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Home » Regulatory

Browsing: Regulatory

Regulatory

Compulsory Acquisition

By LOT 542November 3, 2023

A compulsory acquisition of land has taken place for a planned health facility on the relevant piece of land.

Regulatory

Street Closed

By LOT 542October 14, 2023

The Minister responsible for land matters in Papua New Guinea has announced his intention to close a street. Details of…

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The Vault: Buying or Renting through NHC

By LOT 542January 17, 2024

About 40 years ago, a Leiloro Lokoloko from the National Housing Commission used to write…

The Oldest Building in Port Moresby

December 20, 2023

About Us

LOT542 is an online property consulting practice. Using the latest in technology, we offer innovative, fixed price, property related solutions. From the basic of questions to the most complex, our mission is to make professional property consultancy services accessible and affordable.

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Preliminary-Assessment of Home Loan

This form is to be used only as a guide. If you would like to have an idea of your eligibility for a loan using basic key criteria data then complete this form. This in no way guarantees consideration or acceptance of a loan but merely indicates a preliminary assessment by an experienced and qualified loans officer. The form is only to give you a guide and help you with your formal completion of loan application with relevant financial institution.

Step 1 of 8

12%

Status & Purpose

The purpose for which you seek a loan will determine the requirements.

Are you a first-time home owner?(Required)

Select the most appropriate purpose of why you seek a loan.

Purpose(Required)

Select the most appropriate purpose of why you seek a loan.

Documents Required

These are the standard documents that the Lender will require from you. The Lender's standard application is compulsory plus the following documents. Note that these documents are the minimum requirements and more documents may be requested based on your circumstances.

Identification Documents

Passport

Driver's License

NID

Other

Select which identification documents you currently have with you.

Other

State what other identification document you have with you.

Employment Documents

3 x copies of latest payslips

Latest Employment Confirmation Letter (min. 3 months old)

Employment Contract (Signed)

Select which employment documents you have with you. Note that three copies of latest payslip and employment confirmation letter are necessary requirements.

Property Purchase Documents

Letter of offer from purchaser

Acceptance of offer by Seller

Copy of Title Deed from Seller

State which of these documents you currently have. Note, however, that at this stage, you may not have these documents and that's logically fine. After having an idea of your budget, you will need these three documents which are necessary documents requirement by Lender.

Financial Documents

Evidence of Equity contribution - Savings Account

Evidence of Equity contribution - Superannuation (Housing Advance)

Evidence of Equity contribution - Other

Statement of Outstanding Debts from other banks or lenders

6 Months Bank Statements

Equity is your % contribution. You need to prove to Lender that you have the funds available and provide evidence of same.

Additional Documents for Building/Renovating

If you are applying for a loan for the purpose of constructing new Building on vacant land/ Extension to an existing property. Note that these documents are the minimum requirements and more documents may be requested based on your circumstances.

Building Board & Regulatory Approval

Building Plan / Specifications

Approved and Stamped Building Plans by Building Board

Approved Water & Sewerage Plans by Water PNG

Approved Plans by Fire and Electricity Authorities

Engagement of Certified Contractors

Necessary regulatory approvals with copies of approvals to be provided

Insurance Documents

Provision of Builders Insurance Policy - workers insurance

Contractors all risk insurance

Public Liability Insurance

The necessary insurance covers for you and those contractors you engage.

Materials

Quotation from Suppliers

Plan of works

These are to quantify funding requirements

Preliminary Assessment

If you would like a preliminary assessment done on your loan eligibility, your buying power and other information or calculations based on basic information you provide, please complete below.

Assessment

Please send me more details/costs on a Preliminary Assessment.

Your Details

Name(Required)

First Last

Email(Required)

Enter Email Confirm Email

Employment Details

Employment Status(Required)

Full Name

Type of Tenant

Do you have at least 2 references

Who will pay the rent?

Name your Employer

How long did you stay in your last rental property?

State month or year

Why did you vacate?

State reason why you left the last tenancy.

Property Preference

Purpose

What type of property do you intend to rent?

House

Apartment

Townhouse

No. of Bedrooms

No. of Bathrooms

Your preferred suburbs

Type of Business

Size of space

Sqm

What will you store?

What will you store

Rental

Your budget (weekly)

Per week

Any comments

Buying a Property

Use this form if you are looking to purchase a property. On receipt of this completed form, our Consultants will review the details, request further information (if needed) and provide you options (where necessary).

Your Details

Name(Required)

First Last

Email(Required)

Purchase Details

Are you a first-time homebuyer?(Required)

Purpose(Required)

How soon will you purchase?(Required)

Finance Status

What is your budget?(Required)

Do you have bank pre-approval?(Required)

Bank (Pre-Approval)(Required)

State the name of the Bank that has granted you the pre-approval

Do you have your required deposit for a home loan ready now?(Required)

How will you finance your purchase?(Required)

Home Loan

Superannuation

Savings

Other

If Other, provide details

Property Preference

Which Province do intend to buy?(Required)

Your preferred suburbs(Required)

Use , to separate suburbs

What type of property do you intend to buy?(Required)

Vacant Land

House

Apartment

Townhouse

No. of Bedrooms(Required)

No. of Bathrooms(Required)

Would you consider engaging a Buyer's Agent to help you look for a property?

Selling your Property

Use this form if you are looking to sell your property. On receipt of this completed form, our Consultants will review the details, request further information (if needed) and provide you options (where necessary).

Name

First Last

Phone

Current Status

Property Details

Location (Suburb/Town/Province)

Property Type

No. of Bedrooms

No. of Bathrooms

Do you have quality images of the property?

Title

Do you have a State Lease on the Property?

Is the State Lease under your Name?

In whose name is the State Lease registered under?

Mortgage

Do you have a mortgage registered against the title?

Is the Mortgagee aware of your intention to sell?

Price

Asking Price

Minimum Offer

Has the property been valued?

In the last year

Do you have a valuation report?

Legal Representative

To assist you in drafting of contract, advisory, settlement (conveyancing)

Have you received an offer from the buyer?

Have you accepted the buyer's offer?

How much have you accepted to sell the property for?

Has the buyer paid a deposit?

How much deposit has the buyer paid?

To whom was the deposit paid to?

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