“Do I need to talk to the bank at all?”
No. The brokers communicate with the bank directly and sort out the small details to save you time.
“How long does pre approval take?”
Its always hard to say however usually about 2-3 weeks. It is different case to case.
“I have heard of people buying properties through trusts – will this suit my needs?”
Everyone’s situation is completely different, you really need to determine the best structure by speaking with a qualified accountant who specializes in these structures, then the broker can work this in to the finance.
What Is An LVR?
The LVR is the loan to value ratio, so a loan of $50,000 on a house valued at $100,000 would be a 50% LVR. A loan of $80,000 on the same $100,000 house would be 80% LVR.
“Should I go for interest only or principal and interest?”
This is very different for everyone and needs to be assessed case by case. Usually investment loans are interest only as to provide more tax deductions. Owner-occupier loans are generally principal and interest so it eventually get paid down.
“When do my loan repayments start?”
They will start on the day you select with your selected term, weekly fortnightly or monthly.
“Should I get pre-approval before making offers on property?”
YES! We think its crucial, you should know exactly how much you can borrow, at what rates, on what terms before even searching for property. Then you are going in one step more prepared.
“If I change jobs or even careers, will this affect my loans?”
This is a huge mistake people do not think about when it comes to obtaining finance. You should always speak with a broker before making big decisions concerning your ability to repay back a home loan. If you are thinking of switching jobs or even your career, this would play a huge part of which lender will then lend you money going forward.
If you have comments and questions hit the contact us page and let us know! We will help where we can, (We might even post your question here)!