1. What will it cost me to use your services?

Using my services as a broker will not cost you anything as my commission is paid by the banks.

2. How much of a deposit will I need?

Your deposit is the amount you’re able to put towards the property upfront, the rest is borrowed in the form of a mortgage. Typically, 20% of the property’s value is used as a deposit. Let’s say you require a loan for $500K you would require a deposit of $100K or more
for your deposit. If you have between 5% and 20% deposit, you’re still eligible for lending; however you will have to pay lenders mortgage insurance. You will also require sufficient funds to cover government fees and your legal fees.

3. What is Lenders Mortgage Insurance (LMI) and when is it required?

Lenders Mortgage insurance insures Banks for any shortfall in the event that you default on your loan and if the proceeds from the property sale are not enough to pay off the loan in full. However the mortgage insurance company will then seek reimbursement of the
payment from the borrower. Lenders Mortgage insurance is required if you are borrowing more than 80% of the value of the property.

4. How much can I borrow?

The amount you can borrow with a home loan depends on a range of things. When any bank
considers your ability to pay back your loan, they have to consider personal and financial
details, which may include:
 Income
 Expenses
 Liabilities, including other debt and
 Existing assets, such as investment properties.

5. How long does the process take?

Once I have all of the information required from the client to submit the application, most banks will make the first assessment of the application with in 3-4 business days. Then depending if additional information is required or if a property valuation is required a final
approval is normally issued with in another 2-3 days

6. Can I get approval before buying a property?

Yes, we can apply for an approval in principle or pre approval, subject to conditions such as no change to your financial position or suitable property valuation.