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Frequently asked important questions ?

1 Why should I choose Aussie Best Loans Centre?
2 Why don't I just go direct to my bank?
3 What is the maximum loan amount I can borrow against a property that I own or am going to purchase?
4 Should I pre-qualify or get pre-approval before I begin searching for a home?
5 What constitutes a loan approval?
6 If the Lender's Mortgage Insurance is conditional, who will pay for insurance?
7 Once I apply, how long will it take before I receive an approval?
8 How do I calculate interest?
9 What is my down payment?
10 What are the advantages of making a higher down payment?
11 Can I switch between Variable and Fixed interest rate at any time?
12 Can I have a split loan so part of my loan is Fixed, while the other part of my loan is Variable?
13 When should I lock in my interest rate?
14 Will one late credit card payment or loan default disqualify me from getting a mortgage?
 
 Why should I choose Aussie Best Loans Centre? Why don't I just go direct to my bank?
Mortgage Broker When you go straight to the lender it is in their best interests to put you into the loan which makes them the most money over as long a period as possible. 

Because we are paid an upfront fee by the bank, it is in our best interest to put you into a home loan that you can get out of as soon as possible, so that we can help you in a few years time to purchase a second or third property. 

Our finance consultants are experts in mortgages and we can teach you mortgage minimisation techniques that can require no extra repayments. Each bank has one of each type of loan (i.e., honeymoon, standard variable, line of credit, etc.). Knowing what type of loan you need is only half the battle, we will help you to choose which lender has that best type of loan, while your bank has only one of each kind to offer you. We can help you select what loan and lender suits your situation, not just what the bank has to sell you. 

Aussie Best Loans Centre will take time to understand your particular needs, and work with you to tailor and design a financial product which will best suit your individual requirements. 
And what is MOST IMPORTANT is that Aussie Best Loans Centre can identify your loan potential and CREATE a PLAN to accommodate YOUR INDIVIDUAL NEEDS !!!

But why put up with your NEEDS? You can have a BETTER LIFESTYLE by setting up your personal finance and/or your business finance to enhance your quality of life. You can pay your home loan easier and faster, purchase more investment properties or shares, have a holiday where you would like and not have to worry that money is an issue. 

You can have your DREAM come true... if you know the way to do it - YES, IT IS POSSIBLE !!! 

We will design a Financial Model for you, which will show you the way to create more wealth and become financially independent.

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 What is the maximum loan amount I can borrow against a property that I own or am going to purchase?
Home Loan The number obtained by dividing the loan amount by the value of the property is called the Loan to Valuation Ratio (LVR). If the purpose of the loan is owner-occupied, the maximum loan amount would be 97%. If the purpose of the loan is investment or business, the maximum loan amount would be 90%

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 Should I pre-qualify or get pre-approval before I begin searching for a home?
Finance YES. Real Estate Agents and home sellers will generally consider you a more serious buyer if you receive a pre-approval from Aussie Best Loans Centre. Not only does it allow you to narrow your price range, it also assures the seller that you qualify when you do find the home of your dreams.

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What constitutes a loan approval? 
Bad Credit Most mortgage lenders base their decision on three factors: credit, collateral and capacity. Credit refers to the quality of your current credit rating. Capacity is your ability to repay the loan based on job stability, current income and other factors. Collateral is the amount of equity in your home, and the likelihood of appreciation. Once everything checks out, you're approved!

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 If the Lender's Mortgage Insurance is conditional, who will pay for insurance?
Mortgage Lender If you going to borrow more than 80% of Loan to Valuation Ratio (LVR), the Lender Mortgage Insurance is payable by you.

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Once I apply, how long will it take before I receive an approval?
Mortgage Refinance If you approach us to design a Financial Model, it will take a time to analyse your income, and for us to determine the best option available for your situation. However, it generally takes only 48 hours after we receive your completed application to obtain a loan decision. Some programs may require additional documentation, so approval may take a little longer. Check with your Aussie Best Loans Centre mortgage consultant for an estimate of the time that it will take to receive your home loan approval. Once approved, you will receive a written commitment letter, which will outline your rate (if locked), terms, approval conditions and any additional documentation needed to close. 

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 How do I calculate interest?
Loan Calculator All interest is calculated based on the daily loan balance. You can therefore save interest by paying early or by paying in advance 

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What is my down payment?
Low Doc Loan This is simply the amount of money you choose to invest in your new home. The downpayment and the mortgage loan amount make up the purchase price of the home. We offer many loan programs that require only a 5% or 10% downpayment. We even offer some zero downpayment options.

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What are the advantages of making a higher down payment?
No Deposit Loan A higher downpayment will reduce the size of the loan, as well as providing added strength to your ability to borrow. The higher your downpayment, the lower your monthly mortgage payment will be. In addition, your financing costs will be reduced because you will pay less interest over the term of the loan. It will also be much easier for you to qualify for a home loan at the terms you select. Downpayments meeting or exceeding 20% will generally remove the need for costly mortgage insurance, thereby lowering your payment even further. However, if you wish to maximise your homeownership tax advantage, consider making a smaller downpayment. Either way we can help! 

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Can I switch between Variable and Fixed interest rate at any time?
Line of Credit If your interest rate is Variable, you can switch to a Fixed interest rate at any. If your interest rate is Fixed, you can change to Variable interest rate, but may have to pay a break cost. Please contact us if you require more information in relation to this question.

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Can I have a split loan so part of my loan is Fixed, while the other part of my loan is Variable?
Owner Builder YES. If you tell us that you want a split loan when you first apply to us, there is no fee payable.

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When should I lock in my interest rate?
Fixed Rate To be an informed buyer, you'll want to be aware of recent interest rate movements. Have they been falling or rising? Depending on the market, you may want to wait before locking in an interest rate, or you may want to lock in as soon as possible. We offer lots of flexibility but the decision to lock or float can only be made by you.

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Will one late credit card payment or loan default disqualify me from getting a mortgage?
Defaults If you have less than perfect credit, Aussie Best Loans Centre has programs to meet your needs. Late payments should by no means automatically disqualify you from getting a home mortgage. We understand that almost everyone has forgotten to pay a bill on time, or has had trouble making a payment. Many people find themselves in difficult financial situations. These often result from illness, divorce, or temporary unemployment. If you can demonstrate that a problem is in the past, and you have been able to re-establish a good track record for a sufficient amount of time, you may be in a good position to get a mortgage loan. There may be a reasonable explanation, so speak to us honestly and openly about the situation. It's important to remember that mortgage lenders don't just look at your past history, but also at your ability and willingness to pay in the future

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