How are you paid?
We are generally paid commission for arranging a loan or finance and this is paid by the credit provider who provides the facility. In this circumstance, we do not charge you for our services.
In cases where there is a complex loan structure required, we may provide a quote upfront for the analysis required to ensure an appropriate solution is sourced.
What loan products do you have access to?
We have access to Australia’s main lenders as well as niche operators that are able to provide an effective solution for a complex need. This gives us access for over 150 different loan options.
Why should we work with you as opposed to our bank?
Banks offer you loan products; we offer you smart solutions. We can save you thousands finding your next mortgage without any hassles or bank managers. It is our job to guide you safely through the mine field of ever changing housing loan interest rates and mortgage conditions.
Whether you are a first home buyer, refinancing an existing loan or looking to borrow more to invest in a commercial property, we work for you and with you to navigate and develop the right solution.
Can you obtain pre-approval of a loan?
A pre-approval is an approval that is given confirming that you can afford the loan based on your current circumstances. It is subject to conditions, for example, acceptable security and verification of income, and is not binding on the lender. You are able to apply for one usually before you have found a property.
How long does pre-approval last?
A pre-approval is valid for 3 months from the date of issue.
How long does the loan application process take?
There is no fixed time period to wait before you refinance an existing home loan – you will, however, need to understand the cost implications of doing this. Each different home loan product will have a set of fees and conditions around refinancing, or how they vary the amount within the original loan period. These can indicate whether it's worthwhile refinancing your loan.
Should I fix my loan or use a variable interest rate?
We can work through your position to determine the appropriate outcome be it wholly fixed interest, variable or a combination of the two.
An Interest Only loan allows you to pay only the interest on the loan, rather than paying back both principal and interest. At the end of the interest only period (usually five years) you will still owe the full amount you originally borrowed. The advantage with the interest only feature is that the loan repayments are lower during this period. Interest Only loans are popular with investors who are planning to sell the investment property at the end of the term.
Should I pay interest only or principal and interest?
Your needs now may be quite different to your needs in the future. Principal and Interest (P&I) loan repayments are calculated so that you pay back all of the money you borrowed (principal) and all of the interest that will be charged over the term of your loan. When the term ends (usually 30 years) you will end up with a nil balance on your loan. Your needs will be assessed by our team to assist in selecting an effective repayment structure.
Can you help me understand and manage my cashflow position?
We have developed a service that will assist you in understanding and managing your cashflow, like a well-run business. Our smart cashflow tool allows you to have a high level view of all your income and expenditure, giving you greater clarity to your current and ongoing position. This will allow you to have the peace of mind to undertake the next financial steps with clarity.
What is Stamp Duty? How much do I have to pay?
Stamp Duty is a state government duty payable when a property is purchased or transferred. Stamp Duty is calculated on the purchase price of the property and is paid by the buyer. Each State and Territory has a different rate of duty. We are able to provide an estimate how much Stamp Duty will be payable on your property purchase.
You may borrow for a range of purposes including:
To purchase a residential property in which you plan to live
To purchase a residential property for investment purposes
To refinance an existing home loan
To refinance an existing home loan and consolidate other debts
For other investment purposes e.g. a share portfolio
To release equity in an existing property
For some business purposes
To purchase land and construct a dwelling
To finance the construction of a dwelling on existing land
To conduct major renovations to a new or existing property.
What is LMI?
Lenders Mortgage Insurance (LMI) is insurance that protects the lender in the event the security property is sold and the funds from the proceeds are not enough to discharge the loan. The LMI then pays the Lender the shortfall. The rights to recover the shortfall from all of the parties on the loan ( borrowers) are then transferred across to the LMI who will pursue the shortfall.
The cost of LMI insurance is a one of payment at the start of the loan and is usually added to the loan amount and should not be confused with income protection insurance.
What will my repayments be?
Your repayments take into account the annual interest rate, loan term, repayment frequency and loan amount and whether you wish to pay all of the principal back (Principal and Interest) or just the Interest (Interest Only).
How is interest calculated?
Interest is calculated on the daily outstanding balance of your loan and charged to your loan account monthly. You can reduce the interest you will pay on your loan by making extra repayments or depositing additional funds into your loan account to reduce your daily balance.
What do I need to do to apply?
To begin your application, the required details are to substantiate your income, current credit obligations (like personal loans and car loans) and available credit limits (from credit cards, store cards and interest fee accounts) and the amount you are looking to borrow.
Do I need a lawyer?
It’s a good idea, once you’ve found a property, to get a lawyer or conveyancer to look over the proposed ‘Contract of Sale’ before you sign it. You will also need a lawyer or conveyancer to assist you with the settlement process and the exchange of title documents if you are purchasing a property.