Monthly Archives: June 2014

QUESTION … Do the Banks add the commission paid to my Mortgage Broker onto my Home Loan?

ANSWER … No !!!

Reason … Banks are more than willing to absorb 100% of the cost to pay your Mortgage Broker as this expense is significantly lower than the costs the Bank would incur to employ more Lending Managers.

Mortgage Managers (e.g. Aussie Home Loans + RAMS Home Loans) do take into account all acquisition and business costs within their interest rate charges however, the vast majority of Mortgage Managers charge the same interest rates or lower for clients utilising the services of Mortgage Brokers.

For more information please feel free to contact our Mortgage Specialists.

The Banks have changed the Goal Posts for Home Buyers with most Banks now requiring borrowers to save a minimum of 10% deposit (previously 5%).

Home Buyers with less than 10% deposit will need to have a VERY STRONG finance application to be considered for approval and may be charged higher interest rates.

The problem faced by those currently applying for Housing Finance is that if the Bank or Mortgage Insurer declines your application you may need to wait up to 6 months before being considered for approval.

WANT TO APPLY FOR A HOME LOAN … TALK WITH OUR MORTGAGE SPECIALIST