How do I choose the right loan?
There are now over 400 variations of mortgage and loan products on the Australian market. Remember, a bank can only provide you with a few of these. A Professional Finance Broker has the expertise to assess all of these variations to assist you to make the right choice and help ensure that you get the best mortgage or loan product for your needs.
What documentation do I need to arrange?
This list of documents that you require when borrowing or refinancing funds is extensive. Recent changes to government legislation, along with changes to bank lending policies, have changed the way a loan is submitted for assessment. Your individual circumstance will predict what paperwork you will need to apply for a loan. For example, a self employed persons application will vary greatly from someone who is employed via PAYG.
How long does finance approval take?
This will vary, and will depend on how complicated the application is. For instance, there may be multiple properties involved, and these may need to be valued by the Lender’s Panel Valuer. This can take several days. Allow at least 10 working days from the day of loan submission.
What happens when I get all the documents from the Bank?
You can take them to your Solicitor or Conveyancer. If you are refinancing, and don’t have a Solicitor or Conveyancer involved, please contact us when your documents arrive, and we will be happy to go through them with you.
How long from finance approval to settlement?
If there is a purchase of property involved, the contract of sale will determine the settlement date. If you are refinancing, your settlement date will depend largely on your existing lender releasing your current mortgage. Sometimes this can be fast tracked by your persistence and making sure you complete their discharge forms correctly.
What if I’m refinancing from another bank?
There may be some costs involved when refinancing from your current lender. Your original loan documents will outline any fees and charges that are applicable to discharging your existing Mortgage. Please contact us to discuss any concerns you may have.
Who sets up my new Bank accounts?
Once the loan has been approved, the Letter of Offer you receive will usually inform you of your new account numbers. These can be used to set up direct salary credits and direct debits for other loans etc. Once your loan has been approved, please contact us to arrange a personal introduction to your new Bank branch.
What happens after settlement?
We will send you a quarterly newsletter so you can keep pace with market trends, and stay updated on industry related news and products. We will also conduct an annual review of your loan/s to make sure you’re on track with your financial goals.