Why use us?
- We are approval experts, not just a normal mortgage broker.
- Our services are free for most types of residential loans.
- Australia wide services.
- Access to almost 40 lenders including the major banks.
- A full member of the FBAA and AFCA, ensuring professional and ethical lending practices.
Using us as your mortgage broker
The team at Home Loan Experts are mostly former credit managers who approved difficult loans for both major banks and specialist lenders. What that means for you is that we know how to present your loan to make sure that it gets approved!
We also specialise in helping people in tricky situations. If your situation is unusual then most bank managers and mortgage brokers will not have the knowledge, experience and contacts to get your loan approved. We know exactly which lenders can help and how to present your loan application!
We are a friendly, young and enthusiastic team who aim to build strong relationships with our customers and help them realise their goals 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 a testament to our success as a team, we receive a large amount of referrals from satisfied customers, many of whom were originally declined by the banks.
Do you hold a credit licence?
Yes, we hold an Australian Credit License (ACL) as required under the National Consumer Credit Protection Act.
We are also a member of both the Finance Brokers Association of Australia (FBAA) and the Australian Financial Complaints Authority (AFCA).
We maintain the highest standard of training and education, as well as compliance with government regulations.
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 can be found on our Mortgage Broker Fees page.
To speak to a mortgage broker about your situation, call 1300 889 743 or complete our free assessment form and we will help you get approval.
Why should I use a mortgage broker if I can go with a bank?
Why choose from one when you can choose from many banks? We work with a variety of lenders and can find the cheapest and best loan package available to suit your needs.
- Choice: Is your bank going to tell you if another bank is cheaper? Are they going to tell you if another lender’s products suit your needs?
- Free services: Most of our clients pay nothing for our services. For a list of situations where we will charge, please refer to our fee schedule.
- Level of service: Did you know that mortgage brokers consistently outrank bank managers in customer satisfaction surveys?
- Keep it simple: We will take the hassle out of applying for a loan. We’ll deal with the banks so that you don’t have to!
- Expertise: Our mortgage brokers have a much higher level of training and experience than bank lenders.
- Specialised lending: Your bank cannot go outside of their lending policy but we can choose a lender that can approve your loan!
- Annual reviews: Did you know that the banks can change your rates after your loan is advanced? We will check to make sure that your loan is still competitive.
Many people approach their bank directly and either get their application declined or miss out on a more competitive discount. Don’t make the same mistake! Speak to a mortgage broker who will offer you more than just your bank’s own products.
How do mortgage brokers get paid?
We are paid by the banks for introducing new applications and for doing much of the work that would otherwise be done by one of their staff.
It is like we are a bank manager that works for many lenders instead of just one. This outsourced approach is very efficient and benefits both you as you have more choice and the bank as they do not have to pay us anything if we don’t lodge applications with them.
We are paid between 0.33% and 0.85% of the loan amount as an up front incentive and an ongoing incentive of 0% to 0.285% of the loan balance per annum. Most lenders pay 0.65% for upfront commissions and 0.15% for trails, GST excluded.
This is not paid by you, it is paid by the lender. For a copy of our lender’s incentive schedules please contact one of our mortgage brokers.
When fees may apply?
If you repay the loan (or refinance or sell your property) in the first 24 months after settlement then the lender will charge us a short-term loan fee because we have introduced an unprofitable loan. Clawback can be up to 0.77% of the loan amount in the first year or 0.385% of the loan amount in the following year. If we are charged this fee by the lender, then we will in turn charge the clawback directly to you via an invoice.
Only payable if you repay the loan within the first 24 months.
How can we be sure that you will recommend a suitable loan?
It is a common misconception that mortgage brokers recommend unsuitable loans for their clients to try to maximise their incentives.
The reason for this is that prior to the regulation of our industry in 2010 there were a few unscrupulous mortgage brokers which gave the rest of us a bad name.
We recommend several suitable loans for you and then let you decide which one you would like to apply with. In fact, as a holder of an Australian Credit Licence, it is against the law for us to assist you with applying for an unsuitable loan.
How does applying for a loan work?
Our mortgage brokers do all of the hard work. All you will be required to do is fill out the application and supply the required documentation. We can then complete a preliminary assessment and give you some options to choose from.
Once we know which lender you would like to proceed with then we lodge the loan online directly into their system for a quick approval.
Do you choose particular banks to get a higher incentive?
Did you know that there are some mortgage brokers that advertise that they are paid the same no matter which lender they choose? This is actually a very clever marketing trick.
If a lender pays low commissions then these brokers do not add them to their panel of lenders! For example, NAB and a few other lenders pay lower commissions to mortgage brokers so are not on the lender panel of either Aussie Home Loans or Mortgage Choice.
As we are not part of a franchise group we can do business with any lender that works with mortgage brokers. This means that you get more choice and a better range of loan products.
Are you owned by a bank?
Did you know that many other mortgage brokers are actually owned by a bank?
- Aussie Home Loans is owned by the Commonwealth Bank (CBA).
- Mortgage Choice is listed on the Australian Securities Exchange (ASX) and has several banks as shareholders.
- Fast, Plan and Choice are owned by Advantedge (a division of NAB).
- Many others are private companies with undisclosed shareholders.
Home Loan Experts is a 100% privately-owned Australian company with no lenders as shareholders.
We don’t live in NSW. Can you still help us?
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 can even help people overseas who want to invest in Australia!
In the past, we had mortgage brokers in other states but since the majority of lenders have their credit departments in Sydney they could not build relationships with the decision makers inside the banks and, therefore, could not get as many loans approved.
We decided it was better to have one main office with highly trained staff than multiple offices that could not get results for our clients.
If you want your home loan approved then use an expert mortgage broker, not a local mortgage broker.
How much will I need for a deposit?
This varies depending on your situation and how each lender assesses your borrowing capacity. We know banks that will only require a 5% deposit! Generally, this applies when your income is sufficient to cover the loan repayments, you have stable employment and a good credit history with no defaults.
lenders mortgage insurance (LMI) applies to loans for more than 80% of the property value. If you want to avoid paying LMI, you will need a 20% deposit.
You will not pay any LMI and will not even need a deposit if your parents act as guarantors and guarantee your loan using their property as security.
To apply for a 95% LVR loan or guarantor loan, please call us on 1300 889 743 or complete our free assessment form.
Can I borrow the stamp duty as well?
Stamp duty is a sizeable amount so most banks will only allow you to borrow to pay for the cost of stamp duty if your loan is backed by a guarantor.
There are also circumstances where stamp duty may not be applicable, such as for some first home buyers or if you are buying a new home. This varies across between the states and territories depending on the current government incentives and programs.
How long will a preliminary assessment take?
Using our expertise, we can find you the right home loan in less than 24 hours as long as you provide us with all of the required documents in one go.
If you are in a hurry to get approved because you are going to an auction or have a deadline for a cooling off period on your purchase then please let your mortgage broker know and they can escalate your application.
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 flexible lending criteria. If you have been declined by the banks we can help to find other lenders who will approve your home loan.
We don’t give up! Speak to us on 1300 889 743 or complete our free assessment form 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 if you have a situation that is a little outside of the box then there will usually be a few lenders that can consider your application.
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 of banks 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. If your pre-approval expires before you find a property then we can apply for an extension.
Did you know that some banks do not provide reliable pre-approvals? If you are thinking about purchasing property with a pre-approval then speak to us first on 1300 889 743 or enquire online and get in touch with a broker who can assess whether or not you will qualify for a home 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!
If you have a look at our interest rates page you’ll find that we have access to some of the best discounts on the market.