Frequently Asked Questions
What is the charge for your service?
In almost all scenarios you are not required to pay a fee for our services. Instead of charging you, most banks pay us a commission as the mortgage broker for processing your loan with them.
In cases where a fee is required, for example a business loan where extensive business planning and documentation is undertaken by us, we will provide a detailed breakdown of all fees.
How much deposit do I need to buy a property?
As a general rule, lenders will ask for 20% of the purchase price in order to approve a loan, but there are a number of ways we can work around this.
Some lenders will accept a smaller deposit provided you pay a pay Lenders Mortgage Insurance (LMI). There might also be grants that you can take advantage of, like a First Home Buyer's grant, to top up your deposit amount.
We can help sort through all of your options, simply contact us today.
How much can I borrow?
Borrowing capacity refers to how much you can borrow from a lender.
Banks look at factors such as your income, expenses, any current loans you may have, and what assets you own.
To get an estimate of your borrowing capacity, contact us today.
What costs are there to buy a property?
There are several fees that often aren’t discussed in length when buying a property. These include Government stamp duty, transfers and registration fees, land title fees if you're building new, pest and building inspections and more. Get in touch with us today for an up-front conversation about all the hidden fees.
How do I decide which loan to take?
With a huge range lenders including major banks as well as specialists, we are spoiled for choice.
We'll narrow the search down through talking to you about your wants, needs and goals. Then we will show you your options, listing the pros and cons of each loan, and ultimately we will come to a decision together.
What does a lender charge on a loan?
Banks and specialist lenders have differing charges, and often it depends on what promotions they are running.
The most common charges include application fees, annual fees and monthly account keeping fees.
Often a discounted interest rate will result in higher fees on a loan, which is why we prefer to look at the total repayment including fees to determine how suitable a loan is for you.
To review your options, contact us today.
Should I buy an investment property?
Words like ‘negative-gearing’ and ‘cash flow strategy’ are often thrown around. If you’ve made the decision to invest, the next question should be "what strategy"?
Your choice should depend on several factors, the most common being the length of time you plan on having the investment property, how much capital you're willing to initially put down on the property and what are your other financial goals?
We can help - get in touch today.
Does it cost money to refinance?
There are some fees that are typically associated with refinancing, including:
- Application fee for your new loan
- Discharge fee to your previous lender
- Settlement and registration fees on your new loan
In some cases we may be able to discount or remove fees, we always work to ensure the long term savings of refinancing outweigh the upfront cost. To find out what you could save, get started on a detailed evalution with us today.