FAQ: Your Questions Answered
Using a mortgage broker to help choose your home loan can save you time and result in making considerable savings in the long run. With so many lenders and credit providers to choose from, a broker is the ideal middle-man to do the legwork for you – they can find out about suitable loans or credit packages and arrange special deals.
However, we understand that finding the right broker to guide you through the journey is extremely important.
At Select, we value our client's needs and ensure their application for finance is simple and runs smoothly. We get many questions along the way and have listed some of the most common below to give you an idea of our services and experience.
1. How long have you been a mortgage broker?
Peter has been in the finance industry since 1979 and came under the Select Mortgage Services banner in 1999. With over 38 years in the finance industry, Peter values his clients’ needs above all else.
2. Are you a licensed broker and a member of a professional mortgage industry body?
As of 1 January 2011, all mortgage brokers who wish to offer credit services inside Australia are required to hold an Australian Credit Licence (ACL) or become an authorised credit representative under another registered Australian Credit Licence. Peter is a member of the Mortgage & Finance Association of Australia (MFAA) - the peak national body representing over 13,000 professional finance brokers - and the FAST group, which encompasses a total of over 1,300 brokers and settles more than $21 billion of loans per annum.
3. Do you have access to a range of different mortgage lenders?
Peter has access to over 20 different lenders and hundreds of various packages and features to choose from. With access to a huge selection of packages, interest rates and loan types, Peter uses his knowledge of your circumstances and what lenders offer to match a loan to best suit your financial needs.
4. What fees and commissions are you entitled to?
Our commission or fee for arranging a loan is paid by the credit provider whose products we sell. Each lender’s commission levels are different. Our service is always free for our clients.
5. How much can I borrow?
Depending on your circumstances such as your salary, expenses and lifestyle, Peter will take into consideration your confidential information to determine how much you can borrow. The amount differs person to person.
6. Do you help with first home owners’ grants?
With a whole range of grants, cost reductions and rebates that first home buyers’ may be eligible for, we can give you a list of savings and assist with your applications. Ask us for our ‘Rolls Royce first home buyer treatment’. We’ll get you quotes upfront and explain the whole process, so you understand before committing yourself.
7. What’s the best loan structure for me?
Much like how Peter will work out how much you can borrow, he will use similar methods to determine the loan structure to best suit your circumstances. With hundreds of loan structures on the market, there is something to meet everyone’s needs.
8. How long will it take?
The time it takes for your finance to approve varies depending on your circumstances and the lender you choose to go with. It can take anywhere from one day up to 21 days for finance to go through.
9. Are you available outside of opening hours?
Yes. We can work around your timetable – including making home visits.
At Select, we offer no-obligation, quality and free home loan advice to help you reach your financial goals. Give us a call on (08) 9417 3399 to talk to us about your financial options.