By Ian Robinson Mortgage Choice in Noosaville, Queensland
When people ask us about choosing home loans, many questions tend to pop up. To lend a hand, here are the answers to some of the most commonly asked questions – as well as a few of the others.
How do you decide which home loan is suited to me over others?
Mortgage Choice brokers use Loan Qualifier software that enables us to determine which home loan is suitable for your needs.
With the help of this sophisticated software, we can show you:
- How much you can borrow and at what rate
- Who is going to lend you the money
- What your repayments would be
This way you know exactly what you're signing up for. When you leave a Mortgage Choice broker we will give you a Loan Product Eligibility and Selection Record to show the reasons why we put forward one loan option over another.
What happens if I get a home loan approval and decide not to proceed?
We understand that plans and circumstances change when buying a property. Our service is a no-cost service, so we do not charge you – ever!
Some lenders may pass on any out-of-pocket expenses if they have undertaken valuations or legal work. We can sift through who does and who doesn't for you.
Are your home loans the same as those I could get from a branch at a bank?
They are the same home loans you'll find at a bank or branch. However, our close relationship with each lender on our panel means that if we can do more for you, we certainly will!
There are many lenders who, from time to time, offer “broker specials” and we can also apply for concessions on interest rates or fees on your behalf under some circumstances. Either way, it's our job to get you the best possible home loan.
What happens if my personal financial circumstances change in a year or two? What happens to my mortgage then?
What exactly am I signed up for?
Get the mortgage broker to explain what you're signing for, including the home loan amount, loan term, the interest rate, any fees (one-off or ongoing), what the loan features are (e.g. offset account), whether you will be penalised for paying out the loan early, and whether your mortgage is a Principal and Interest or Interest Only loan.
All this information should be given to you in writing by your broker and is covered under the Finance Broking Agreement.
How much deposit will I need? Does it vary from loan to loan?
You will require a minimum 5% deposit and you need to show evidence of savings acquired over a three-month period. If you don't have the minimum 5% deposit saved, don't worry. Start your savings strategy and remember to stay in touch with us.
If you need help with budgeting and saving, we can help you with your strategy.
What other services do you offer?
We also help source personal loans, commercial loans, asset finance, deposit bonds and risk and general insurances.
What about privacy concerns? How do I know my personal information will be treated with confidentiality?
- Home Loan Choices
- First homeowner buyers guide
- And many more!