Frequently asked questions

  • A mortgage broker connects borrowers with lenders, offering a range of loan options. They negotiate loan terms, interest rates, and guide you through the application process, helping you find the best deal for your situation.

  • Mortgage brokers have access to multiple lenders and can offer a wider range of loan products, often securing better interest rates and terms. They save you time and effort by handling negotiations and paperwork.

  • Mortgage brokers typically receive a commission from lenders once the loan is settled. This means using a broker doesn't cost you extra and may even save you money by finding the best mortgage options.

  • Yes, mortgage brokers can assist with refinancing, helping you find better interest rates, lower monthly payments, or consolidating debts to reduce overall costs.

  • You will need proof of identity, recent pay slips, tax returns, bank statements, and information about any current debts and assets to apply for a home loan.

  • The amount you can borrow depends on your income, credit score, existing debts, and your overall financial situation. A mortgage broker can help assess your borrowing capacity.

  • You can choose from fixed-rate, variable-rate, interest-only, or split loans. Each loan type has pros and cons, and a mortgage broker can help determine which option is best for you.

  • Pre-approval gives you an estimate of how much you can borrow, while full approval happens after a lender thoroughly reviews your finances and finalizes your loan.

  • The process can take between 2 to 6 weeks, depending on the complexity of your financial situation and the lender's requirements.

  • Yes, although your options may be more limited. A mortgage broker can connect you with lenders that specialize in working with clients who have lower credit scores.

  • An interest-only loan allows you to pay just the interest for a set period, lowering initial payments. However, the loan principal remains the same until you begin paying it off.

  • Refinancing can lower your interest rate, shorten your loan term, or allow you to switch to a more favorable loan type. This reduces monthly payments and the total interest paid over the life of the loan.

  • Yes, you can use your Self-Managed Super Fund (SMSF) to purchase property, but the process is complex. A mortgage broker can guide you through SMSF lending to ensure everything aligns with regulations.

  • Expect to pay application fees, valuation fees, possible lender's mortgage insurance (LMI), and government charges like stamp duty. A broker will help you understand all associated costs.

  • Typically, you'll need a 10-20% deposit. Low-deposit loans may be available, but you may have to pay Lender's Mortgage Insurance (LMI) if your deposit is less than 20%.

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