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| Q. How will you choose the loan that is right for me? |
| | A. Using our specialist software and expansive knowledge of the lender's products, your Lake Macquarie Home Loan Centre consultant can help you compare the loan products of 30 different lenders, quickly and easily. Your consultant will assess the loans that are right for your needs. We'll review the details of each loan with you - and help you choose the one that fulfills those needs.
We’ll explain clearly in plain English all the features and costs of the chosen loan and tell you how much the repayments will be.
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| Q. What Lenders do Lake Macquarie Home Loan Centre source the loans from? |
| | A. Our panel of lenders is a well-balanced selection of 30 of Australia’s leading home lenders. |
| Q. How much can I borrow? |
| | A. We understand that the 'how much' question is on the top of most people's lists. With a few details, we can quickly find out which lenders will let you borrow the money you want. |
| Q. Is there a fee for service with Lake Macquarie Home Loan Centre? |
| | A. No, there is no charge for the specialist broking service we provide for you. The Lender you have chosen pay us a commission from its profits.We fully disclose our commissions to you. |
| Q. Who will go through the paperwork with me? |
| | A. Your Lake Macquarie Home Loan consultant will help you complete the loan application form. We will professionally package your application with all the supporting evidence and lodge it electronically with your chosen lender. LMHLC has programmed each of the lenders' lending criteria into its software so that you don’t waste time applying to a lender who will assess your application less favourably. |
| Q. Who lets me know where my application is up to? |
| | A. We'll take the hassle out of the application process by managing it on your behalf - right through to settlement. We will help you with any questions that you may have and, if there are any problems, we’ll chase up the lender for you.
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| Q. Are the consultants fully qualified? |
| | A. All Lake Macquarie Home Loan Consultants are fully qualified and trained mortgage professionals who have:-
* Long term Lending knowledge and experience in the industry (with a combined 64 years experience- refer to "About Us" section on website). They carry out mandatory ongoing training in technical and customer service areas;
* meet our stringent service standards at all times;
* maintain MFAA accreditation;
* maintain professional indemnity insurance.
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| Q. What happens with my personal information? |
| | A. Our Privacy Policy ensures that any personal information collected by us will be used only for the purpose indicated. We will not give your personal information to other organisations for their marketing purposes.
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| | A. Purchasing a property is a major financial commitment. Lenders like to see proof that you are able to put some of your own funds towards a purchase before they will lend money to you at standard rates.
In general you are required to have at least 5% of the value of the property being purchased in what the lenders call “genuine savings”. Genuine savings means that you can provide evidence of a savings pattern proving that you have saved the money yourself (over a 6 month period of time).
Obviously, the greater the deposit you can save the better, and deposit requirements are changing all the time. Please feel free to contact Lake Macquarie Home Loan Centre to discuss current lender deposit requirements.
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| Q. Will my other debts affect the amount I can borrow? |
| | A. The more you owe in debt the less you will be able to qualify for in a home mortgage. The process of finding out how much you can qualify for involves examining your income and comparing it to your debt ratios. These are variables that help determine how much you can borrow. If you have an excessive debt ratio, this reduces the amount of home mortgage you can qualify for.
By examining your credit profile, Lake Macquarie Home Loan Centre, will be able to structure a home buying strategy. If you have credit card problems, do not be embarrassed to discuss them honestly with Lake Macquarie Home Loan Centre. If you have credit problems you can assist the process by obtaining a copy of your credit report to assist us in determining your ability to qualify for a mortgage.
We can sit down with you and examine your entire financial situation to best position you prior to submitting your loan application.
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| Q. What is the First Home Owners Grant in NSW? |
| | A. The First Home Owner Grant scheme offsets the effect of the GST on home ownership by providing a grant to first homeowners. It is a one-off payment of up to $7,000 to assist eligible first home owners with purchase or construction costs. |
| Q. Am I eligible for the First Home Owners Grant in NSW? |
| | A. As a basic rule, you are eligible if you are an Australian citizen or permanent resident, buying or building your first home in Australia, with the intention of occupying it as your principle place of residence for a period of 6 months within 12 months of the settlement. It is important to note that if you are buying the property in conjunction with others, they must also meet the same criteria for the grant to be applicable. |
| Q. What is Lenders Mortgage Insurance? |
| | A. Lender’s Mortgage Insurance (LMI) does not protect the borrower should they be unable to make mortgage repayments. It protects the lender from any losses resulting in the sale of a property due to default by the borrower. LMI premiums are payable by the borrower when the amount borrowed is above a certain percentage, usually 80%, of the lender's valuation of the property. Some lenders will allow you to add the LMI premium to your home loan; others require you to pay it up front.
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