You’ve got questions….we’ve got the answers

Frequently Asked Questions

Buying a home or a new car, taking out a new loan, starting out in property investment - it can be complicated; especially for most of us who only deal with it a few times in our lives.

We do it EVERY day, use our expert knowledge

Do I need a loan approval first?

Yes, it's usually best to get approval from a professional mortgage experts.

Having a loan already approved (usually subject to a valuation of the property you buy) means that you will know how much you can afford to pay for a home. It also lets you make a quick purchase decision, which may be a useful negotiating tool with the owner or agent; or at auction time.

How much can I borrow?

This depends on a range of factors including your personal circumstances, the price of the property and any valuation that may be required (a bank valuation may not be the same as the purchase price).

Mortgage Experts say that depending on the lender, you may be able to borrow up to 95% of valuation, depending on your ability to repay. It's worth noting that loans of more than 80% valuation often require mortgage insurance, which the borrower pays for.

Expert advice is required to work out the best loan amount for you – in the mean time use our basic borrowing capacity calculator for a rough estimate of your borrowing power.

What if I'm self-employed?

There are many home loans available for customers that are self-employed. There are even Low-Doc Loan products are specifically designed to meet the needs of customers that are self-employed and who do not have up to date financials.

I have a default. What can I do?

A default listing will remain on your file for a period of five years. So whilst you can't change history, the best approach would be to ensure the rest of your credit history is 'spotless'.

If you would like a copy of your credit record, you can contact a credit reporting agency to ensure your default is listed as paid. Baycorp Advantage is Australia's largest credit reporting agency and can be contacted via http://www.mycreditfile.com.au or by calling (02) 9464 6000.

There may still be options for you, let us know your full history and we’ll work out what your options could be.

Who does the paperwork?

Your Mortgage Expert will help you complete the loan application form. We will professionally package your application with all the supporting evidence and lodge it (in many cases electronically) with your chosen lender. Finance Seekers search for the best solution for you -  so that you don’t waste time applying to a lender who will assess your application less favourably.

Do I have to chase the lender or do you do that?

We'll take the hassle out of the application process by managing it on your behalf - right through to settlement. We will help you with any questions that you may have and, if there are any problems, we’ll chase up the lender for you.

Can I switch loans?

Making the decision to change home loans or refinance, is difficult as there are hundreds of loans available from hundreds of lenders. On top of that, there are other factors to consider such as how long do you want your loan period to be, or how much you can afford each month?

Some loans have early pay out penalties and other costs you will need to consider.

Sometimes re-financing is not the only answer, so speak to one of our experts to ascertain if refinancing is the right option for you.

Is my Finance Seekers Mortgage Expert fully qualified?

All Finance Seekers mortgage experts are fully qualified and trained mortgage professionals who have undertaken to:

·          Obtain Cert IV in Mortgage Broking qualitication or higher

·          complete our intensive induction training, and pursue mandatory ongoing training in technical and customer service areas;

·          meet our stringent service standards at all times;

·          maintain MFAA accreditation;

·          maintain professional indemnity insurance.

Our client service staff have years of experience in credit assessing for major lenders, and financial planning back office experience.

What will a lender look at when I apply for a mortgage?

Lenders consider many factors in evaluating your loan application, but they usually focus on three key areas:

·          Income and debt:   How much money you make and what other bills you have to pay helps the lender determine whether you can afford to make mortgage payments.

·          Assets:   The lender needs to make sure you have enough money to cover the costs of buying a home.

·          Credit :  Whether you have met other financial obligations helps the lender predict whether you'll repay your mortgage. 

Should I choose a fixed-rate or adjustable-rate loan?

Most mortgage loans have either a fixed interest rate or an adjustable interest rate. With a fixed-rate mortgage, the interest rate never changes and your payments remain stable throughout the life or your loan. With a variable rate mortgage, the interest rate can change at any time during the loan term.  

Choosing between a fixed or variable rate involves consideration of a number of factors, including how long you plan to be in your home, how much spare money you have in your budget, how quickly you want to repay your home loans, and  whether you need to access additional repayments.  Our mortgage experts will guide you as to what you need to consider in your circumstances, but the ultimate choice on fixed or variable is up to you.

Can I change my mind?

Most of the time, yes, but you need to talk to us about why you’ve changed your mind and together we’ll work out what the best course of action is.

When I buy a new home – do I have to attend settlement?

No, your solicitor will go along to settlement on your behalf, you can sit back and relax and wait for the good news.