FAQ

The role of a mortgage broker in connecting borrowers with lenders, as opposed to a loan officer who works directly for a specific lending institution, like a bank.

The advantages include access to a variety of loan options, personalised advice throughout the entire lending journey, no service fee to the broker, potentially better rates and various options and we can work directly with your trusted advisors like accountants and financial advisors.

We partner with Loan Market and have access to over 60 lenders.

Identity and verification documents, proof of employment and income details, credit history, tax returns, bank and savings information’s, asset details and other property, purchasing or loan related information.

Our team use our seven step methodology and evaluate your financial situation and match it with suitable lenders and loan options.

Different types of mortgages such as fixed rates and variable rates, along with advice on which option may be most suitable depending on the client’s circumstances.

We provide tailored guidance on steps to improve creditworthiness and potentially qualify for more favourable loan terms.

If you are unable to meet your loan repayments, we are here to support you and get the help you need to overcome any financial difficulty or hardship you may be experiencing. It is a good idea to reach out as soon as you identify there may be a problem so we can act quickly and reduce the impact.

Numerous grants are accessible for individuals seeking a home loan, with variations depending on the state. To determine your eligibility for available grants, reach out to us.

The costs associated with refinancing typically encompass discharge, application, and settlement fees. Hence, it’s crucial to ensure that the long-term savings outweigh the initial costs. 

Generally, lenders require a 20% deposit of the total house price before considering a loan. However, there are alternatives available. Some lenders may accept a smaller deposit, though this may necessitate paying Lenders Mortgage Insurance (LMI). Additionally, there could be grants accessible to you. 

Certainly! Borrowing capacity pertains to the amount you can borrow from a lender. For an estimate of your borrowing capacity, utilize our calculator: “How much can I borrow?” For a thorough assessment, reach out to us today.

Several fees often go unmentioned when purchasing a property, including stamp duty, application fees, and pest and building inspections.  

A grant refers to a non-repayable sum provided by a specific entity, often a nonprofit organization or government body.

Both renting and buying a home have advantages. Renting offers flexibility for relocation and frees up savings, while buying provides stability and the opportunity to build equity. A broker can assist in deciding which option aligns best with your financial situation and future aspirations.

Determining whether to buy or sell first depends on timing and individual circumstances. Seeking advice from a professional is recommended to explore the pros and cons of each option.

A deposit bond is a document assuring the seller that the deposit will be provided during settlement rather than at the contract exchange. It enables a company to cover the deposit cost, with the buyer repaying the company typically after their property has been sold, serving as an alternative to short-term credit.

A redraw facility, linked to your home loan, serves as a repository for savings earmarked to pay off your mortgage. Utilizing this facility can help reduce the interest on your home loan.

The amount you can borrow depends on various factors such as your current income and savings. Utilize our borrowing power calculator for an estimate or reach out to us for personalized assistance.

Genuine savings refer to funds accumulated over a specified period, typically three months, as opposed to money received as a gift.

An offset account is a transaction account linked to your home loan, allowing deposits and withdrawals. Holding funds in this account can potentially reduce the interest charged on your loan.

A residual amount, sometimes termed a balloon payment, is a one-time payment due at the end of the loan term, factored into the total loan cost at the outset.

A good interest rate depends on factors such as loan type and repayment plan, varying for each individual. Consulting with a broker can help identify competitive rates tailored to your needs.

An interest-only loan entails paying only the interest on the principal balance for a set period, without reducing the principal balance.

While banks offer their products, brokers explore multiple options from various lenders to find the right loan for you, with a legal obligation to act in your best interest. This distinction makes brokers a preferable choice.

A bridging loan facilitates the purchase of a new home while awaiting the sale of your current property. It covers the cost of the new property, to be repaid upon the sale of the old property.

Best Interest Duty (BID) mandates mortgage brokers to act in the client’s best interest, ensuring ethical and responsible service, a requirement not applicable to banks.

A mortgage broker assists borrowers in finding loans suited to their needs by offering access to diverse products and lenders, guiding clients throughout their loan duration to optimize savings.

Lenders Mortgage Insurance (LMI) safeguards lenders in case of default by borrowers. It’s an additional fee applicable when the loan poses higher risk, typically when borrowing more than 80% of the purchase price.

Pre-approval indicates a lender’s provisional approval for a home loan up to a certain limit. It provides clarity on loan eligibility and potential terms but does not bind the lender to provide the loan until further conditions are met.

Stamp duty refers to state government taxes on property transactions, varying based on location and property price. Utilize our stamp duty calculator for estimates and reach out for further assistance.

When moving house, options include refinancing with the same or a new lender, or paying out the existing loan and obtaining a new one. Professional guidance can help determine the most suitable approach.

We’ll explore your preferences and financial situation to narrow down options, considering factors like loan type and features, ultimately arriving at a decision together.

While both can save interest on your home loan, offset accounts offer greater flexibility, allowing withdrawals via ATMs and debit cards, whereas redraw facilities serve as storage for savings, with limited accessibility.

Variable rate loans fluctuate with market conditions, offering flexibility, while fixed-rate loans maintain a constant rate for a predetermined period, providing predictability.

While not obligatory, obtaining pre-approval for a personal loan offers clarity on loan eligibility, repayment estimates, and available features, aiding in informed decision-making.

Secured car loans utilize the car as collateral, offering lower rates, while unsecured loans do not require collateral but may carry higher interest rates and lower borrowing capacity.

Beyond the car loan, additional costs like stamp duty, registration, insurance, and running expenses should be considered. Professional guidance can help assess overall affordability.

Securing pre-approval for a car loan provides insight into affordability, repayment estimates, interest rates, and available features, enhancing negotiation power when purchasing a vehicle.

Refinancing involves replacing an existing mortgage with a new loan from a different lender, typically to secure better terms or features.

Negative gearing occurs when expenses exceed earnings in an investment property, while positive gearing indicates earnings surpass expenses, resulting in a net profit.

Yes, leveraging equity from an existing property can finance the purchase of an investment property, offering an alternative to utilizing savings.

Assessing affordability, goals, and long-term plans is crucial in determining the suitability of investing in property. Consultation with financial experts can provide valuable insights.

Selecting an investment strategy depends on factors like investment duration, initial capital, and financial goals, necessitating thorough consideration and professional guidance.

The ideal investment loan should align with your goals for cash flow and capital growth, considering factors like interest rate type and lender options.

Formal pre-approval for an investment loan is essential, providing clarity on the maximum loan amount based on financial assessments and investment details.

Asset finance terms typically span from one to seven years, offering flexibility in repayment durations.