Frequently Asked Questions

General

How long does it take to apply for a loan?
There are many variables involved in applying for a loan.  Once your goals have been established and certain structures recommended your broker will be able to give you a good understanding of exactly how long it is expected till your new loan is settled.

How do brokers get paid?
Brokers get paid a commission from the banks. So there is no cost to use our service. Similar to real estate agents we get rewarded for connecting a consumer with the product.

Should my mortgage be fixed or variable?

There are many reasons for picking either a variable or fixed interest rate. It needs to be evaluated what your goals are for the next few years to establish what loan will suit your needs.
The positives of fixing your interest rate is your cost will remain relatively the same due to the interest rate not changing, so this can be of benefit for budgeting purchases. Although some lenders have restrictions on their fixed loans there can be fees incurred when breaking a fixed term.
That is why it is important to discuss the right mortgage with your broker.

Why use a finance broker?
There are multiple lending institutions today, using a broker will allow them to identify the best fit for yourself. Also brokers can be aware of discounts and specials that may not be available to the public.

How much can I borrow?
A broker can help you work out how much your borrowing capacity is. There are multiple lenders with different requirements. So it can be important to find the right lender to maximise your lending capacity.

Who does the paperwork?
Your broker will do all the leg work for you and will organise the paper work and submission process all the way through to settlement.

Investing

Where does my deposit come from?

A deposit can come either from your savings or if you already own a property you can utilise the available equity for an additional purchase.

How do I know if I can afford a property?

Once we get a good understanding of your current financial position a finance specialist will be able to evaluate what you can comfortably afford.

Refinancing

How much money can I save by refinancing?

This is dependent on your current loan balance and your current interest rate. Once a new loan amount and new interest rate is identified it will then be compared to the current loan structure to determine the level of savings. To evaluate whether or not you will benefit from refinancing a specialist will look at the amount of savings you will incur from making the switch. This will then be compared to the cost of switching your home loan to conclude whether or not you will benefit from refinancing.

How much money can I save by consolidating my debts?

Ultimately consolidating your debts gives you the ability to reduce your monthly costs or allow your monthly repayments to work more efficiently. This is due to consolidating the smaller term, higher interest rate loans into a lower interest rate home loan. By continuing your current monthly repayments in the new loan it will assist in paying your home loan off sooner.

Buying your First Home

How much can I afford to borrow?
After discussions with a specialist they will be able to establish your borrowing capacity. It is important to find the right lender to fit your requirements and ensure it fits your affordability.
How much do I need for a deposit?
This varies on the purchase price of the property. Once you have established how much you can borrow your broker will be able to indicate how much is required for the deposit. It can be beneficial to discuss with a broker early on so you can then establish how much is required to save and you will know how long till you can purchase your first property.
Can I access the First Home Owners Grant?
This varies from state to state. Contact a specialist to discuss further.
What are the costs in purchasing a home?
There are multiple costs involved in purchasing a property. These vary depending on the price point.