Frequently Asked Questions
Is there a fee for using your Noosa mortgage broker services?
We don’t charge clients a fee for our service. Instead, we will be paid from the lender that you obtain your home loan with. Our commission from the bank will be openly disclosed to you from the start and will not be loaded onto your home loan repayments.
Do you provide the same home loans as the banks?
Yes. We offer the same range of home loan products with the same interest rates, fees and functions. The key difference is that we have access to dozens of different lenders and their products. With a wide scope of competitive products there is an excellent chance that we will be able to save you money and find you the most suitable home loan for your needs. We also know how to negotiate with banks to ensure that you are getting the best interest rate discount possible.
Why should I use a mortgage broker instead of just going to my current bank?
When you go into your local bank they can only provide advice on the products that they offer – there’s no variety. Do you think they will tell you that the other lender down the road (their competition) is giving better deals?
The other issue with going direct to a lender is that you will usually deal with a different banker each time you need help.
When using our mortgage broking service, you will receive a highly professional service, with an experience broker who is knowledgeable in loan structuring, borrowing capacity factors, bank policy and complex loan structuring.
Also – our job doesn’t finish when your loan settles. We will always be available after settlement whenever you need anything. We regularly review our clients loans to make sure they’re still getting a good deal and are the one point of contact for the home loan needs.
How much do I need to save for the deposit?
You might be able to purchase your property with as little as a 5% deposit which could allow you to get into your home sooner than you thought.
However, there are some additional purchase costs when buying a house that we will explain to you. These purchase costs can vary from state to state and whether you are a First Home Buyer. The typical purchase costs include stamp duty, solicitor fees and other smaller purchase costs such as building and pest inspection fees.
If you are purchasing an investment property it’s is generally best to aim for a 12% deposit at the minimum – plus enough to cover the purchase costs.
What is my maximum borrowing capacity?
Ahhh – now this is a tough one! Most banks have recently changed and tightened up the way they calculate a client’s maximum borrowing capacity. Because each client’s circumstances are unique – the only way of providing an accurate answer to how much you can borrow is to contact us so we can assess your situation.
What is your best interest rate?
It’s a fair and common question. Having said – the lowest interest rate home loan doesn’t usually end up being the best home loan. Sometimes the home loan with the lowest interest rate might end up costing the borrower more down the track.
A home loan with a super low rate may lack certain functions that you would like to take advantage of such as a redraw facility, offset account and the ability to make extra repayments without penalty. It could also come with high application and ongoing fees. It might be an introductory rate (also known as a “honeymoon” rate) that sucks clients in with a low rate offer that increases to a much higher rate once the honeymoon period is over.
While having a low rate and competitive mortgage product is important – the lowest interest rate doesn’t always mean it’s the best type of loan.
This all sounds great – I’m ready to go ahead! What’s next?
Awesome! The first step in the process is to gather some information regarding your current financial situation and get an idea of what you’re aiming to achieve – whether that be to buy your first home, upgrade to a larger home, refinance, release equity or purchase an investment property.
This is done via a Fact Find form which is available here on our website. Once we assess your form we will get some advice back to you regarding what is possible.
We’re always happy to discuss your goals, answer your questions and develop a plan to help you purchase your property. Give us a call or shoot us an email. Chances are you’ll be surprised by how easy it is for you to purchase your property, refinance, upgrade or consolidate your debt.