Frequently Asked Questions

February 09, 2017
Tracy Reynolds

How can Mortgage Choice help me more than a lender?

Finding the most suitable home loan available on your own can be dicult. That’s where I can help. As your local Mortgage Choice home loan expert, I will compare hundreds of loan options from up to 28 leading banks and lenders to find the right loan for your needs. And, best of all, my home loan service is at no charge to you.

Can my loan be arranged quickly?

Yes, as your home loan expert, I will save you time and the hassle of visiting an endless number of lenders. Secondly, I’ll do the paperwork and, when the time is of the essence, I know which lenders can process loans quickly.

Will I pay upfront fees for my loan?

Some lenders do charge upfront fees to cover the loan application and/or property valuation. As your home loan expert, I will crunch all of the numbers to ensure that you have a detailed plan of any potential fees.

How do mortgage brokers get paid?

Mortgage Choice brokers are paid the same commission regardless of which lender you choose, as long as it’s a residential home loan with one of the 28 lenders on our panel* .

Won’t it cost me more than going direct?

No. Many financial institutions support the services provided by professional mortgage brokers, as this saves lenders costs that they would otherwise incur themselves in promotion and providing equal localised face-to-face customer service.

What if I don’t qualify for the size of loan I want?

Lenders’ policies vary, meaning they all calculate the amount of money they will lend di‑erently. A key advantage of visiting me is that I can tell you the loan amounts you can borrow from each panel lender.

Can I take out a loan with a friend or family member?

This is possible. However, get legal advice on how to structure the property ownership and the joint loan exit process. I can help you with the loan process.

Can I have a loan approved before I go property hunting?

Yes, many people do this for peace of mind. It also reassures real estate agents that you are a serious buyer. A ‘pre-approval’ is normally valid for 3 months at a time, with a possibility of extension. To give unconditional approval, the lender usually requires a valuation of the property and verification of the loan application information.

Posted in: Property market

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