 Basic Common Questions are answered below. Individuals are encouraged to ask their own question. Tired looking for best mortgage loan, our Australian mortgage brokers can help you. Bank Said No Home Loan, our mortgage consultants may have an answer through non conforming lenders. If necessary we can arrange our EXPERT near you to visit and help you. Our service is free to you, we are paid by the lender.
Ask our consultants your question, they will have a solution, probably that will help you to get a better mortgage.
It is a big question to find most cost effective mortgage, customers think cheapest mortgage interest rate gives them most cost effective home loan outcome. Loans with lowest mortgage interest rate may have high bank charges resulting you to pay more finally.
Best mortgage home loans have cheap home loan interest rate and cheap bank charges, check comparison interest rate to make your judgement. It is easier to find a suitable loan by contacting an EXPERT.
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Why I should not apply online
Can you talk to a machine/computer? When you have a question, no one to answer, you are alone to solve your problem. If you are conversant with terms and conditions, it is OK to apply online after reading fine prints. In our opinion even experts find it difficult to understand them. This may result unexpected fees & charges, finally making you to pay more than the savings you may obtain from lower interest rate. Therefore we will not recommend them.
 What documents necessary to apply for a loan
Many lenders need 2 years tax returns (Full Doc Mortgage) or 2 years ABN (Lo Doc loan) with self certified income.
When will LVR applicable
Full doc loans LMI payable by a customer 80% LVR or over. Low doc it would be 60%.
There are loans where you may not pay LMI for 90% LVR but they are at a higher interest rate instead.
Non conforming loans may undertake bad credit customers with 15% minimum deposit/equity.
Similarly some good customers may attract LVR up to 97% from a lender. There were times 110% loans were possible.
How can I pay out my Mortgage Loan sooner ?
There are ways to pay out your mortgage sooner.
- Making the higher repayments. A refinance with lower interest rate may enable you to do so.
- Don't make withdrawals on your loan.
- Buy a smaller, cheaper property to begin with (Lower end of your need), try to repay an extra dollar when you can.
- Shop around for better loans and move your self from one bank to another if the move is beneficial to you.
- Get a home loan with a lower comparison interest rate (lower or no on-going fees and charges).
- Consolidate your debts into one loan with a line of credit facility (All credit cards & high interest loans), these are normally offset accounts.
Consolidation loans help mortgage debt consolidation through mortgage refinance |
Which home loan ( mortgage ) is best for me ?
You certainly have a lot of Australian Home Loans to choose from. Fixed or variable? Principle and interest or Interest only or Line of credit facility. Australian mortgage brokers can help you.
The loan satisfy your requirements best is the one for you. An independent home loan consultant is more likely to direct you to a correct lender as they have no special obligation towards one lender against the other.
How can a broker assist us when BANKS unable to do so
A broker work for many lenders. He will have a broad knowledge of products, by listening to you he will assess your need and recommend a few suitable products. They will come from different lenders. All lenders pay a commission to brokers, therefore there is no reason for them to be biased in their opinion.Broker feepaid by lender is not an additional costto you.
We have products with
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Access to mortgage minimization software
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Offset facility @ loan interest rate
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Loan splits to suit your investment strategies such as share trade
Which bank may not able to offer you. A bank speak for themselves. They have limited products, therefore your options are limited too.
Can some one with a bad credit history still get a loan at reasonable rates?
As long as you are truthful to us (declare your position correctly), we will try to get you a loan, regardless of your past credit history. Lenders have ways and means of checking your crdit history. Lenders need to know whether you're likely to repay the loan. Risk to lender has strong relation ship to lenders expected return. You may have to pay a higher rate for higher risk initially for a qualifying period, then there is a good chance that your interest rate will be reduced to applicable variable rate.
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What is the lowest interest rate I could get?
There are interest rates lower than approximately 1% of average variable rate (honeymoon rate). Any person under normal Full Doc criteria will be eligible for this. There are other attractive packages for professionals (Loan amounts over 500k) and lender may consider 0.7% off. Best answer to this question would be - your eligibility. Confidential analysis of your current financial situation will tell us what products available to you and related interest rate for each of them, this will enable you to pick your best.
What is Full Doc Loan Application?
A loan application that is supported by verifiable documentary proof. Since the risk is less on such loans, once 105% loans were possible on them. Two years tax returns criteria apply.
What is Lo Doc Loan?
Normally customer has to submit proof of income a way of PAYG or Tax Returns. A self certification of income confirming ability to repay is acceptable normally from self employed. A loan acceptable to a lender in this manner is called a Lo Doc Loan.
What is No Doc Loan?
No documents necessary to obtain this type of a loan. Since risk is high LVR on such loans may be lower. READ MORE - Non conforming Loans. Since lately BAS statement is a minimum requirement, thus it is not a No Doc Loan any more.
Advantage with a Non Bank Lender?
They help you when you cannot meet major bank criteria to obtain your loan. Non bank lenders will have less criteria to qualify your loan, they may have loans specifically designed to those do not qualify for Bank Lending. You are expected to pay higher interest rates for these high risk products although where competition is high you may find a product with similar rates to a bank.
Please note, banks have more stability in a crisis situation. Banks buy loan portfolios from such Non Bank Lenders for cheap when they are in a crisis situation (ie, RAMS by Westpac ) but yet your loan will continue with such new buyers under same terms. |
