most confusing financial concerns

A financial team that provides simple solutions

1. What interest Rate should I use Fixed or Variable?

The borrower is likely to pay less overall interest over the entire loan term, with a variable interest rate in comparison to a fixed rate. Although this is dependent on the  period of the loan, the longer the period of the loan, the greater the impact a change in interest rates will have on the applicant’s repayments.

2. Am I eligible for FHOG?

If you are buying or building a new home valued up to $750,000, you may be eligible for a First Home Owner Grant (FHOG). If you are eligible for the FHOG and the home you are buying is in Regional Victoria, you will receive $20,000, if the home is not in Regional Victoria, the grant is $10,000.

3. Am I eligible for Stamp Duty reduction?

If your contract of sale is dated before July 1st 2017, you may be eligible for a 50% stamp duty reduction. This reduction is only available to first home buyers when they purchase a new or established property in Victoria with a value of up to $600,000.

4. How much deposit do I need?

Generally banks will recommend you have a deposit of at least 20% of the prospective property’s purchase price, although this is dependent on the lender.

5. What is genuine savings?

Genuine savings are the funds that a home loan applicant has saved themselves gradually over time. Generally, lenders require at least 5% of genuine savings in the applicants account saved over the course of 3 months.

6. What is Lenders Mortgage Insurance (LMI)?

Lenders’ Mortgage Insurance (LMI) is a one-off, non-refundable premium payable by the borrower that’s added to your home loan. It protects the bank against any loss that may incur if you are unable to repay your loan.

7. How does an offset account work?

An offset account is a separate bank account linked to your home loan. The balance of this offset account is deducted from the value of your loan when interest is calculated.

8. Can I make extra repayments on a fixed rate?

No not generally, additional loan repayments are often not allowed with fixed rate loans or repayments may be capped at a low amount or only permitted with a fee.

9. How much do credit cards affect my serviceability?

An applicant’s credit cards may affect the serviceability of their loan depending on how much it affects their borrowing capacity, as credit cards will generally lower the applicant’s borrowing power.

10. Will every bank offer me the same loan amount?

No, different banks have different rates and criteria for lending serviceability. Therefore different banks may offer different loan amounts, depending on the applicants financial circumstances.

Stephen and his Team have been incredible, dealt with other brokers in the past and haven’t been offered the best rates or a range of options. We can’t express how grateful we are to be treated respectfully and dealt with patiently in very stressful times. These guys deserve every reward possible. Very impressed with how organised they were such as their attention to detail.
Client - Raquel Hirsch
Faris has been outstanding! The customer service I received over the months leading up to my loan being approved (and after) was and continues to be amazing. He always has my best interests at heart and i trust him 100%. He wont let you down!!!
Client - Mehmet Cosan
Getting a mortgage is a daunting process, but my wife and I could not have felt more at ease with Faris and his team. Their communication is outstanding and they walk you through the process so thoroughly, leaving no doubt in your mind that you are in safe hands. I cannot recommend them enough, they made buying our first property such an enjoyable experience, well done guys!
Client - Toby Maher
Stephen & Nathan have been great throughout my building process, any question or request was answered and in a timely matter. Thank you for making this loan process easy!
Client - Marilyn McCormick
Faris, Steve and his team have assisted us with a number of refinances and I can say nothing but amazing things about them. They are extremely responsive, hands on and no query is ever too small. Not to mention they are just generally nice people and we now consider them as friends! We wouldn't have been able to complete our refinances without them. Would 100% recommend.
Client - Melissa Colaluca