Selecting a home loan is one of the biggest financial decisions many people make. Using a mortgage broker from Direct Financial helps you choose the right loan, saving you considerable time and resulting in huge savings.
Here we answer our clients top 10 home loan questions to help you get started.
1. How long have you been a mortgage broker?
The team at Direct Financial come with a solid track record with over 10 years in business and a decade of experience in finance. Our brokers have a firmly established record as trusted mortgage brokers covering every aspect of home and general lending with clients that range from first home buyers to those investing in their second, third and fourth properties.
Direct Financial has settled more than 2,000 home loans and has been recognised with several Milestone Awards from FAST Business. Our clients give testimonial to the service Ross and Darryl provide.
2. Are you a licensed broker and a member of a professional mortgage industry body?
This is an important question as consumer law and major lenders require brokers to meet education standards and be licensed. Direct Financial brokers are not only experienced but well credentialed with Diplomas in Financial Broking. Direct Financial is an authorised credit representative (CR No.396755) of BLSSA Pty Ltd (Australian Credit Licence No. 391237) and full members of the Mortgage and Finance Association of Australia (MFAA).
3. Do you have access to a range of different mortgage lenders?
Yes. we offer you loans from a large number of Australian lenders so have a wide selection to choose from. Each lender has different loan products available and we help you find the home loan that best suits your needs.
4. How do you determine the best lender?
Our primary job is to research and source the best home loan for your specific needs. Securing a low interest rate is key, but we also assess your individual requirements and then present a number of product options to suit your circumstances.
5. What are your fees and commissions?
Yes, we do receive an income from each loan. This is paid from the lenders so you do not have any up front fees for using our service. All mortgage brokers must disclose payments and commissions received.
6. How much can I borrow?
As part of the process, we provide an idea of how much you can borrow based on your deposit, income, assets and liabilities. This will help you understand what type of property you can afford to buy. Our brokers do the leg work and help you through the mind field of different lending scenarios to select the best home loan available.
7. Do you help with first home owners grants?
First-time home buyers may be entitled to government grants and other incentives. We know what’s available and can assist with any paperwork.
8.What’s the best loan structure for me?
We will advise you on which loan structure makes most sense for you. This could be a variable interest rate loan or a fixed rate loan, another option is split portions providing both variable and fixed rates. Some loans provide an interest offset account and a redraw facility. We explain the options and make sure you understand everything about the home loan you are applying for.
9. What are the next steps?
We set up an initial meeting to determine the amount and type of loan you are looking for. We then supply a checklist of the information and documentation you will need to get your loan application underway.
10. How long will it take?
The time for loan approval varies depending on the lender. We can give you estimates on how long the full approval and settlement process will be, including pre-approval and then settlement.
We hope these questions have helped you. To get the ball rolling talk to a Direct Financial mortgage broker today.