ALG - Finance Broker

25/08/2023

7 'must-ask' questions for your mortgage broker

Whether you’re itching to get on the property ladder or just considering switching lenders, ensuring you ask your broker certain questions could set you up for long-term success.

Questions around loan suitability and individual circumstances are fundamental. In the context of the current interest rate hikes, knowing the right broker and the right questions are even more important.

Here are seven broker-backed questions people should ask to arm themselves with enough knowledge to make big property decisions.

1. How can I decide which loan is best suited for me?
It is important that prospective homeowners ask their broker how they decide which type of loan suits them and their circumstances. A good broker will understand your profile first and then find the bank that fits you.

2. How much can I borrow?
Calculating your borrowing capacity online is one thing, but talking to an experienced broker means they can understand more about your personal circumstances, property journey and future goals.
3. How many lenders do you have on your panel?
Asking a broker how many lenders they have on their panel allows you to understand the range of options available. In general, more choice, more options, more solutions.
4. Is a variable or fixed-rate loan best for me?
Would-be homeowners should ask their broker which type of loan is best for them and be given helpful information.

While brokers cannot give specific recommendations on what type of loan to go with they should help home buyers understand the benefits and limitations of the options available.

5. What additional features would you recommend?
Taking the time to delve into specific home loan features and understanding how they suit your circumstances can mean fewer issues down the line.
At a minimum, customers should ask if they have a method of paying back the loan faster – known as a redraw feature – and ask their broker how they can do that.

6. What are the fees and charges associated with this lender and loan?
Although asking questions about fees and charges may seem obvious, many people don’t think to enquire about any extra or hidden costs.

7. Can I choose to fix my interest rate later?
In a fluctuating market, it’s better to ask if and how you can change your interest rate from fixed to variable – and vice versa.

If you would like to start that conversation, just give me a call on the details below:

John Vogel

Phone: 0407 464 269

Email: [email protected]

31/07/2023

21/03/2023

Looking for a home loan but overwhelmed by the sheer prospect of all the possible options? Don’t panic, this isn’t unusual, with all the offers out there it can be hard to know which one is the right one for you. Here’s five helpful hints that will help you find the right home loan.

1. Start your home loan search early: You don’t want to leave your home loan shopping to the last minute – it can take time, and the earlier you start, the better chance you’ll find the right home loan for you.

2. Shop around: With so many home loans available, it’s important to shop around and research/compare different options before deciding on one. Do some research online to find out what home loans are available in your area, as well as their interest rates and features – and whether all the features suit your needs.

3. Talk to a mortgage broker: Mortgage brokers can be an invaluable resource when it comes to finding the ideal home loan option for you. We have access to thousands of home loan products and dozens of Lenders, so we can help you find the home loan that best suits your needs. We also know the different appetites for different lenders and will go straight to the lender that best suits your circumstances, maximizing your chance of an approval, first time!

4. Consider all fees: When looking at home loans, it’s important to consider all the fees associated with each home loan product. These include application and ongoing fees, as well as any other costs, such as legal fees and title search fees.

5. Ask questions: Don’t be afraid to ask questions about home loans – whether it’s about interest rates or terms and conditions. The more informed you are, the better decision you’ll make when choosing a home loan option for yourself.

Searching for a home loan doesn’t have to be an overwhelming process. By following these five tips, you’ll be better equipped to find the home loan that best suits your needs.

Get in touch with us today to explore the options available!

John Vogel

Phone: 0407 464 269

Email: [email protected]

09/03/2023

Congratulations to Ben from McBryde Builders on the purchase of your new Dodge Ram Ute and thank you for allowing us here at ALG to be a part of this purchase…. And what a sensational looking truck!

Like Ben, if you’re keen to upgrade your work truck, or maybe it’s a new piece of equipment you need, It doesn’t matter because no matter what you want, we can help you achieve that goal and dream

Enquire now with a trusted finance expert! For an entirely free consultation, with no obligation to proceed. Contact me, John, on:

Phone: 0407 464 269

Email: [email protected]

09/03/2023

Who doesn't love a good-looking Dodge Ram??

Congratulations to Ben from McBryde Builders on the purchase of your new Dodge Ram Ute and thank you for allowing us here at ALG to be a part of this purchase…. And what a sensational looking truck!

Like Ben, if you’re keen to upgrade your work truck, or maybe it’s a new piece of equipment you need, It doesn’t matter because no matter what you want, we can help you achieve that goal and dream

Enquire now with a trusted finance expert! For an entirely free consultation, with no obligation to proceed. Contact me, John, on:

Phone: 0407 464 269

Email: [email protected]

22/02/2023

So pleased to present this fantastic family home for Auction 14th March 11 am in rooms at Ray White Aspley. Open for inspection now and Saturday 10-10.30. 6 Crabapple Court, Upper Caboolture. Call me 0490034722

02/02/2023

***Need Uber/Rideshare Finance??***

****UBER FINANCING - available now****

It’s no secret that nearly all lenders are adverse too, and don’t like lending for Rideshare or Passenger Hire vehicles (including taxis and Limousines).

We have access to lenders who will, and who offer premium competitive rates without the loading due to rideshare use.
Last week our valued customer, Leo Van Den Bergh (below), picked up his brand-new Tesla to replace the Jeep he had been using for Uber over the last few years. Leo took me out in the Tesla yesterday and I can say it is a magnificent vehicle.

If you’re thinking of getting into Rideshare driving and want finance to buy a vehicle, or you haven’t been able to obtain finance for a Rideshare purpose, give me a call on the details below:

John Vogel:

Phone: 0407 464 269

Email: [email protected]

25/01/2023

Understanding Mortgage Jargon

It doesn’t matter if you’re a first-time home buyer or experienced investor, it’s important that you know the mortgage broker terminology. This will help you understand what your mortgage broker is saying and make the best decisions for your needs. Here are some of the most common mortgage broker terms and in plain English, what they mean:

Mortgage Broker: A mortgage broker is a professional who helps match borrowers with mortgage lenders. They will help you compare loan products and rates, guide you through the mortgage process, and complete paperwork on your behalf.

Pre-Qualification vs Pre-Approval: Pre-qualification is when a mortgage broker calculates how much mortgage you are eligible for based on your credit score and other financial data. Pre-approval is when a mortgage lender has approved you at a certain mortgage amount. It is not always necessary not obtain a Pre-Approval. A good broker should know whether meet the requirements for a Pre-Approval.

Interest Rate: This is the rate that the mortgage lender charges you for borrowing money. This also determines the repayments cost, which in turn determines the amount you can borrow.

Loan-to-Value Ratio (LVR): This is the mortgage amount divided by the appraised value of your home. The less you need to borrow, the lower the LVR, and generally, you may receive more favourable mortgage terms.

Closing Costs: Closing costs are fees associated with closing on a mortgage loan and typically include mortgage origination fees, appraisal fees, title insurance, and other miscellaneous charges.

Lenders Mortgage Insurance (LMI): LMI is an insurance that protects the mortgage lender in case of default. This is usually required if your down payment is less than 20% of the purchase price.

Sometimes mortgage broker jargon can be confusing, but understanding the basics allows you to make more informed mortgage decisions. If you have any other mortgage broker-related questions, please feel free to reach out to me, John, for information.

Phone: 0407 464 269

Email: [email protected]

28/11/2022

What are your finance options when renovating?

Needing to renovate your home? The costs of any renovation project, large or small, can significantly add up. Finding funding for your home renovation in advance can help you prepare and budget for how much renovation you can afford to do. There are numerous ways that you can finance your renovation, depending on the size of your project and your budget.

Home Equity Loan

A home equity loan is the most common way individuals borrow money for home renovations. Equity is the difference between the valuation of your house and the amount you may currently owe on a loan. With this type of loan, you borrow against the current value of your home, before any value adding renovations. Usually you’re able to borrow up to 80% of your home, especially if you own your home outright.

Construction Loan

Designed for those planning to build or complete major renovations in their home. With this type of loan, you receive your loan instalments as you require, allowing you to cover expenses as they occur.

Line of Credit

A popular option for renovators, this method establishes a revolving line of credit that allows you to access the approved amount whenever you’re required. Interest is only paid on balance owed, rather than total amount borrowed. You’re able to pay off the funds and re-borrow as required without needing to re-apply for further amounts.

Personal Loan

If you’re only planning to make a couple of small adjustments to your house, a personal loan (usually capped around $30,000), may be suitable. However, interest rates on personal loans are higher than home equity loans but lower interest rates compared to credit cards.

When choosing between the different funding options available, it pays to enlist the help of a broker who can explain and find the most suitable option for your project and financial situation.

If you would like to learn more about refinancing your home loan, please get in touch with me today! Contact me, John, on:

Phone: 0407 464 269

Email: [email protected]

17/11/2022

17/11/2022

A huge congratulations to Aiden on this spectacular setup of a Toyota Hilux and Leader Caravan, and thank you for letting ALG be a part of achieving this dream!

Whether you’re a weekday tradie, a weekend warrior or both, let us help you with your finance needs and let us help you set up your working and recreational needs.

Enquire now with a trusted finance expert! For an entirely free consultation, with no obligation to proceed. Contact me, John, on:

Phone: 0407 464 269

Email: [email protected]