Suite 3B, Level 1, 429 Swift Street, Albury NSW 2640
Firstly, you will have an initial chat with our team of finance experts, where you will outline what you are wanting to achieve and ask us any questions you may have. We will gain an understanding of your financial & lifestyle goals and get started on your scenario. Our aim is to present you with the best options that suit your needs, support you throughout the application and settlement process and keep you informed along the way.
Following this initial conversation, we will email you an invitation link to our secure client portal. Here you will be asked to take 15-20 minutes to complete our responsible lending questionnaire and provide information around your assets and liabilities. You will also upload documentation that supports your financial position such as account statements, pay slips, identification, and any other relevant information.
Our Parabroker, will contact you to verify the information you have provided in the Client Portal and answer any further questions you may have. At this point we will also arrange for you to come into our central Albury office and meet with our Broker. By request, this can also be arranged via zoom, or Microsoft Teams. Appointments outside of business hours can also be arranged, by request. We are here to make the process simple and convenient for you!
You meet with your Broker. At this meeting, your Broker will have assessed your scenario and calculated your borrowing capacity. Your Broker will explain any advantages and disadvantages of the various types of home loan products, such as fixed vs variable home loans, basic loans vs packaged deals and their benefits such as offset accounts, redraw facilities and making additional payments. Your Broker will then provide you with their recommendations for your consideration.
Once you have considered and decided on your home loan product, we will commence preparation and submission of your application with the Lender, keeping you updated throughout the process.
Occasionally, at this point, depending on the Lender requirements your Broker may request for you to provide clarification or additional supporting documentation. We will arrange for a property valuation to take place while we await conditional approval from the Lender.
After your application has been fully assessed by the Lender, they will provide us with unconditional approval. This is formal acknowledgement that your home loan application has been approved! If you are purchasing a property, your purchase may be subject to this formal approval. If this is the case, we will inform your solicitor or conveyancer
Once your loan documents arrive from the Lender, we will arrange a time to meet with you and assist you in completing these important documents.
If you are purchasing a property, your solicitor or conveyancer will organise settlement directly with the lender, according to the settlement date on your contract of sale. If you are refinancing your existing home loan, the lenders will liaise directly with one another to exchange their documents and confirm with you once a settlement date has been agreed between the parties.
Settlement of your Home Loan! We will inform you once this has taken place and be in touch to ensure that you receive your new Home Loan Package details from your Lender, including setup of your new Internet Banking and any other important documentation or access requirements.
As a homeowner with a mortgage, chances are you’ve heard of the term ‘refinance’.
Refinancing involves reviewing your current mortgage, and potentially swapping your loan to another lender, who can better meet your current needs, goals, and circumstances.
Refinancing can be a strategy to secure a lower interest rate, switch to a different type of loan and can also allow you to consolidate your debts or pay down your mortgage more quickly. Another common reason borrowers look to refinance is to access equity – the amount you would get from selling your home after settling any associated loans and any other costs associated with the property.
However, refinancing isn’t suitable for everyone. There are many different factors you’ll need to consider when thinking about refinancing a loan.
How will you know that refinancing is the right option for you?
The first step is to speak to one of our brokers, about your needs, objectives, current financial situation and whether you can afford a different loan structure, particularly if you have more than one property.
Considering an investment purchase and planning for the future is an important decision for many Australians. While investment options include stocks, bonds and even cash savings, property has always been a popular choice for those wanting to build an investment portfolio.
You may be considering an investment property to generate passive income, to hedge against inflation or to make a stable, long-term investment. You may also be eligible for tax benefits when owning an investment property such as negative gearing, depreciation and withdrawals from an equity loan are tax free. Book an appointment with your Broker to discuss your options.
It can be a confusing process to compare allthe various mortgage products available on the market. A Mortgage Broker is accredited with a range of lenders and will assist you with navigating through the options by explaining the differences between the products to help the borrower choose a loan to suit their specific needs. The Mortgage Broker will make sure things happen in sequence and on time throughout the process.
We do not charge a fee for our service. We are paid a commission by the lender you choose which is fully disclosed to you at the outset. Our advice is always based on what is best for the borrower and their individual financial position and goals.
This is an important figure that your Mortgage Broker will keep in mind as it directly relates to your ability to secure a loan. The loan-to-value ratio, or LVR, is the value of a property compared to the amount of money you wish to borrow, shown as a percentage. LVR is essentially how lenders can assess the risk factor of a loan. The higher the LVR percentage, the higher the risk the loan represents to the lender and vice versa.
A home loan deposit is the amount of money you contribute to the purchase price of a property. It can range from 5% to 20% of your prospective home’s price.A deposit of 20% of the property’s purchase price is ideal, as it means you won’t need to pay Lenders Mortgage Insurance (LMI).
If you are finding it difficult to save up a 20% home loan deposit, you may still be able to borrow from a lender to buy a home. However, you may have to pay Lenders Mortgage Insurance (LMI). If LMI is required, you’ll have to pay the insurance premium. But it’s important to remember that LMI doesn’t provide you with any protection even though you pay for it – it’s there for your lender’s protection.
An offset account is an everyday bank account that’s linked to your home loan. You can deposit your salary and savings into the account and the balance is then offset against the amount owing on your home loan.
A redraw facility allows you to access additional repayments that you’ve made on your home loan over and above the minimum required repayments.This means you can make extra repayments and pay off your home loan sooner but still have the flexibility to take back that money if required.
Fixed, interest rates are usually locked for an agreed period of 1 to 5 years. This means the repayments you need to make during this agreed period will always stay the same.
A variable interest rate is the opposite of a fixed one. The rate isn’t locked which means the interest rate on your home loan and in turn, repayments could go up and down. This can be due to cash rate changes by the Reserve Bank of Australia (RBA), lender decisions and many other factors. Generally, if the RBA decides the cash rate is going up, the minimum amount you’ll need to pay on your mortgage will go up too — and vice versa. In summary, a fixed home loan is the option where repayments don’t change. A variable home loan is the option where repayments do change.
