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Frequently Asked Questions

Why should I use your services instead of going directly to the lenders?
Do I need to have good credit to get a loan?
What do I do if I am not sure of my credit rating?
Are there any fees associated with your service?
What is LVR?
What is a split facility?
What is a redraw facility?
What is Lender's Mortgage Insurance?
Am I better off keeping my current loan or refinancing?
How much can l borrow, what will be my repayments?
What if I have just started a new job?
How long does it take to get my loan approved?
Why will one lender approve my loan when another one does not?
What are your interest rates?

Why should I use your services instead of going directly to the lenders?

There are many advantages to using us instead of applying directly to a particular lending institution.

We are continually researching the Aussie Loan market to identify the leading Aussie lenders, loan originators and mortgage managers offering the most innovative, flexible and competitive loan products to date. We will direct these to you in accordance with the needs you have specified in your loan inquiry. We offer you this service for FREE

It enables the borrower to choose from a wide variety of lenders and loan products. This means the advice is independent of any one lender. Many Wholesale lenders operate ONLY through the mortgage originators and mortgage managers, enabling access to lending products which are not available directly to consumers.

You can save time and hassle of shopping around. Your Loan will be explained to you in plain English, translating the technical bank jargon into easy to understand terminology.

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Do I need to have good credit to get a loan?

If you are looking for a home loan, investment loan, debt consolidation or would like to refinance an existing mortgage – we can help you irrespective of your credit history. We search our nationwide network of professionals and put you in contact with the one best suited to help you find the right type of home financing. If you are looking for an unsecured personal loan, then a good credit rating is necessary.

What do I do if I am not sure of my credit rating?

Click Here to check your credit rating on-line

Are there any fees associated with your service?

Our service is completely free to you. There are no fees associated with our service. Our recommendation is the result of an extensive search of the best Aussie Loan programs offered by Lenders, Loan Originators and Mortgage Managers throughout Australia.

What is LVR?

LVR stands for Loan to Valuation Ratio. It is formulated by dividing the loan amount by the purchase price or valuation of the property. For example, if your property is worth $400,000 and your loan is $320,000 – this represents an LVR of 80%.

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What is split facility?

This is a feature commonly used with Lines of Credit and fixed rate mortgages. It allows the borrower to split the loan into a number of sub-accounts. The usual reason for doing this is to split fixed and variable rate portions of the loan. Another common use is to split the personal and investment portions of a mortgage in order to keep track of tax deductible and non tax deductible interest expense.

What is redraw facility?

It allows you to redraw from the mortgage any extra funds you have paid back over and above the scheduled repayments. Many people use this facility to buy a new car or for a holiday as the funds are cheaper than taking out a personal loan.

What is Lender's Mortgage Insurance?

This insures the lender against any loss incurred in the event they are forced to sell a property for less than the balance of the loan (i.e. if they lose money in a foreclosure). The insurance premium is paid by the borrower at settlement generally only on loans where the Loan to Valuation Ratio (LVR) is greater than 80%. The amount of the premium varies from lender to lender but is based on the amount of the mortgage and the LVR.

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Am I better off keeping my current loan or refinancing?

Many clients choose to refinance their home loan or investment properties because their circumstances change. You may be:

Starting a family
Moving house
Seeking to renovate
Getting married
Retiring
Or simply reviewing your financial position

Mortgages are often the single largest outgoing each month. Refinancing can enable:

Mortgage reduction - literally saving thousands
of $$ and possibly halving the term of your loan.
Consolidation of debts - relieving some of the pressure of higher interest rates from personal loans and credit cards.
Providing more flexible finance options – utilising the existing property equity for other purchases such as renovations or a holiday. (This should be approached carefully so as not to detrimentally impact the equity in your property).

In summary, a successful refinance will deliver to you savings which substantially exceed the associated costs.

How much can l borrow, what will be my repayments?

The amount you can borrow and your repayments depend on the lender your choose, the term of the loan, the amount of your deposit, your income, your employment history, what you are personally capable of repaying, your other loans and even which repayment options and product you choose.

This is why we suggest that you request an appointment with a Specialised Loan Consultant who will be able to qualify your situation before you actually apply.

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What if I have just started a new job?

People who have just started a new job can still get a loan in most circumstances

How long does it take to get my loan approved?

The length of time it takes to get an approval depends on how quickly you can provide the relevant documentation to support their loan application. Generally, it takes about 3 working days to obtain an approval after all relevant information is supplied

Why will one lender approve my loan when another one does not?

Most people do not realise the differences between lenders. Not only are their product offerings different, but their lending guidelines and assessments are also different. The bank or financial institution you apply to may not be suited to your borrowing needs.

In order for a lender to determine whether or not you can afford the loan (serviceability), some use your after tax income while others use before tax income. Some lenders add back interest paid for investment property (as they are tax deductible), others don't. Some use a fixed amount per dependent in their calculation, while others use a percentage of all household income. On top of all that, most banks do not use the actual interest rate when calculating the serviceability, rather they use a "loaded" or "assessment" rate.

Not only is the ability to pay important, the security (property/ies to be mortgaged) offered also plays a factor.

Not all lenders are created equal. By checking with a lending consultant, who has access to a number of lenders, you'll save time from having to check with all the lenders to see what their serviceability criteria are.

What are your interest rates?

Our chosen network of Lending Specialists have a variety of finance solutions offering very competitive interest rates. The lending consultant will work with you to identify the loan best suited to your requirement at the best available rate.

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