Frequently Asked Questions
How do I know I am getting the most up to date information about loans?
Our loan calculators let you figure out how much you can realistically borrow. Our interest rate tables give you a simple view of many of the products available in the market. Our monthly email and our quarterly e-newsletter together with our facebook posts keeps you informed about home loan issues such as rate changes and property market moves. Most of all our sophisticated software is updated daily with all the latest specials and interest rate deals that lenders are offering.
Is there any charge for your service?
Quite simply there is no charge for our mortgage broking service. We receive a commission from the lender you choose every time we introduce settled loan business. This allows the service we provide to be free to you. The commissions are disclosed in a document called a Credit Proposal. This discloses to whom the commission from the bank will go to when your loan settles. In this way you can have complete confidence that we are committed to fully disclosing all financial arrangements associated with your loan. We do charge a commitment fee for pre-approvals, however if your loan is settled within the pre-approval time frame, this amount is fully refunded at settlement of your loan.
Can I pay my loan weekly/fortnightly?
Loan repayments can be set up to occur on a monthly, fortnightly or weekly cycle.
How do I make extra repayments?
This can usually be done via phone or internet banking. The extra repayment is debited from a nominated bank account. If you’re not sure, call our office and ask.
What is Redraw?
Redraw is a payment taken from your mortgage and credited to your bank account. If you have made extra payments above your standard monthly payment, you can access the additional payments by redraw
Do lump sum repayments reduce my monthly payment?
Not automatically. They reduce the loan term and save substantial interest. You can redraw against the extra payments at any time without cost. You can however, choose to have your loan recalculated based on a lump sum reduction.
What is the Family Equity option?
If you do not have the deposit yourself or do not want to pay Lenders Mortgage Insurance this option allows your immediate family members i.e. mum, dad, grandparents, etc, who have equity in their own home to help you. They are not tied in as guarantors for the whole loan amount.
If I refinance can I buy shares or another property?
Yes you can. If you have equity in your home you can use that equity to purchase shares, buy another property, a car, boat, home improvements or even that once in a lifetime holiday.
I want to purchase an investment property in another state - can you help me?
Yes I am not restricted to area I can arrange your loan for property in any state of Australia. This includes residential, rural, and commercial properties.
Why should I use a Mortgage Consultant rather than go directly to the bank?
Choice!! If you deal directly with the bank you are restricted to their products and policies alone. I can provide you with a comprehensive and accurate comparison between our panel of banks, building societies and mortgage providers to help you fully understand some of the features and pitfalls before you sign a mortgage contract.