FAQ

Applying

How does applying for a loan work?

Our mortgage brokers do all of the hard work. All you will be required to do is fill out the application and supply the required documentation. We can then complete a preliminary assessment and give you some options to choose from.

Once we know which lender you would like to proceed with then we lodge the loan online directly into their system for a quick approval.

How much will I need for a deposit?

This varies depending on your situation and how each lender assesses your borrowing capacity. We know banks that will only require a 5% deposit! Generally, this applies when your income is sufficient to cover the loan repayments, you have stable employment and a good credit history with no defaults.

lenders mortgage insurance (LMI) applies to loans for more than 80% of the property value. If you want to avoid paying LMI, you will need a 20% deposit.

You will not pay any LMI and will not even need a deposit if your parents act as guarantorsand guarantee your loan using their property as security.

To apply for a 95% LVR loan or guarantor loan, please call us on 02 4919 0478.

Can I borrow the stamp duty as well?

Stamp duty is a sizeable amount so most banks will only allow you to borrow to pay for the cost of stamp duty if your loan is backed by a guarantor.

There are also circumstances where stamp duty may not be applicable, such as for some first home buyers or if you are buying a new home. This varies across between the states and territories depending on the current government incentives and programs.

How long will a preliminary assessment take?

Using our expertise, we can find you the right home loan in less than 24 hours as long as you provide us with all of the required documents in one go.

If you are in a hurry to get approved because you are going to an auction or have a deadline for a cooling off period on your purchase then please let your mortgage broker know and they can escalate your application.

Getting Approved

Can you cover every unique situation?

Our mortgage brokers love a challenge! We can usually find a solution to even the most complex and difficult situations.

This is because we have extensive knowledge of policy and know which lenders have flexible lending criteria. If you have been declined by the banks we can help to find other lenders who will approve your home loan.

Where your credit file is causing you difficulties, we will work with you to repair it and a find a lender who will accept your situation.

We don’t give up! Speak to us on 02 4919 0478 and we will help you get the finance you need to purchase your dream home.

Which banks can approve us?

Our mortgage brokers are experts on the policy of over 45 lenders. This means that if you have a situation that is a little outside of the box then there will usually be a few lenders that can consider your application.

Having so many options available allows us to choose a bank that suits your needs and offers an attractive loan package.

We work closely with a variety of banks and non-bank lenders and have a strong relationship with the large banks including Commonwealth Bank, ANZ, Westpac, National Australia Bank and St George.

Whatever your situation, there is generally a lender who can help!

How long does a pre-approval last?

Pre-approvals are usually valid from between three to six months. If your pre-approval expires before you find a property then we can apply for an extension.

Did you know that some banks do not provide reliable pre-approvals? If you are thinking about purchasing property with a pre-approval then speak to us first on 02 4919 0478 or enquire online and get in touch with a broker who can assess whether or not you will qualify for a home loan.

I don’t fit standard bank criteria!

Can I still get a good interest rate?

It’s usually just a matter of applying with the right lender who has a flexible policy and offers great rates. This is where our expertise as a mortgage broker comes in!