Experts help you save money, find cheap mortgage interest
rates for House or Commercial mortgages, small 50 sqm apartment loans or luxury
living semi rural acreage home loan, Investment Property, Refinance, Contact Us
Today.
Basic Common Questions are answered below.
Individuals are encouraged to ask their own question from our EXPERTS.
Tired
looking for best mortgage loan, our brokers can help you. LMI apply to loans
over a certain LVR. Bank Said No, our consultants may have an answer.
Our
mortgage service do not cost you extra, we are paid by the lender. If necessary
we can arrange our Sydney Home Loan Brokers near you to visit an help you.
Need Help, Call us on 0422505820 |
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Our ADVISE for you is not to struggle
trying to obtain your loans by your self, Contact Experts who could guide
you. Whether you try your self and get a mortgage or go through a broker,
COST of your LOAN is the same.
So, why not get a better deal through BROKERS?
Ask
our consultants your question, they will have a solution, probably that will
help you to get a cheap mortgage rate. Bad credit consolidation, NO PROBLEM.
Low interest home loan refinance is a better options than high interest
individual loans. Refinancing your car loan, credit card or personal
loan together with mortgages and save money. |
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).
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Why I should not
apply online
Can you talk to
a machine/computer? Computer has set answers per the program. A question that
fit in to the program it will give an answer, else some garbage which is not
relevant.
If you are
happy with all details outlined
online, it is
comfortable to obtain mortgage online. But you know lenders have fine
prints, terms & conditions hidden. That is the catch on these home loans.
When you have a question, no one to answer, you are alone to solve your
problem. Unexpected fees & charges may result and finally making you to pay
more than the savings you may obtain from the lower interest rate
advertised. Therefore we will not recommend them.
LVR
Full doc loans over 80% LVR Lender Mortgage Insurance payable by a
customer. Low doc it would be 60%. There are home loans where you may
not pay LMI for 90% LVR . High risk lenders accept a higher interest
rate instead.
Non conforming lenders
may undertake bad credit mortgage loans customers with 15% minimum home
equity. Similarly some good customers may attract LVR up to 95% from
lenders. There are no 100% home loans.
How can I pay out my Mortgage Loan sooner ?
There are ways that will work to pay out your
mortgage sooner.
- By making a higher amount than required
mortgage debt repayment periodically, we mean $100 or so not thousands.
- Refinance your home loan with lower interest
rate, specially bad credit refinancing, use this interest reduction to repay
your capital.
- Don't make withdrawals on your loan unless it
is a must.
- 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 home loans and look
for best mortgage refinance, move if it is beneficial to you.
- Compare mortgage interest rates and get a
cheap home loan with a lower comparison interest rate that has low on-going fees
and charges.
- Line of credit facility help you obtain funds
when required either to pay off all credit cards & high interest loans or to
invest when opportunities arise.
Refinance could include mortgage, personal
loans, credit cards & car loan. This may help you to wipe out bad credit history
in the long run. |
Which home
mortgage loan is best for me ?
You certainly
have a lot of HOME LOANS to choose from. Fixed or variable? Principle and
interest or Interest only or Line of credit mortgage facility.
The loan
satisfy your requirements best is the one for you. An independent mortgage home
loan broker 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 bank speak for themselves. They have
limited products, therefore your options are limited too.
A
mortgage 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 home loan
lenders pay a commission to brokers, therefore there is no reason for them
to be biased in their opinion, fee paid by lender is
not an additional cost to you.
We have
products with
-
Access to mortgage minimization
software
-
Offset facility @ loan interest
rate
-
Loan splits to suit your
investment strategies such as share trade
 How
can I obtain a loan when one bank said
NO to me
We need to know why BANK SAY NO to you.
We can help you most times
. We take you to a probable mortgage lender who may say yes. This is the
advantage of dealing with many lenders rather than one.
Can someone with a bad credit history still get a loan at reasonable rates?
As long as you are
truthful with us (declare your position correctly), we will put our best to
getting you a loan, regardless of your past credit history. Lenders have
ways and means of checking, and the lenders need to know that whether you're
likely to repay the loan.
Risk to lender has strong relation ship to
the mortgage rates they charge from a particular customer. As a result
obviously you may have to pay a rate for higher risk initially for a
qualifying period, then there is a good chance that your interest rate will
be reduced to normal variable rate.
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What is the
lowest interest rate I could get?
A mortgage interest rates lower than approximately 1% of average variable rate
(honeymoon rate) is common. As at 01/02/2010 we had 2.99% rate for 3 months
loan.
Home loan interest rate on a 95% lvr mortgage @
5.99% variable rate is good for First Home Buyers.
Any person under normal Full Doc criteria will be eligible for this.
There are other attractive packages for
professionals (Loan amounts over 250k) and lender may consider 0.5% off from
standard variable rate. Some mortgage loans are offered more than 0.7% as the
size of the total loans are huge. This help lenders to retain good customers.
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 cheapest.
What is Full Doc Loan Application?
A loan application that
is supported by verifiable documentary proof for income are full doc loans.
Since the risk is less on such loans, once 105% loans were possible on them. A
comparable mortgage interest rates were lower as well.
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 an undertaking to repay and ability to pay home loan is
acceptable normally from self employed with ABN registration. Credit application
acceptable to a lender in this manner is called a Low Doc Mortgage.
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, maximum 50% of security value. Also it will attract higher interest
rates.
READ MORE - Non conforming Loans. Since lately BAS statement is a
minimum requirement, thus it is not a No Doc Loan.
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 for loans. As a result, they may have a mortgage specifically designed
to those do not qualify for Bank Lending.
You are expected to pay higher rates for these
high risk products although most times they have competitive products where
lender competition is high (some times similar rates from a bank).
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L.V.R. when
referred to a mortgage is the short form of Loan to Value
Ratio. This is a ratio, expressed as a percentage the size of the
mortgage loan required compared to the value of the property that you are
contemplating to buy.
Lower
LVR will be a easy loan to get approved as there will be no insurer involved in
decision making. Lenders Mortgage Insurance is necessary over 60% Lo Doc & 80%
Full Doc. Some banks may accept to Capitalize LMI, please find out your options
from your consultant.
When LVR is
higher and if you have defaults to your credit history, you are expected to pay
high interest on your LOAN, simply because Risk Factor associated with them are
higher.
What is
a D.S.R. related to a mortgage?
D.S.R. is the
debt to service ratio. This ratio express an applicants ability to repay the
subject home loan, based on their total income and commitments. This may vary
from lender to another, there is no acceptable norm.
Normally total
debt repayment to gross income 30-35% is a fair indicator of your loan
serviceability but there could be variations applicable to each customer. Other
part of income is for your living, tax liability etc.
What is bad credit
Bad credit is
defaults recorded in your Baycorp file. Visit
www.mycreditfile.com.au to find your file records. You have the right
to request to remove any wrong entries. There is a maximum period they will
appear in this file including paid defaults & discharged bankrupt records as
well. When you apply for a loan you give authority to the lender to check your
records. It helps them to analyse whether the risk they take is worthwhile, if
not to decline a loan. |
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