FAQ

Using us as your mortgage broker

Why choose the Home Loan Experts?

The reasons are endless! The team at Home Loan Experts are all former credit officers who approved difficult loans for both major banks and specialist lenders. It is likely that our mortgage brokers have previously helped customers in similar circumstances as you. This means they have the established knowledge, experience and professionalism to ensure that you get approval!

We are a friendly, young, enthusiastic team that aims to build strong relationships with our customers and help them realise their goal of home ownership. We don’t charge any fees for most of our loans and we help individuals Australia wide. You’re our customer and we will work with you to make sure your experience is positive and memorable. As testament to our success as a team, we receive a large amount of referrals from satisfied customers, many who were originally declined by the banks. We know how to help!

Why should I use a mortgage broker if I can go with a bank?

Why choose from one when you can choose from many? We work with a variety of lenders and can pick the cheapest and best loan package available to suit your need. Many people approach their bank directly and either get their application declined, or get a loan at high rates. Don’t make the same mistake and speak to a mortgage broker who will offer you more than one bank can.

Do you hold a credit licence?

Yes we are a member of both the Mortgage and Finance Association of Australia (MFAA) Credit Ombudsman Service Limited (COSL). We maintain the highest standard of training and education, as well as compliance with government regulation. We also hold an Australian Credit License (ACL) as required under the National Consumer Credit Protection Act.

Will you charge a brokerage fee?

There are no fees for most of the loans we deal with. The very limited circumstances in which a fee may be applicable are found on our Mortgage Broker Fees page. The fees listed are purely a matter of fairness. We work on an exclusive basis with you, so if you work with other lenders, change your mind after committing to an application, or fall under other circumstances, a fee may apply.

To speak to a mortgage broker about your situation, call 1300 889 743 or enquire online and we will help you get approval.

Do you choose particular banks to get a higher commission?

It is a common misconception that some lenders pay us increasingly better rates of commission than others, for securing your loan. We choose the best bank for you! One that offers the best loan package around and one that suits your needs. On average we are paid 0.66% as an upfront commission and 0.18% as an ongoing trailing commission. The difference in commission rates across banks is negligible, so there is no real benefit to us in choosing one over the other. We need to ensure that the bank we choose for you, will suit you for the life of the loan, so that neither you nor us, encounter any difficulties in the future.

We don’t live in NSW. Can you still help us?

Of course! Our mortgage brokers help people all across Australia! We have approved loans for customers in every State and Territory, from small regional centres to large inner city suburbs. We even help people overseas who want to invest in Australia! There are no location restrictions.

Applying for a home loan

How does applying for a loan work?

Our mortgage brokers do all the hard work. All you will be required to do is fill out the application and supply the required documentation. Once we know which lender is suitable we lodge the loan online directly into their system for a quick approval.

How much will I need as a deposit?

This varies depending on your situation and how each lender assesses your borrowing capacity. Generally, where your income is sufficient to cover the loan repayments, you have stable employment and a good credit history with no defaults; we know banks that will only require a 5% deposit! You will not even need a deposit where your parents become guarantors and guarantee your loan, using their property as security. Lenders Mortgage Insurance (LMI) applies to loans over 80% LVR. Therefore, if you want to avoid paying LMI, you will need a 20% deposit.

To apply for a 95% LVR loan, please call us on 1300 889 743 or enquire online. Get a loan today with as little as a 5% deposit!

Can I fund the stamp duty?

Stamp duty is a sizeable amount, however, most only banks will only allow you to borrow to pay for the cost of stamp duty, where your loan is backed by a guarantor. There are also circumstances where stamp duty may not be applicable, but this varies across States and Territories. In NSW, there are stamp duty exemptions for those purchasing vacant land, and as of the 1st of January 2012, NSW buyers will be eligible for an exemption when purchasing ‘off the plan’ or newly built dwellings.

How long will a preliminary assessment take?

Using our expertise, we find you the right home loan in less than half an hour. We will even deal with the lender on your behalf making the entire process of applying for a mortgage as effortless as possible!

Getting approval

Can you cover every unique situation?

Our mortgage brokers love a challenge! We can usually find a solution to even the most complex and difficult situations. This is because we have extensive knowledge of policy and know which lenders have increasingly flexible lending criteria. If you have been declined by the banks we can find others who will approve you. Where your credit file is causing you difficulties, we will work with you to repair it and a find a lender who will accept your situation. We don’t give up! Speak to us on 1300 889 743 or enquire online and we will help you get the finance you need to purchase your dream home.

Which banks can approve us?

Our mortgage brokers are experts on the policy of over 40 lenders. This means that there will generally be a few lenders that can approve your loan. Having so many options available allows us to choose a bank that suits your needs and offers an attractive loan package. We work closely with a variety bank and non-bank lenders and have a strong relationship with the large banks including, Commonwealth Bank, ANZ, Westpac, National Australia Bank and St George. Whatever your situation, there is generally a lender who can help!

How long does a pre-approval last?

Pre-approvals are usually valid from between three to six months. During this period most people start looking at homes, but offers are generally made once your loan application has been formally approved. Making an offer before this time involves a substantial amount of risk, as your application may not be formally approved. If thinking about purchasing property with a pre-approval then speak to us first on 1300 889 743 or enquire online to get in touch with a broker who can assess whether you will qualify for a home loan.

Costs of your loan

I don’t fit standard bank criteria; can I still get a good interest rate?

It’s usually just a matter of applying with the right lender who has a flexible policy and offers great rates. This is where our expertise as a mortgage broker comes in! We can shop around for you to find you the cheapest rates around, as part of a competitive loan package. We can also help you re-finance your home loan with a lender that offers cheaper rates.