Do you charge for your services?
- In most cases we do not charge for our service as we are paid a fully disclosed commission by the bank we arrange your funding solution with. If it is necessary for us to charge a fee it will be discussed and agreed by the customer before our services are engaged.
What is Lenders Mortgage Insurance and when does it apply?
- Lenders Mortgage Insurance (LMI) is insurance that covers your bank in the event that you default on your mortgage. It applies where the loan exceeds 80% of the value of the property you are buying/refinancing. The premium is paid by the borrower when the loan settles and is a one off fee.
How much deposit do I need to purchase a home?
- At the very minimum you will need to have 5% of the purchase price plus the ability to cover purchase and financing costs which vary depending on the purchase price and loan amount.
I am self-employed and I have not completed my tax returns. Am I still able to borrow for a home loan?
- Most lenders require a minimum of two years lodged tax returns as evidence of income to assess your capacity to borrow. If you don't have these available some lenders will consider alternative forms of evidence to confirm your income such as BAS statements, Bank account statements and in some cases a written declaration from the borrower and the accountant stating the level of income earned by the borrower.
I have found a property I would like to purchase but I still have not sold my current home. The equity is locked until I sell my home and I don't think I can afford two loans. Am I still able to borrow for the new property?
- Yes you can. There are Home Loan products referred to as relocation or bridging loans which are especially designed to overcome this very common situation.
I have a default listed against my name. Will the bank still consider me for a home loan?
- Depending on the amount and circumstances surrounding the reason for the default, most banks will still give your application consideration especially if the default is listed as paid.
I am an Australian citizen working overseas at the moment, am I still able to apply for a loan?
- Yes you can. There are Home Loan products designed to accommodate such circumstances. Certain restrictions apply.