We Make It Convenient
Meet at your convenience, at home, at work or over a coffee. We work around your schedule and assist you throughout the process.
Are you pro active about your banking relationships and ensuring that you are always ahead of the curve with rates and fees? Are you confident that your banking and finance relationships have the ability to present you with the best options for you all the time?
A mortgage broker is in the unique position of talking to their clients about every financial decision they make and when this spans across years of experience, it allows them to provide a unique and customised view of your financial future and how you are perceived by financial organisations.
In times of increasing automation and not being able to rely on your local bank manager, a broker acts as a liaison where banking professionals go out of their way to accommodate and provide service and solutions. They provide priority services which go deeper and are far more efficient than the standard banking experience.
I’m looking to…
What Our Customers Are Saying
Don’t just take it from us, let our customers do the talking!
“We originally spoke to our current lender, who told us they couldn’t help. We were meeting Peter to review our superannuation and we then discussed our other finances.
At the time we had a few credit cards, personal loans and overall our financial situation was overwhelming. By the end of the meeting Peter had solution for our problem and we left feeling significantly happier.
From the start to now, the whole process was handled professionally. A complicated situation was made as easy as possible and even when the lenders put obstacles in the way Peter was there to assist.
Overall we would recommend Peter to our friends and family. We have even asked our Son to go and see him!!”
“Just wanted to say thanks for the help with our new loan. We thought the process was going to really difficult, however Peter made the process really smooth. We would happily use his services again.
The loan he recommended provided us with the solution we needed. He was always available and returned all enquiries the same day.”
“We wanted to buy an investment property to eventually retire to. Peter negotiated with our existing lender and handled all of their enquiries. It was a breeze!”
Frequently Asked Questions
How can we help you?
Mortgage brokers are specialists in lending. We can assist you to determine your borrowing needs and the amount you can borrow. Our objective is to find a loan that is the best fit for your needs and that you can afford to meet the repayments without experiencing financial hardship.
How do we select a loan for you?
We filter the available loan products down based on the following criteria:
- Security & Credit Policy – different lenders have different “credit policies”. It is important that you apply for a loan that you have the highest probability of being approved for. All the different lenders available in the market place have different policies regardng to income, savings and deposit, security types etc. Some lenders are more suitable for “off the plan purchases”; some lenders offer better “construction loans” and others have more flexible policies for investments etc.
- Servicing – Amazingly, all lenders assess types of income differently. Also, some lenders will calculate your exisitng debts based on a wide range of criteria. This means, that even though your income is exactly the same your “borrowing capacity” can vary by hundreds of thousands of dollars.
- Product Features, Interest Rate and Fees – Finally, we will look at what each lender is offering. We will make sure that the product features meet your needs and objectives, and your not paying for any unwanted features. Then we will negotioate with the lender about the interest rate for you.
Depending on your situaton and personal circumstances you may have your pick of lenders, or you may only have a choice of one or two lenders.
What does a mortgage broker do?
Mortgage brokers are home loan professionals.
We work with you to determine your borrowing needs, how much you can borrow and your goals and objectives.
We help to ensure that you don’t take out a loan that is ‘not unsuitable’ for you and won’t put you in financial hardship.
Professional mortgage brokers focus on loans, and have access to a wide variety of loans. This means we can find a loan that’s just right for you.
Do you charge a fee for your service?
The vast majority of the time we will not charge a fee at all. We also provide a free initial meeting to understand your needs, our current situation and provide you with an estimated likelihood of your loan being successful.
There is a common assumpation that to use a mortgage broker is more expensive rather than going straight to the bank. That is not true at all. We receive a commission by the bank for bringing new business to them, and this does not impact your rate or level of service.
If we charge a fee for our service, we must disclose this fee upfront to you so you know what you will be up for if you engage our services. However, the costs of the loan are the same, depedning on the loan you choose.
Don't you just recommend the lender who pays you the most commission?
There is legislation in our industry, called the National Consumer Credit Protection Act (or NCCP), that is designed to protect consumers and ensure ethical and professional standards in the finance industry. We will provide you with a Credit Proposal Document which clearly outlines the commission that we will receive. We are happy to provide you with an estiamte of the commission from the competitors that we don’t recommend as well.
How much can I borrow?
There are two components to this questions. Firstly, the lender prefers to only lend a maximum of 80% of the value of the property, but under certain conditions may lend up to 95% of the value of the property. Therefore, how much you can borrow is dependant on the value of your property and the amount of money you have saved for a deposit.
Secondly, the lender will calculate how much you can borrow based on your serviceability. Your serviceability is calculated on your current income, less any ongoing debts (i.e. credit cards, personal loans etc) less your average monthly expenditure.
How do you maximise your Borrowing capacity?
- Pay off any debts and reduce the limits on credit cards
It is important that you reduce any consumer or personal debts before applying for the loan. For example, a credit card with a limit of $10,000 may reduce the amount you can borrow by $50,000. This can make a substantial difference between buying the home of your dreams or not.
- Reduce expenditure
Under the National Consumer Credit Protection Act (NCCP) it is a requriement to make reasonable enquiries into your personal expenditure. This means we will ask you for a detailed description of your expenditure and verifiy this from your personal bank account and credit card statements.
By having a disciplined spending plan, you may be able to save more and more readily be approved for a higher loan amount. If you find saving hard or have multiple personal debts call us today to discuss further.
- Increase Income
This is the hardest option, however increasing the hours worked (if possible) or having all loan parties in employment can make a significant difference to your borrowing capacity. The biggest impact we see is self-employed clients, who have a low after tax salary due to the availability of more deductions.
Should I go fixed or variable?
It is our philosophy that the banks have huge amounts of people working on interest rate forecasting. A ‘fixed’ loan is a personal preference. If you are concerned about the cost of your loan increasing or a unsure of your finances over the next 12 to 60 months then a fixed loan may be suitable to you. A variable rate loan may be more suitable if you would like to repay the loan as soon as possible or would like the flexibility to change lenders without incurring higher costs. We will discuss the differences of fixed and variable loans with you in our meeting to help you make an informed decision that you are comfortable with.
Which lenders do you deal with?
I am a Connective Broker. This means that I have access to many lenders – these include the major banks, second tier lenders and credit unions. We can source you a loan from the lender of your choice.
Who sets the interest rates?
The Reserve Bank of Australia meet on the first Tuesday every month to determine the official cash rate for the country. The lenders then use this information to set their own rates. Mortgage Brokers do not set rates.
Why should I use a mortgage broker if I can go with a bank?
When we talk about a “loan product” we are referring to the thousands of options that are currently available for you for your loan. Each bank (or lender) has loads of different loan options – low doc, package loans, redraw facilities, plant and equipment loans, fixed interest only, interest in advance, variable, introductory variable… the issues you face as a consumer is “which loan is right for me?’. This is where a mortgage broker comes in. If you go direct to the bank, you will only be offered the loan options available through one lender. As your mortgage broker, we do all the leg work for you. We are across many lenders and all of their loan products and our sole purpose is to find the right loan for your needs. Your full financial situation would need to be reviewed prior to acceptance of any product or offer.