Mortgage Broker

Mortgage Broker We provide home loan services.

What's your best tip for staying out of debt?
05/10/2022

What's your best tip for staying out of debt?

Is this your bank?Then it's time to take advantage of our Free Loan Comparison Service. Some clients discovered saving $...
04/10/2022

Is this your bank?

Then it's time to take advantage of our Free Loan Comparison Service.
Some clients discovered saving $300+ per month by switching to a better deal.
Private message me today to see how much you could save by switching.

Did you know that your borrowing capacity can vary by over $200,000 + depending on which lender you use ...So if your cu...
03/10/2022

Did you know that your borrowing capacity can vary by over $200,000 + depending on which lender you use ...

So if your current lender isn't giving you the funds you need - get a 2nd opinion ... you may just get the loan you want with better terms ...

What's the best caption for this? :)
02/10/2022

What's the best caption for this? :)

Five Reasons why you need a Mortgage BrokerFor most people, buying a home or an investment property are the biggest fina...
30/09/2022

Five Reasons why you need a Mortgage Broker

For most people, buying a home or an investment property are the biggest financial investments of their lives. A mortgage broker can help streamline the costly and confusing process, while saving you valuable time and money.

Here’s how:

Simplifying the home loan process
While this is an overwhelming first-time experience for you, your mortgage broker can efficiently guide you through the entire process, from the application to the property settlement. With their assistance, you can handle all the complexities of paperwork and legal details. They can also give you the right advice to ensure your application is approved promptly. As a result, you have the peace of mind of delegating the process to an expert who will keep you informed every step of the way.

Fast comparisons
With so many banks and lenders offering different deals, it can be difficult to figure out which is the right loan for your situation. While a bank will only promote their own products, your mortgage broker has the experience and the contacts to compare a wide range of lenders and products, to identify the right package for you, based on your individual situation. They can decipher the financial jargon for you and explain the pros and cons of various home loan features, so you can confidently make an informed choice.

Direct service
As your mortgage broker regularly works with various lenders, the application process can be several days faster than going to a bank directly. Best of all, you are dealing with one point of contact, rather than whichever member of the bank’s credit team takes your call. This gives you the benefit of securing the loan features that are best for you, based on your circumstances.

Better value from your property investment
When an expert oversees your choice of loan, you reap the long-term benefits of better interest rates and the right flexibility for your personal situation. The right loan can take years off your mortgage while cutting down your interest payments.

In comparison to the significant savings, the cost of a mortgage broker’s fee is negligible. In the US and UK, mortgage brokers charge around 1-2% of the total loan, while in Australia, mortgage brokers are paid by lenders so there is no cost to the client.

Specialized assistance
If your situation is a little more complex than a standard home purchase, a specialized mortgage broker can help you through the process. Whether you need assistance with property investing, commercial properties or a hobby farm, there is a mortgage broker who knows exactly how to help you. There are also mortgage brokers who specialize in assisting people with individual challenges that might deter lenders, such as bad credit, non-residential status or contract employment.

For more information about securing the right loan for your circumstances, contact your mortgage broker today.

How many do you follow?
30/09/2022

How many do you follow?

Top Five Reasons Why Your Loan Would Be DeclinedIt can be extremely disheartening to have your loan application declined...
29/09/2022

Top Five Reasons Why Your Loan Would Be Declined

It can be extremely disheartening to have your loan application declined, especially if you already have a property in mind. The best response is to treat the rejection as a positive learning experience, and an opportunity to strengthen your financial position so your application will be successful next time.

Here we look at some of the more common reasons your loan application would be declined and how you can turn the situation around:

Insufficient income
Lenders calculate your borrowing power based on the balance between your income and your financial commitments. If the balance is insufficient to pay off a potential loan, they will not approve your application.

You have two options – you can reduce your financial commitments by tightening your budget, or you can find a way to increase your income. One or both of these strategies will create a larger balance between your income and expenditure, giving you more funds to funnel towards paying off a loan.

1. Bad credit
Your future lender wants to see that you have a good history of repaying loans promptly and responsibly. If you’ve actually been the prudent type who avoids debt, you won’t have much evidence that you are a reliable borrower – you can fix this by using a credit card to demonstrate that you will make prompt and reliable repayments. However, it will be more difficult to prove yourself a good risk if you have a history of defaulting on loans, so you may need some time to improve your credit record before applying for a new loan.

2. Excessive debt
Lenders will look at every aspect of your financial position, and will pay particular interest to any outstanding debts you already have. If the lender can see that your debt repayments exceed your income and assets, they will be wary about lending you more money.

The solution here is to reduce your debt before taking on more financial responsibility. Start with the highest interest debts first and reduce any other regular outgoing payments, so you can demonstrate that you have the income to manage your loan.

3. Insufficient savings
Your savings not only provide a deposit and a buffer, they also demonstrate that you are a good risk who is committed to achieving your long-term goal. If your application is knocked back due to your lack of savings, start by putting aside a small amount from each pay, and watch it build. Keep in mind that a sudden windfall such as an inheritance does not demonstrate your ability to save! You need to show consistency and self-discipline. Even three months of regular savings can be enough to convince a lender that you are a good risk.

4. Irregular income
Today many people choose a more flexible approach to working than the traditional 9 to 5 job with a regular salary. If you are self-employed or do contract work, or even if you have switched jobs recently, a lender might be concerned that you will be unable to handle regular loan repayments.

However, as more people shift from traditional employment, there are lenders responding to the challenge. Look for a lender who specializes in home loan products specifically for people with irregular income.

5. Unsuitable property
Sometimes it’s not your financial situation that causes the problem. The property you want to buy may be a bad risk, or perhaps you are proposing to pay more than it is worth. In this situation, the lender will see that you cannot redeem the value of the loan and they will turn down your application. When a loan is declined for this reason, the lender is actually doing you a favour. You want your investment to be as profitable and manageable as possible, so listen to the lender’s advice and find a property that has more potential to be a good investment.

Overall it helps to see your lender as an astute and helpful business partner who wants to ensure you are in the best possible position to manage your loan. When your loan is declined, look at this as an opportunity to strengthen and improve your position so you will get the right loan package for your needs, you can make repayments comfortably without any additional financial pressure, and the property will build into a good investment for you.

Ain't that the truth...
28/09/2022

Ain't that the truth...

Did you know a lot of home owners overpay on their mortgage?Could a better deal put an extra $250+ per month back into y...
27/09/2022

Did you know a lot of home owners overpay on their mortgage?

Could a better deal put an extra $250+ per month back into your pocket?
We offer a free Loan Comparison Service to see if switching could save you hundreds per month. Private message me today to get a free loan comparison!

Did you know that you can obtain a home loan even though you are in a probation period with your work?
26/09/2022

Did you know that you can obtain a home loan even though you are in a probation period with your work?

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Suite 3, 1012 Doncaster Road
Doncaster East, VIC
3109

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+61433288815

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