- Why use a Mortgage Broker?
Mortgage Brokers will not only save you time and money, but we will find a loan product that suits your requirements. We look at your personal circumstances and then show you the most favourable options from a range of 300 different loans across all of Australia’s leading lenders. We do all the research for you and once you have selected the loan, we complete your application, liaise with the lender on your behalf and see the loan right through to settlement. We take the stress out of finding the right loan and getting it approved. We assign a designated Broker to you so you deal with the same person from start to finish. The Broker can come to your home or office either during or out of hours and provide a completely personal experience. We can help you structure your loan to achieve the best rate of approval and to have the best ongoing results for your needs.
- What does it cost to use a mortgage broker?
It doesn’t cost you anything to use a Mortgage Broker. We are paid by the lenders so the majority of our services are free of charge. In some instances, such as extremely low loan amounts or commercial loans, we may charge a credit assistance fee which will be outlined upfront and provided to you in a written quote before proceeding. If you proceed with a loan, Lenders fees and charges may apply.
- How many lenders do you compare?
Assured lending Mortgage Brokers are accredited with over 20 of Australia’s leading lenders, these include all the major banks as well as the smaller lenders who specialise in the more complicated finance needs.
- What areas do you service?
Assured lending Mortgage Brokers service clients across the entire Sydney Metropolitan, Northern Beaches, Hills District & Westerns Suburbs area.
- Can I arrange a meeting outside business hours?
We are happy to meet with you either during or outside of business hours. We can come to your home after work on a weeknight or over the weekend.
- Who uses Mortgage Broking services?
Our services are available to anyone looking for property, car, equipment or personal finance. We assist first home buyers, refinances, investors, business owners and people looking for vehicle finance, lines of credit, self managed super funds and commercial mortgages.
- What is the lowest home loan interest rate?
Variable home loan interest rates increase and decrease in accordance with fluctuations in the rates set by the Reserve Bank of Australia (RBA). When you are ready to apply for a loan, we will compare the rates of the loans that will meet your needs. Sometimes the loan with the lowest interest rate is not always the best option for a client as they may not meet the lending criteria or the terms and conditions may not suit your needs. Our brokers have excellent relationships with all the lenders and depending on your circumstances, we can often negotiate an interest rate for you that is cheaper than the lenders advertised rates.
- How do I apply for a loan?
Our Brokers will discuss your current situation and what your needs are with you and then we will advise you of the best options for your loan. Once you have selected the loan and the lender, we will put together and submit your application for you. We will advise you of all the documentation you need to provide and explain all the terms and conditions to you. We will ensure your application is structured to give you the best chance of approval and will liaise with the lenders on your behalf, constantly keeping you updated on the progress of your application. Once your loan is approved, we will complete all the requirements for final settlement.
- What is the First Home Owners Grant
The First Home Owner Grant (New Homes) scheme was established to assist eligible first home owners to purchase a new home, build their own home or purchase a substantially renovated Home, by offering a $15,000 grant. The government gives you the First Home Owners Grant in the form of cash to add to your deposit and this is usually paid at the time of property settlement or if your building, when the slab is poured. As well as the NSW First Home Owner’s Grant (New Homes) Scheme, you may also be eligible for the First Home (New Homes) Scheme which provides exemptions or concessions on transfer duty (Stamp Duty). For more information on the above grants, check out out blog page on First Home Owners Grants
- In addition to the cost of the property itself, what other costs are involved ?
Will need to consider additional costs such as:
Lenders Mortgage Insurance
Pest & Building Inspections
Land Title Registration
Building & Contents Insurance
Click here for more details on the costs of purchasing a property
- What is Lenders Mortgage Insurance ?
Lenders Mortgage Insurance is a one off fee paid to insure any loan where you borrow more than 80% of the property value. It protects the lender if for some reason, you are not able to continue making repayments on your loan. All loans are secured against the property itself incase you default on your loan, however if property values decrease and the value of your home is less than the amount you owe, the lender will use this insurance to make up the balance.
- What is refinancing ?
Refinancing a home loan is when you take out a new loan that better suits your needs. Some or all of the funds from this new loan are used to pay out your current home loan.
- What does it cost to refinance my home loan ?
If you are refinancing with a different lender, in many cases, you will be charged an exit fee from your current lender, but the money you save on a lower interest rate could far out way this initial cost. Every loan product and lender have different exit fees, your Assured Lending Mortgage Broker will explain all the costs to you for your individual circumstances, allowing you to make an informed decision on the advantages and disadvantages of refinancing before your commence.
The Mortgage Broking services of Assured Lending are free to you as the lenders pay us.
- What are the tax benefits of an investment property ?
Investing in property offers many potential tax benefits, such as expenses associated with any investment property that is tenanted or available for rent as well as interest paid on your investment property loan.
It’s essential to get professional tax advice specific to your circumstances prior to making an investment. The cost of your tax advice and having your tax returns professionally prepared for an investment property is tax deductible.
The following expenses can normally be claimed on tax for your investment property:
Real Estate advertising for tenants
Property management fees
Borrowing costs ie: loan establishment & registrations fees as well as valuation fees
Interest payments and ongoing loan fees
Stationery, phone costs, book keeping fees
Travel relating to the property
Council rates, body corporate fees, land tax and strata fees
Property maintenance & repairs
Pest control, cleaning and gardening
Utilities that are paid by you ie: electricity, gas and water
Depreciation of both the property and contents such as fridges, stoves & furniture
- How much deposit do I need for a Home Loan?
Your deposit will depend on the type of loan and the lender you select. As a general rule, the maximum amount most lenders are prepared to offer for an owner occupied home is 95% Loan to Value Ration (LVR). This means your total loan amount, including all fees, cannot be more than 95% of the value of the property. If you are an investor, the maximum amount most lenders are prepared to offer is 90% Loan to Value Ration (LVR), meaning your total loan amount, including all fees, cannot be more than 90% of the value of the property.
In some cases it can be possible to purchase a property with a higher Loan to Value Ration (LVR) than stated above, for example, if you are buying an owner occupied property and have a parent who has equity in their own home and is prepared to be a guarantor for you or if you are prepared to have a limited choice of lender and a higher interest rate.
- How much can I borrow?
Your borrowing capacity will depend on your income, expenses, savings and any equity you have in existing property. It will also vary from lender to lender. Our online borrowing capacity calculator can give you a general idea of your borrowing capacity. Click here to view the calculator. If you would like a more precise figure, our mortgage brokers can help you out and they can also get you a loan pre approval prior to looking at property.
- I am a business owner with complicated finances; can I still get a loan?
Being self employed often means complicated financials that may not always tell the full story, and getting the documentation a lender needs to establish the intimate details of your finances can be near impossible. If this is the case, you may be eligible for a low doc loan. This is a loan designed for the self employed and as the name suggests, there’s less documentation that you are required to submit. Click here for more information on Low Doc Loans
- Can I get a loan if I have a default or credit impairment?
Our team specialise in the more difficult loans and as long as you advise us of any credit impairments up front, we have the experience to work with you to explain these to the lender and structure your loan application for the best chance of approval. We know which lenders have flexible lending criteria and we work closely with them during the application process. If you have been declined by the banks, we can help to find other lenders who will approve your home loan. Click here for more information on Non-Conforming Loans.
- How can I get a Free Credit Report?
Your credit history is checked every time that you apply for a credit facility. If you are using Assured lending services to apply for a loan, we are happy to provide you with a copy of your credit report. If you are concerned about your credit score and would like a copy of your credit report prior to applying for a loan, a company called VEDA hosts this information and you can get one free credit report per year from the ‘My Credit File’ website. Click here to request your free credit report now. Note; The apply for my credit file form includes Step 2 as “Make Payment”. No payment is required.$0.00 will be displayed and you will not be asked for your credit card details.
- What is the difference between a fixed rate and variable rate loan?
Fixed Rate Home Loans have interest rates and loan repayments that remain the same for an agreed period of time. A Variable Rate Home Loan has an interest rate that can move up and down in line with fluctuations to the RBA’s cash rate. For more information on fixed and variable rate loans, check out our blog on selecting the loan structure that suits you. You can also get some estimates on loan repayment costs using our Split Loan Calculator.
- Who has access to my personal information?
- What is Stamp Duty?
Stamp Duty is a state Government tax paid on the purchase of land or a property in Australia. The stamp duty you will be required to pay is calculated on the value of the land or property and varies between the different states. You can calculate how much stamp duty you will have to pay on a property using our instant Stamp Duty Calculator.
- How do I get a home loan pre approval ?
A home loan pre-approval is a conditional approval by a lender to loan you up to a set amount of money, as long as the property you purchase meets the lenders valuation requirements. A pre-approval gives buyers a realistic budget to work to when looking for a property and is essential if you are considering purchasing at Auction. Most pre-approvals are valid for 3 months and can be renewed if you don’t find a property in this time. A pre-approval does not cost you anything and can be arranged by an Assured Lending Mortgage Broker with over 20 of Australia’s leading lenders
- Am I eligible for a first home owners grant?
To be eligible for the $15,000 First Home Owners Grant, all applicants must have never purchased a property .The property must be a new build or a new existing property that has not previously been occupied or sold as a place of residence. The value of the property must not exceed $750,000. As well as the NSW First Home Owner’s Grant (New Homes) Scheme, you may also be eligible for the First Home (New Homes) Scheme which provides exemptions of concessions on transfer duty (Stamp Duty). For more information on First Home Buyers, check out our First Home Buyers page.
- Do I need to change lenders to refinance ?
No, you do not need to change lenders to refinance. Your current lender may simply have a different loan product that better suits your needs or you may refinance the same loan product so you can withdraw some of the equity in your home.
- What is positive gearing & negative gearing ?
Negative gearing is where the cost of owning a rental property is greater than the income earned from the property each year. This creates a taxable loss, which can be offset against other income like your wage or salary. Positive gearing is where an investment earns more in rental income each year than it costs to own the property. As this profit is taxable, you will need to set funds aside to cover the tax you will be required to pay on your investment each year.
- What things can effect my credit score ?
- Multiple Credit Applications – Your credit score can be effected if more than 5 credit reports have been obtained for you in the past 12 months. Credit reports are obtained when you apply for any type of credit such as personal loans, mortgages, credit cards or utilities.
- Late or outstanding debts – If your payment on a loan or utility, including mobile phone bills, is more than 60 days overdue and is above $150, it can be recorded on your credit history.
- Recurring late payments – If you regularly make late repayments on any form of credit, this will be recorded on your credit history and you can be considered a bad risk with future lenders.
- Court Judgements – If you have claimed bankruptcy or have a court judgement or court writ lodged against you, these will all be recorded on your credit file.
- What types of vehicle finance can I get?
A standard car loan allows you to borrow a one-off lump sum and make regular set payments to pay it back. The vehicle being purchased is used as security for the loan, which means that if you default on your loan repayments your car can be seized. The interest rates on a secured loan are lower than the rates for a personal loan or credit card.
A Novated Lease is a car lease, allowing a business to lease a vehicle for one of their employees. The responsibility for the lease is with the employee and the lease payments are made directly from the employee’s income before tax is taken out (known as salary packaging). Novated leasing is a great way for employees to receive the tax benefits of leasing a vehicle without needing to have a company ABN.
A Commercial Hire Purchase is where the finance Lender purchases a vehicle on behalf of the customer, and then hires it back to the customer over a set period of time. The customer has the use of the vehicle for the term of the contract but is not the owner of the vehicle. At the end of the contract period, when the total price of the vehicle (minus any residual) and the interest charges have been paid in full, the customer takes ownership of the car.
A Chattel Mortgage is a loan for a car, truck or business plant equipment where you own the vehicle but the lender retains the title until the loan is paid out. The vehicle is used as security for the loan and when the loan payments are completed, the security interest is removed giving the customer clear title to the vehicle.You can claim the allowable depreciation and interest as a tax deduction. GST does not apply to the monthly payments, however the GST on the purchase is recoverable at the time of purchase.