Frequently Asked Questions
Find answers to common questions about the loan process, our services, Government Schemes, and many more.
What is a mortgage broker, and why should I use one?
A mortgage broker is like a matchmaker for home loans. Instead of going directly to a bank, which has limited options, a broker connects you with many lenders, offering a variety of mortgage choices. This means you're more likely to find a loan that fits your needs, a competitive interest rate, and saves you money. Brokers handle the paperwork, negotiations, and provide expert advice, making the whole process easier and tailored to you. They can also help improve your chances of approval, even if your credit isn't perfect.
The best part?
In most cases, the broker is remunerated by the bank or lender through commissions, so it doesn't cost you extra. It's like having a personal guide through the mortgage maze, helping you find the best deal without the hassle.
The best part?
In most cases, the broker is remunerated by the bank or lender through commissions, so it doesn't cost you extra. It's like having a personal guide through the mortgage maze, helping you find the best deal without the hassle.
What is mortgage refinancing, and when should I consider it?
Mortgage refinancing means getting a new home loan to replace your current one, often with better terms like a lower interest rate or a different loan period. You might think about refinancing when interest rates go down, your credit improves, your money situation changes, or you want to use some of the value your home has gained for things like home improvements or paying off debts. It can help you reduce your monthly payments, save money in the long run, or meet your financial goals, but it's essential to compare the potential savings with the costs of getting a new loan and think about how long you'll stay in your home before deciding if it's a good idea for you.
How do mortgage brokers get remunerated?
Mortgage brokers receive a commission from the bank or lender for connecting borrowers with the right mortgage.
How Much Funding is Required for First Home Buyers?
The First Home Guarantee scheme offers a significant advantage, allowing you to purchase a home with just a 5% deposit. This means that if you're eyeing a property worth $500,000, you'd need only $25,000 as a deposit. The government provides a guarantee for the rest of the deposit, making it more accessible for those who may not have substantial savings for a larger deposit.
An alternative route is to utilize a family guarantor. With this option, you may potentially borrow 100% of the purchase price. A trusted family member, like a parent, uses their property as collateral for your loan, enabling you to bypass the need for a deposit entirely. This approach provides greater flexibility, as your savings can be kept in an offset account or used for other financial purposes, rather than being tied up in a deposit.
The choice between these options depends on your specific financial situation and preferences. It's advisable to consult with a mortgage broker who can provide personalized advice based on your circumstances, helping you make the most informed decision to achieve your dream of owning your first home.
An alternative route is to utilize a family guarantor. With this option, you may potentially borrow 100% of the purchase price. A trusted family member, like a parent, uses their property as collateral for your loan, enabling you to bypass the need for a deposit entirely. This approach provides greater flexibility, as your savings can be kept in an offset account or used for other financial purposes, rather than being tied up in a deposit.
The choice between these options depends on your specific financial situation and preferences. It's advisable to consult with a mortgage broker who can provide personalized advice based on your circumstances, helping you make the most informed decision to achieve your dream of owning your first home.
Can you help me buy a home even if my credit history isn't perfect?
Yes, we can help you buy a home even if your credit isn't great. We understand that not everyone has a perfect credit record, and we work with lenders who are willing to help people with less-than-ideal credit. So, whether you have some late payments or defaults on your credit history, we can still assist you in finding a home loan.
Our mortgage brokers are like matchmaking experts. They'll get to know your financial situation and your home-buying goals. If you have credit issues, they'll find lenders who are more likely to say "yes" to your mortgage application. This way, you can still buy a home, even if your credit isn't perfect. Plus, they can give you tips on how to improve your credit over time, so you can get better mortgage terms in the future.
Our mortgage brokers are like matchmaking experts. They'll get to know your financial situation and your home-buying goals. If you have credit issues, they'll find lenders who are more likely to say "yes" to your mortgage application. This way, you can still buy a home, even if your credit isn't perfect. Plus, they can give you tips on how to improve your credit over time, so you can get better mortgage terms in the future.
