Personalised Home Loans
1. What are you really paying for your home loan?
Over a 30 Year loan, you will often repay nearly the same amount again in
Interest. The more payments you make and the more frequently you make them, the
less you will pay in interest in the long term. So if you can afford to repay double the
loan amount, does that mean you could repay it faster… Yes.
2. What’s the process of getting a mortgage?
As a Broker I will discuss firstly what you need and understand, and then
discuss with you the options for you. Getting a loan requires a number of parts and a
variety of information.
Banks (and a number of laws) require certain things to be verified; Income,
Identity, Savings, and Character. Lenders must ensure the borrower can afford the
repayments (Responsible Lending), but also that you the borrower understands the
requirements of having a Home loan (Mortgage). The great news is that although the
process of getting a loan can be complex, my role is to make it simple for you and
most of my services don’t attract any out of pocket expenses for you.
Over a 30 Year loan, you will often repay nearly the same amount again in Interest. The more payments you make and the more frequently you make them, the less you will pay in interest in the long term. So if you can afford to repay double the loan amount, does that mean you could repay it faster… Yes.
As a Broker I will discuss firstly what you need and understand, and then
discuss with you the options for you. Getting a loan requires a number of parts and a variety of information.
Banks (and a number of laws) require certain things to be verified; Income,
Identity, Savings, and Character. Lenders must ensure the borrower can afford the repayments (Responsible Lending), but also that you the borrower understands the requirements of having a Home loan (Mortgage). The great news is that although the process of getting a loan can be complex, my role is to make it simple for you and most of my services don’t attract any out of pocket expenses for you.
Depending on your situation, there may be a number of options and choices.
I am here to provide choices where they suit, with the aim of you being better off as a result. If you are in a good place then I will tell you that. There is no benefit in making you change if it makes your life and finances difficult.
However, as a responsible lender, you are best served by checking your loan every 2-3 years instead of staying with one lender. That way you will pay off your loan as quickly as you can, while always suiting your needs.
There is no simple answer to this. It depends on what your needs are.
Someone buying an investment property will have very different needs from a First Home Buyer.
When you use a broker you also access their experience and knowledge of a number of different lenders, which means that you will likely get a lot wider range of choices than if you walk into a single bank.
A bank can only discuss the loans they offer; as a Finance Broker, I can access a range of lenders and different loans and rates. That means that you are more likely to get a great home loan for you, given that your choice changes from just a handful of loans to dozens of options.
Generally the answer is that it’s not hard; but if you are unsure of your
options or have a complicated situation (Self-employed/investments/multiple
incomes) some banks may not be able to help.
I am experienced with the many types of income and requirements that my clients have and as an experienced broker I can give you knowledge and more choices in some instances than a bank will offer.
These are usually a Monthly amount, but can also be Weekly or Fortnightly.
Home loan repayments are made up of principle (the actual amount you needed to borrow) and interest (the cost of using the money), and can be a fixed amount or vary with the movement of interest rates.
If you’d like to know what your payments might be, we have a couple of calculators here. Please click here to go to Home Loan Calculator page.
Often people will choose based on a friend’s recommendation, someone you know who has used a broker or maybe they sponsor your sports club. The reality is that Mortgage Brokers currently arrange 55% of Home Loans in Australia, so they are just as viable as a bank, with quite a few benefits banks cannot offer.
The main ingredient for any good relationship is trust. You need a broker that you can be open with and be able to fully discuss your finances. That late bill, or your investment plans, the plans for the kids wedding… sometimes small things can be very important. Finding out a crucial piece of information after the loan has been submitted, or worse after you have got the loan can sometimes make both you and your broker finances difficult.
Your broker relies on you, just as you rely on him, to be truthful and explain all the reasons why you need a loan and how that fits your circumstances.
The best way is to talk to a couple of brokers and ask them questions.
I like to know my clients and understand their needs, whether you need a Car
loan or a Home Loan, or both, to find you the right loans. As your Mortgage Broker I need to understand what you need and want, and the time frames that you are working to.
My way of doing this is to look into the future and not just consider this one
loan in isolation. Looking at the next 2-5 years of your life, we try to arrange loans that will improve your position and ultimately save you money. Because of this longer-term view, we can offer advice that work better for you over the options that are normally available. If you’d like a complimentary conversation, please book a chat.