Frequently Asked Questions
How long does it take to apply for a loan?
How do brokers get paid?
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?
How much can I borrow?
Who does the paperwork?
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.
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.