully drawn at settlement, the interest is debited after the first month. The interest will take the balance over the account limit. The repayment is not due until the next due day, 28-30 days after statement date, however any over limit amount must be cleared immediately.
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Why do I owe as much as I did 2 years ago?
Check with Pioneer to see if your loan is on Interet Only or Principal & Interest repayments. If you elected to pay Interest Only, then you are only paying the interest portion of your loan, not the principal which is why you would not see your loan decreasing. A revolving Line of Credit account is similar to this as well where your initial account limit is available for the term of the loan and each month you are required to cover ONLY the interest charged. It is up to you to ensure that you deposit extra funds to reduce the balance and eventually repay the loan.
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Do I have the ability to take my home loan with me to another property?
Yes, you can replace the security for your loan with another security property approved by us. Portability fees will apply.
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Why was I charged interest on my VISA?
Depending on the type of VISA account you have, you may be charged interest for any cash advance. If the full closing balance for the previous month was not paid by the due date interest may be charged.
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What does 55 interest free days mean?
Not all of Pioneer's credit cards offer 55 days interest free. However credit cards with up to 55 days interest free means that when you purchase on day one of your statement period you will get 55 days interest free on that transaction(s), the second day the remaining interest free period will reduce to 54 days. If you purchase on the statement closing date of your statement period, you will only be entitled to 26 days interest free. However, if you withdraw cash and do not pay the full closing statement balance or do not pay on the due date, you will incur interest charges.
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Can I pay out my home loan early?
Yes you can! Depending on how long you have had your loan, an exit fee may apply. This fee is generally not charged after the initial 5 years. A discharge administration fee is applicable for all loans and if you have a fixed loan you may also need to pay break costs. To obtain your pay out figure call us on 13 13 91 and we will endeavour to finalize your payout figure within 24 hours.
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Do I have to go through a broker to get a Pioneer loan?
All of our customers have the option to apply for a Pioneer loan via one of Pioneer’s accredited mortgage brokers or finance professionals, or alternatively you are welcome to call us on 13 13 91 and a Direct Sales Consultant will be happy to assist you.
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What is a scheme card?
The term “scheme card“ includes any Visa credit card or debit card issued by Pioneer Mortgage Services.
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What is a ‘Regular Payment Arrangement’?
Regular Payment Arrangements can be either a recurring payment or an instalment payment. A Regular Payment Arrangement is an agreement between you (the cardholder) and a merchant in which you authorise the merchant to bill your card account at regular intervals (e.g. monthly or quarterly) or at intervals as agreed by you. The amount may differ or be the same for each transaction.
An Instalment Payment represents an agreement between you (the cardholder) and a merchant in which you preauthorise the merchant to bill your card account with a fixed amount at predetermined intervals for a predetermined time.
Examples:
Recurring Transaction: You may ask your local gymnasium to charge your monthly gym membership fee to your credit card each month.
Instalment Payment: You may have purchased a new television from your local appliance store and are being billed by the merchant for a fixed amount in multiple periods until a defined date.
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What are the benefits of Regular Payment Arrangements?
There are many benefits for cardholders who set up regular payments including:
- Ensures timely payments to the merchant
- Saves you time as the payment is processed automatically
- Saves you money as you do not have to pay for cheques, money transfers or postage, nor will you be liable for late fees.
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What are my responsibilities with Regular Payment Arrangements?
Regular Payment Arrangements are an agreement between you (the cardholder) and the merchant. You should keep a record of all Regular Payment Arrangements you have established with merchants and store in a safe place. A template for recording your Regular Payment Arrangements is available from the Australian Payments Clearing Association website
Note: You are responsible for notifying the merchant when your account details change, including a change in card number and/or change of card expiry date. Either contact your merchant by phone, mail or internet and follow their instructions; or contact us and request that a Change in Account Details letter is generated so you can send this to your merchant. We recommend you keep a copy or a record of any Change in Account Details letter sent to your merchant and your earlier Regular Payment Arrangements. This correspondence will be required if your merchant does not comply with your request in a timely manner and you decide to dispute any incorrectly charged regular payments.
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How do I cancel a Regular Payment Arrangement?
You must contact your merchant and request they cancel your Regular Payment Arrangement. Be aware that you may be required to provide alternative payment details for the goods and/or services being provided.
If after a reasonable time, your merchant fails to cancel your Regular Payment Arrangement you may contact your financial institution for assistance.
Note that closing your scheme card account does not automatically cancel your Regular Payment Arrangements on that scheme card account. You must contact the merchant to either cancel the Regular Payment Arrangement or provide replacement cards details for future payments.
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What if my card number and/or expiry date changes?
If you have provided a merchant with your card number for a Regular Payment Arrangement and your card number and/or expiry date changes then you must contact the merchant to advise them of the new card details. Failure to advise the merchant of these changes could result in the cancel of goods and/or services (e.g. cancellation of your car insurance policy).
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Disputes?
If you have any concerns regarding our products or services please visit our Compliments & Complaints page or contact us on 13 13 91.
Our aim is to resolve your concern at the first point of contact. If we are not able to to resolve your concern immediately, the matter will be investigated by our Complaints Contact Person through our Internal Dispute Resolution process, with the aim to resolve it within 21 working days.
If you do not agree with the result of the Manager's investigation, you can seek assistance free of charge from the Mortgage Industry Ombudsman Scheme. The Ombudsman is an independent arbitrator who helps customers resolve concerns and disputes.
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