https://www.intimeloans.com.au/

Intime Loans, 15 Brunswick Drive, Truganina (2026)

11/02/2022

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10/02/2022

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09/02/2022

Questions to ask your mortgage broker

When you are going through the home loan and mortgage application process, your mortgage broker can help navigate you through all the paperwork and different loan options to find the right loan for you. While the process might seem overwhelming, you might not know which questions to ask.

When you ask your mortgage broker the following questions, you will have a better grasp of why your broker selected this loan as the best fit for your circumstances. You also need to be confident that you feel this is the best loan for your circumstances, and if you have any concerns you can discuss these with your broker before signing on the dotted line.

Do you have a license?
A mortgage broker is required to have a current license in order to practice in the finance market, and this license should be displayed on their web page or in the office. Without a valid license, your mortgage broker is not qualified to give you advice on your mortgage.

What can you offer me that the bank can’t offer?
Amazingly, not all brokers have an answer to this! A good broker will explain their services thoroughly and these services should include finding the right loan package for you, then setting up the loan on your behalf. Their services should save you the time and stress of comparing loan packages for yourself and then organizing the loan directly.

Which lenders are on your list?
A good broker will have access to a wide range of lenders, from the largest established banks to the smaller lenders. The broker should also be experienced in interacting with all these lenders, so they know how each one determines a loan application and how long they take to give loan approval.

With this experience and background, the broker will be able to give you accurate updates about the progress of your loan application.

How do you determine that this loan is the most suitable for my needs?
Your mortgage broker is legally obligated to find a home loan that is suited to your circumstances. Ask your broker to explain the thought process so you understand how they felt the features, rates and fees were right for your circumstances. For example, if you want the freedom to make overpayments on your loan, you need to ensure that your mortgage broker has chosen a loan that allows this without a penalty admin fee.

How long will it take to process the loan?
As mentioned above, different lenders have different procedures for processing loans, and some will take longer than others. Your mortgage broker should know how long it will take to process your loan application so you can work with a realistic timeframe while house-hunting. You don’t want the right house to slip through your fingers because your loan wasn’t approved on time!

Contact us today if you are looking for expert guidance or advice on how to find the right home loan for you, whether it is for your existing property or your next purchase.

08/02/2022

Working with a mortgage broker

A mortgage or finance broker acts as your go-between, communicating with banks and lenders on your behalf, in order to secure the best deal for your circumstances. With approximately 40% of home loan applications being turned down, you can benefit from a broker to ensure that your application is sent to the right lender.

However, while the broker can save you a great deal of running around, you should still double check everything to make sure you are getting the best deal available.

Is the broker licensed?

Before you start doing business with a mortgage broker, check that they are fully licensed. In Australia, it is illegal for a credit provider or broker to operate without a license. You can check through ASIC Connect’sProfessional Registers or call ASIC’s Infoline on 1300 300 630.

Before you start doing business with your licensed broker, ask what loans they offer and how they are paid. The broker’s fee is generally covered by commission paid by the credit providers, although some brokers may charge you a fee instead of commission or on top of their commission. If you are expected to pay a fee, you need to know this before you start doing business. Shop around before choosing a broker, so you are confident you have the best and most cost-effective person for the job.

The broker’s role

Your mortgage broker is responsible for negotiating with credit providers such as banks, to find the best possible loan for your circumstances. They can offer you a range of loan options and help you manage the process of buying your property. Make a list of all your loan requirements, so the broker knows exactly what you need and want. If the broker is making recommendations that do not fit your requirements, do not settle for “not good enough” – ask the broker to keep looking.

While the broker will save you a great deal of time and money by searching for loan options, you can still do your own window shopping.

As your broker is paid by commission, it is possible they will favour a certain lender over one that has the deal you desire. Alternately, they might not have connections with a lender who has the home loan deal you want. It doesn’t hurt to look around!

Written loan agreement

Once the broker has secured a loan that satisfies your requirements, you must get a written agreement, specifying the type of loan, the amount of the loan, the term and the current interest rate. It should also cover any fees you are required to pay, such as commissions, broker’s fees or fees to the credit provider. You may also incur fees if you wish to terminate the agreement before the end of the term.

How to make a complaint

If you have a dispute with your broker or any concerns about their professionalism, you can make a complaint by contacting ASIC’s Infoline on 1300 300 630.

07/02/2022

Pros and cons of debt consolidation with your mortgage

If you are struggling to keep up with multiple credit repayments – credit card, car loan and mortgage – one option for simplifying the issue is to consolidate all the debts into your mortgage. However, there are also potential negative consequences for consolidating all your other debts with your home loan, so you should consider this strategy carefully and ask for independent advice before making a decision.

So what are the pros and cons of debt consolidation with your mortgage?

Pros

Shifting from multiple payments to one payment
When you consolidate your debt, you only need to make one regular payment, so your finances are more organized and you don’t have the stress of doling out minimum payments to multiple lenders. Once you have streamlined your repayment plan, you may even be able to increase the amount of that one repayment.

Lower interest rate
Multiple debts is equivalent to multiple interest rates, yet when you consolidate all these debts, you are only paying interest on one loan, which is generally at a lower rate than before. This is an automatic saving. With one interest rate and one regular payment, your monthly payment will probably be much lower than usual, giving you the option of increasing the amount of your regular repayment to get on top of the loan faster.

Cons

Reduces the equity in your home
Unlike your car and the items you purchase with your credit card, your home is an investment which will appreciate in value. Your goal is to increase the equity in this asset for your own financial security. Yet when you combine your home loan with your other debts, you are reducing your equity without any increased value of assets to balance it out.

Risking your secured loan
Another difference between a mortgage and your other debts is that a mortgage is a secured debt – if you can’t pay it, the lender can take something from you in lieu of the debt. In contrast, if you cannot make your credit card payments, it will affect your credit rating and your ability to get another credit card but it won’t have a significant impact on your overall security.

Consolidation loans are also secured loans. When you consolidate all your debts into your home loan and then cannot manage to make the repayments, your home is at risk.

More costly in the long term
While your minimum monthly repayments may be reduced in the short term, your long term debt may be increased. For example, if your car loan was taken over a five year term and then consolidated into your 30 year home loan term, then the interest on the original car loan will actually be increased so you are ultimately paying more for your car.

Debt consolidation can be a valuable tool for some borrowers, but can be difficult for others. Contact us today if you would like expert advice on whether debt consolidation is the right strategy for you.

04/02/2022

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04/02/2022

How to ensure your renovation will increase your house value

There are two main benefits to renovating your property – firstly, you can make it more comfortable and compatible for your lifestyle; and secondly, you can increase the value of your home. The challenge is to find the right balance between these two benefits – if you invest too much into renovations, you risk reducing the amount of profit you would make when you sell.

So how do you strike the balance and turn your renovation into profit?

The 10% rule

One handy rule of thumb is to ensure your renovation doesn’t cost more than 10% of the property’s value. If you are planning an extensive renovation, do your research to make sure you are not over-capitalizing. If you are building a substantial extension on a family home, for example, you should regain the value through creating a home that suits your family’s needs for a considerable period of time.

Keep it simple and contained

The renovations that increase the value of a home are generally in the kitchen and bathroom. A future buyer wants to know that these rooms are up-to-date with relatively new fixtures and fittings. The garden is another selling point as potential buyers will be attracted to a healthy, well maintained garden.

Take your renovations slowly, step by step, finishing one room before starting on another. This way, you can keep track of costs and also ensure that your house remains “liveable” rather than turning into a chaotic mess that will be finished one day!

Check for council approval

Before you dive into any renovations, make sure you have council approval. As part of the process, ask your neighbours to check over your plans before you start work. You don’t want the neighbours complaining that your renovation reduces the value or comfort of their home. Sometimes it just means repositioning a window that overlooks the neighbour’s yard, in order to keep everyone happy.

Consider your financing

Depending on your financial position, you could use your equity to finance the renovations, a combination of equity and savings, or you could take out a construction loan. In order to access the equity on your home loan, you need to ensure that the loan includes features such as redraw, line of credit and an offset account (this of course varies based on individual circumstances and needs).

A construction loan is written against the renovated valuation of the property, and the lender interacts directly with the builder, making regular milestone payments and monitoring a schedule. Basically, your lender has a vested interest in ensuring your renovation increases the value of your home.

If you need assistance working out the best way to finance your renovation and ensure it increases the value of your home, contact us today.

03/02/2022

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02/02/2022

Pros and cons of a reverse mortgage

A reverse mortgage allows a home owner aged over 62 to borrow against their home’s equity while still maintaining ownership of the home. You can receive a lump sum or regular payments, and the loan is due to be repaid when you die, sell the residence or move permanently from the residence. The amount of the loan will depend on the value of your home, current interest rates and your age – the older you are, the more you will be entitled to borrow.

So what are the pros and cons of a reverse mortgage? And what factors do you need to take into account if you are considering this option?

PRO – A great source of retirement income
Your home is your largest personal asset, and you can channel this asset through regular payments. If you are on a small fixed income through your pension, it can make sense to release some additional income through this asset.

CON – Value of your property is reduced
As these payments are being made from the equity in your home, so you gradually lose equity in the property. This means that your heirs will inherit a property of reduced value when you die. Alternately, if you need to sell the home to move elsewhere (such as into an aged care facility) you will need to repay the loan while still having enough equity to fund your next home.

PRO – No monthly mortgage repayments
While you are living in the home you are only required to pay the costs of taxes and property maintenance.

CON – High fees
Fees are usually higher than a traditional mortgage, further reducing the equity in your home.

PRO – You can continue living in the property and leave it to your heirs
One of the myths about the reverse mortgage is that you can be evicted from the property if the loan exceeds the property value. This is not correct. You can live in the home for as long as you wish and still leave the home to your heirs but they become responsible for repaying the loan balance, either by refinancing through a traditional mortgage or selling the home.

CON – The loan is due when a “maturity event” occurs
Maturity events include the death of the last surviving borrower, or when the home is no longer your principal residence or you vacate the property for more than 12 months. It will also become due if you fail to maintain the property or fail to pay the relevant taxes or insurance. This means that the loan could become due during a crisis time for your family when you actually need financial resources rather than having to confront a huge loan repayment.

While a reverse mortgage can be a fantastic option for some retirees, it is not for everybody and you should never embark on this type of financial commitment without independent advice. Contact us today if you wish to discuss whether a reverse mortgage is the right option for you.

01/02/2022

What happens when your fixed rate expires?

Do you know when your fixed rate term is coming to an end? Once it finishes, the bank is free to quietly switch you to a higher interest rate – unless you act fast! Think of how costly it could be if you simply let the bank choose your interest rate. If your bank charges you just 0.5% more than the competitive interest rates, this adds up to a significant amount over the term of your loan. You can save yourself a great deal of money and perhaps even cut years of your loan, if you are proactive about monitoring your interest rates and choosing the right option for you.

Switching to a variable rate
A variable rate can be a great option if you want to take advantage of low interest rates, or if you want the flexibility to redraw or make extra payments. When your fixed rate term expires, the bank will automatically switch your loan to the Bank Standard Variable Rate (BSVR). Do some research to find out whether this is a competitive rate; if not, you can talk to your bank and try negotiating a better deal. And if they do not offer you a competitive rate, you can switch lenders.
Lenders generally prefer to negotiate rather than lose a customer, while they don’t generally make their best offers to customers with a proven history of loyalty. So when it comes to your interest rate, stay alert and ask questions – keep your lender busy, trying to keep you happy!

Extend your fixed rate
One option is to ask the bank to refix your home loan, extending it for another one, three, five to ten years. The fixed rate is a good option for you, if you are planning to pay off your loan steadily over a long period of time, and you want each mortgage payment to be a regular amount so you can budget your money precisely. Fixed rate protects you from rate rises and you could be paying less than the variable rate. However, there is also the risk that you could end up paying higher than the market rate if you are locked into an outdated fixed interest term. There may also be a break fee if you change or pay off your loan within the fixed period; this means the fixed rate is not a good option for anyone planning to sell their home.

Call us today if you need assistance pinpointing the best and most competitive option for you.

31/01/2022

Myths about mortgage brokers

Wary about engaging a mortgage broker to see you through the loan application process? There are numerous myths about mortgage brokers that have put people off using their services. Here we debunk some of the more common myths so you can see how a mortgage broker can help you secure the best possible loan for your next property purchase.

1. Mortgage brokers are aligned with one particular lender
Many people believe that mortgage brokers are simply a “front” for a specific lender, so their job is to lure you to that lender. In fact, a mortgage broker is fully licensed, and relies on their knowledge of the whole mortgage market to provide you with the best mortgage for your individual needs.

2. Mortgage brokers will charge you for their time
As the client, you do not pay the mortgage broker – once you are approved for a loan, the lender pays a commission to the mortgage broker. The commission is calculated according to the size of your mortgage.

3. Getting a home loan through a mortgage broker costs more because of commission
The mortgage broker’s commission is a percentage of your home loan, so it is not an additional cost for you nor is it paid by you in any way. It has no effect on the fees or interest rates you pay on your mortgage.

4. Mortgage brokers deal with shady lenders
While mortgage brokers have connections with smaller lenders whose names might not be familiar to you, they generally also deal mainly with the major lenders with high-profile reputations. Many of the smaller lenders are affiliated with the larger banks, or they could simply be low profiles businesses with a long-standing reputation. A mortgage broker relies on the professionalism of the lender to maintain their own business reputation and income, so even the smaller lenders will have a strong reputation within the industry.

5. Mortgage brokers are only for people with bad credit
Another pervasive myth is that only people with bad credit need assistance from a mortgage broker. While mortgage brokers can certainly assist someone with bad credit find a suitable loan for their circumstances, they can also help anyone who wishes to save time and money by sourcing the best loan possible for their requirements.

6. All mortgage brokers are fully licensed
Unfortunately, anyone can call themselves a mortgage broker, but only a licensed mortgage broker is qualified to give you advice and assistance in securing a loan. A licensed mortgage broker should have the license on display in their office or on their website – if they do not, you are entitled to ask them to confirm their qualifications.

7. A mortgage broker will force you to refinance with a new lender
If you are happy with your current lender, there is no reason for you to refinance your loan with someone else. However, your mortgage broker could renegotiate the terms of your current loan on your behalf and perhaps get you a better deal.

Contact us today if you need independent assistance in finding the right home loan for your needs, whether it is for an existing property or an upcoming purchase.

28/01/2022

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