Frequently Asked Questions

If you query is not answered below simply get in touch to get answers to all your questions.

Q. What is a mortgage broker?

A: A mortgage broker is a middle man or in-between that negotiates on your behalf with different financial institution to get you the most suitable loan for your circumstances.

Q: How do mortgage brokers get paid?
A: A broker is paid a commission or finders fee from the bank or lender.

A: Why should I use a mortgage broker if I can go with a bank?
Q: It’s all about efficiency. Since we are specialist, we can cover more banks than our clients. For you this means that you will have more options and speedier loan processing. Also, most of the time, you don’t have to pay us anything.

Q: How can we be sure that you will recommend a suitable loan?
A: As a holder of an Australian credit license, it’s illegal for us to recommend unsuitable loans for you. Also, we present you with multiple suitable loans, and its up to you to choose.

Q: Will you charge a brokerage fee?
A: No, you won’t be charged to use our services.

Q: How much will I need for a deposit?
A: This is entirely dependent on the loan amount. As a rule of thumb, you are required to deposit 20% if you skip the lenders mortgage insurance.

Q: Can I borrow the stamp duty as well?
A: Stamp duty is intended to be as a “out-of-pocket costs”. However, there are instances that stamp duty may be shouldered as a part of your loan. You can talk to one of our representatives to help you evaluate your options.

Q: How long will a preliminary assessment take?
A: This largely depends on the volume of loans we are assessing. However, in most cases, the preliminary assessment will only take less than a week.

Q: How does applying for a loan work?
A: We do all the hard work. You only need to fill-up the application and provide a few necessary documents. We will then do a preliminary assessment. After that, you will be presented with suitable loan options.

Q: Do you hold a credit license?
A: Yes, every broker is fully licensed.

Q: We live in rural New South Wales, can you still help?
A: Absolutely, talk to one of our representatives to discuss your options.

Q: Do you choose particular banks to get a higher incentive?
A: We are not part of any sort of franchise group. That means that we are free to recommend you any banks that may be favorable for you.

Q: Are you owned by a bank?
A: No. We are an independent party between the lender and lendee.

Q: How long does a pre-approval last?
A: Pre-approval usually last from 3 to 6 months. After that, you may have to file for an extension (if you are eligible).

Q: I don’t fit standard bank criteria! can I still get a good interest rate?
A: Getting good interest rate is just a matter of finding a good match between the lender and lendee, and that’s what we specialize.

Q: How many lenders do you compare?
A: We can compare 40 lenders.

Q: Will you process the First Home Owner’s Grant for me?
A: It’s not part of our free service, but we can provide assistance.

Q: If I have a default on my credit report will this impact on my ability to obtain a loan?
A: Yes. However, your ability to obtain a loan is not entirely dependent because of a default. It’s only part of the factors that a lender will look at.

Q: What areas do you service?
A: We have built our network through the years that we can help you no matter where you are in Australia.

Q: What hours are you open?
A: If you inquire online, we are ready 24/7. Our physical office is open from 9 A.M. To 5 P.M.

To find out more or to ask another question visit our homepage and complete our contact form. You can also call us direct.