When is my first repayment?
In most cases, your first repayment is due one month after your home loan is advanced. However, you can check the actual date:
- In the settlement letter mailed out by your lender;
- In internet banking or;
- By calling your lender (we can do this for you!).
If the lender has set up a new bank account for you, then the repayments will come from that account unless you specified a different account.
Make sure that you put money into that account now and give your new bank account details to your employer so that you are ready for your first repayment.
How do I set up internet banking?
Due to privacy reasons we cannot set up internet banking for you. Please call your lender and they can do this for you over the phone.
Most lenders also have a banking app that you can install on your mobile phone.
Will you review my loan for me?
Yes, we’ll review your loan regularly to check that your interest rate is still competitive. We’ll do this automatically and let you know where you stand.
We’ll also use our software to keep an eye on the value of your property and will notify you of market movements.
However, if you have any questions about your loan then please just give us a call.
What if I want to change my loan?
Contact us before you:
- Fix your interest rate
- Switch to interest only / principal and interest repayments
- Switch to another loan type
- Repay your loan
- Sell your property
- Refinance to another lender
Don’t forget! If you repay your loan in the first two years then the lender may charge us a fee which we will pass on to you.
When is a short term loan fee applicable?
If you repay the loan in the first 24 months after settlement (when the loan is advanced) then the lender may charge us a fee known as ‘clawback’ because we have introduced an unprofitable loan.
The banks charge us 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 then we will in turn charge this to you. We only charge the amount that has been charged to us by the bank.
If your lender and/or home loan product no longer suit your needs then please contact us and we can assist you to refinance. On a case by case basis we can waive the short term loan fee if you refinance your loan through us.
Can you help my friends?
My friends want to buy a property
We can speak to them long before they buy so that we can help them to change their situation to meet the criteria of as many lenders as possible. That way we can get them get the best interest rate possible when they buy.
We’ll give them the same great service that we gave to you and help to guide them through the buying process.
Please pass on your friend’s details to your mortgage broker and they’ll give your friends a call to introduce themselves.
My friends already have home loans
We can offer your friends a free home loan health check. Just ask them to email your mortgage broker a recent loan statement.
It’s not surprising that most people haven’t checked their home loan in the last two years and, of course, the bank isn’t going to tell them if their loan is no longer competitive!
Please email your friends with your mortgage broker’s contact details if they’d like our help.