In particular we focus on getting the loan structure right the first time, choosing which lenders to use in the right order (yes this is important) and finally getting our clients the best deal possible.
Finance
Before applying for a loan, you should work out how much you can afford to borrow and repay. Finance is terms of a mortgage, it means a lender has given loan approval or provided funds to a borrower. Traditionally for a mortgage, money has been lent by institutions such as banks, building societies and credit unions. Each lender will have their own names for the different loans or accounts on offer. Ask about what they have tailored for students, young people or first homeowners.
The National Consumer Credit Protection Act 2009 gives protection to people borrowing money. It requires home loan providers to give you information that is clear and easy to understand. This will help you decide whether you can afford to borrow.
A mortgage is a type of loan where real estate is used as collateral. A mortgage is used so you don't need to pay the entire amount upfront as well as to finance your home or an investment property.
Learn MoreThere are different stages of approval when getting finance for a home loan.
The first step is to apply for a home loan with a lender of your choice, a mortgage broker is a great way to help with this process as they know what each lender requires as they are all across the different policies and requirements. The turnaround time for your application will be 1-3 days or longer depending on the complexity of your loan.
Learn MoreIf finance is not approved at the time the contract is signed, a finance condition must be included in the contract. Without a finance condition a purchaser is at serious risk.
If you exchange contracts without a finance clause and your formal approval falls through, you could lose your deposit and the vendor can sue you for damages.
Learn More
