How much can I borrow?
The first hurdle to owning property is getting approved for finance. Before you start looking for a property or investment, a lender will assess your living situation to ensure you can manage the loan repayments comfortably. Lenders will assess your loan application by your credit rating, job, income and ability to service your loan. When you have been approved for a loan it will provide you with a clear indication of the price range you will have to work with.
Can I pay off my loan early?
There are numerous ways your loan can be paid off early over the long term, such as paying fortnightly instead of monthly. Or making extra repayments. Some banks issue fees for early repayments. To ensure you maximise your chances of paying off your loan early and will not have to pay a fee fact check all of your options with your lender and or broker.
Do you offering refinancing ?
If you are thinking of refinancing your home loan you have come to the right place. There are many reasons to look at refinancing a current loan.
There are a number of benefits which refinancing your home loan may offer such as:
- Lower interest rates
- Variable interest rates
- Consolidate debts
- The term of the loan
Small differences to interest rates can also impact your long-term financial obligations.
There are some situations where refinancing should be avoided. Ensure you discuss your options with your broker or lender to ensure you making the best decision and getting the best deal.
When should i apply?
It is best to apply for a loan before buying property or investing. A good broker can help you to determine the size of the loan you are eligible for and ensure that your loan application is correct. Your broker will provide you with the full range of lenders and rate options available to you. Lenders will assess your loan application by your credit rating, job, income and ability to service your loan should your circumstances change.
About Borrow Loan
Where are you located?
The Finance And Property Specialists Pty Ltd office is located at 42/8 The Avenue of Americas Newington, (the Sydney Olympic Park area of Sydney). Did you know, we can come to you? If you call us on 1300 687 377 (1300 OUR FPS), we can arrange to come and see you on a day, time and place which suits your schedule best.
What kinds of business financing do you offer?
We provide for a wide range of business refinancing, some common reasons people apply for business refinancing loans are:
- Secure a more competitive interest rate
- Switch between variable/fixed rates
- Get access to equity from a property for extra working capital or funds
- Consolidate different debt into one loan
- Access to business cash flow and funds when needed.
Our brokers can offer our expertise and knowledge of the lending and finance industry and can help you to find lenders who can offer you the most competitive rates and deals.
Why should I use Advisor Loans?
Financial advisors and planners have a wide array of lenders they can access and liaise with to compare different types of loans. Brokers are qualified to provide you with personal financial recommendations and advice.
A mortgage broker is a type of financial adviser who specialises in helping people to find a home loan. Borrowers face a bewildering choice of home loans, in order to highlight the most feasible borrowing options in this situation, a mortgage broker will provide the best advice.
Which financial institutions do we use?
We have access to loan products from:
- Major banks
- Building societies and credit unions
- Specialist lenders
- Private lenders
We know the lending criteria of most banks and lending institutions and can help to ensure that your chances of getting approval are maximised.
After You Apply
Why do I need pre approval
Some sellers will only accept offers from pre–approved buyers. Having a loan pre-approval means that your loan and ability to service the loan has been pre-assessed by a bank. This ‘conditional’ approval is valid for 3-6 months depending on the lender.
What happens if the pre approval expires?
If your pre-approval lapses before you find a property your broker can help you gain an extension without going through the whole application process all over again.
How fast will my loan be funded?
Generally a few weeks to several months. If you have a stable employment, a good credit record with no debt, the process can be as short as one to a few weeks. How long your loan takes to settle all depends on how quickly you’re able to provide the lender the information and paperwork required. However, some loans are more complex than others and this can extend the process several weeks or months.
What’s a comparison rate?
A comparison rate identifies the true cost of a home loan by taking into account the costs associated with setting up the loan, the loan approval cost, interest rates and any other upfront or ongoing fees. A lender comparison provides an opportunity to get an overview of the different loan products on offer from different lenders.
It’s important to also consider other features the loan offers and this can make big difference to the final cost of the loan. Features such as no monthly fees, timing of repayments, and money saving options such as a redraw facility.
Additionally, you will also need to consider
- Pest and building inspections
- Mortgage insurance
- Rates which are owing on the property to the council or strata
- Legal costs if you employ a solicitor to look over the contract of sale
- Home insurance
- Moving costs if owner occupier
- Connection to utilities costs
- Renovation and repair costs
What is mortgage insurance?
If you have a deposit of less than a 20% of the total loan, you will be required to pay insurance to cover the lender in the unlikely event that you default on the loan.
We can advise if you will require mortgage insurance and can explain the costs involved. It may be possible to structuring your loan as to minimise the need for mortgage insurance.
What are the loan eligibility requirements and conditions?
This depends on how much you have to put towards your deposit such as cash, shares or equity from property, your credit rating, job security and personal circumstances. Call us and we can go into your options in more detail. You can check the loan calculator’s on our site to work out an estimate of repayments, but you will need to speak to a professional regarding if you qualify to apply for a loan.
After You Apporve
Do you charge for your service?
Some mortgage brokers charge a fee and some don’t. When you take out a loan via a Mortgage Broker, it does not cost you more. Brokers get paid commission by the lender for bringing new business to them. This does not impact your rate or level of service. If a broker charges a fee, they must disclose this fee upfront to you so you know what you will be up for if you engage their services.
What support is available if my financial situation changes?
If your circumstances change during the term of your home loan such as a loss of income, sickness or any other financial hardship or change to your circumstances which effects your ability to meet your mortgage requirements, we can provide you with advice on what you can do and if necessary can act as the conduit between you and your lender so that your needs are communicated.