Brisbane Home Loans can offer you the choice of hundreds of products from more than forty lenders. We do the leg work for you. After ascertaining your unique situation and goals we do all the work to get you the best deal at no extra cost to you.
The amount you can borrow is commonly known as your borrowing capacity. Your borrowing capacity will differ from lender to lender and depends on many factors including your income, expenditure, existing loans and deposit available.
Pre-approval is a great place to start if you are considering purchasing a new home, buying an investment property, or simply want to ascertain your potential borrowing power.
Where Pre-approval is obtained, the lender will issue a letter of offer and this will be valid for a certain period, usually 90 days. Any conditions or additional requirements will be noted in the pre-approval that is provided by the lender.
Knowing how much you can afford to spend based on a given deposit, provides credibility with agent and a level of negotiating power with both the agent and the seller. Naturally, pre-approval is necessary if you are looking at a property that is auctioned.
Lenders Mortgage Insurance is typically required by all lenders on loans for borrowers who have less than 20% deposit.
Lenders Mortgage Insurance protects a lender in the event that the borrower defaults on the home loan. In this situation, if the sale proceeds of the property being held as security is not enough to cover the mortgage, the lender will make a claim on the insurance policy.
There are instances where the lender will require it to be paid on a much lower Loan to Value ratio, for example low doc loans. The only benefit you will get from LMI is in the amount you are able to borrow.
Mortgage Insurance covers potential losses to the lender, not the borrower. Please see more information in our Resource Centre.
Some lenders offer the option for a client to fix in the rate that has been quoted on the day that the loan application was made.
In the event that an unexpected rate rise happens prior to settlement of your loan you can feel safe in knowing that your rate will not change. Some lenders offer this service automatically. Others require you to pay a fee to put the Rate Lock in place.
Fixing a rate as part of a negotiation is useful in situations where lenders run promotions offering lower rates for a nominated time frame. This protects the borrower in the event that the loan application is delayed.
We always start with a chat over the phone or in person. We listen to your lending requirements and then prepare a needs analysis schedule for you. We review the schedule with you and outline the next steps associated with the loan application.
During this appointment we will answer any questions you feel relevant to your loan application or the process.
Feel free to contact us on 07 3889 9250 or simply complete our contact form on our website and one of our Finance Specialists will be in touch within 24 hours.