Getting finance for a home is the largest financial commitment most Australians ever make, and it’s only natural that you have concerns, not just about the loan, but also the broker. The team at I Know The Broker are highly trained and committed to finding the right solution for you and your needs. These FAQ’s will help you better understand the lending process and how to choose the right broker.
How do I know you can help me?
Answer: A great question that everyone should be asking their mortgage broker. As a highly qualified mortgage broker with qualifications across the board from Financial Planning, Mortgages all the way through to Real Estate training you can be confident you will receive excellent advice at every point of the finance journey.
With training in Financial Planning this offers a deep understanding of what the banks need. Don’t fall prey to brokers that might miss critical details that will be the difference between an approval and a decline.
This can be addbacks and expenses in your Self-employed financials that can be included in your income, not understanding the tax advantages of different ownership structures, or forgetting to include the tax benefits of negative gearing.
Give yourself the best chance of getting the property you always dreamed of. Don’t risk your future with a less qualified broker.
How much do you cost?
Answer: There is no charge to you directly or via your loan. In essence, I work as a loans officer for many different lenders and whichever bank that I am doing the work for is the bank that will pay me. If we identify Bank Of Home Ownership as the best bank for your needs than this is the bank that will pay me a fee direct. It is not added to your loan in any way.
I’ve heard you just push people into the loan that pays you the highest commission?
Answer: This is a valid concern but for us here at I Know The Broker we absolutely pride ourselves on finding the right loan for you and your needs and goals. We are more than happy to show you a breakdown in which banks we use and one thing you will see is that we use a lot of different lenders! This is because very few people present with the same requirements and objectives, goals and circumstances. Mortgage Broking is much like doing a puzzle. We have to find the right fit for you. We also disclose to everyone through our Credit Quote exactly how much the lender will pay us and are more than happy to answer any further questions you have.
Do I have to prepare a budget?
Answer: It is now mandatory that a budget of your true living expenses is collected for all lending applications. This can be very labour intensive and time consuming, combing through bank statements and assigning each expense to an expense group. Here at I Know The Broker utilise technology that significantly decreases the time you need to spend. We utilise the latest technologies that will digitally analyse your statements and provide a succinct budget that we can then work through together and make any changes you feel necessary. This saves up to 90% of the time required to prepare a budget.
Find out more about how I Know The Broker can help you by requesting a Complimentary Home Loan Assessment now.
What are the benefits of working with a broker?
Answer: At I Know The Broker, we will consult with you and your individual needs. We will educate you, problem solve, and advise on the best solution for your very unique and individual needs.
When we propose a solution, we will explain how and why we believe it is the best option for you. We fit your puzzle piece with the right jigsaw.
With a very strong mortgage industry there are plenty of different banks, building societies, credit unions and non-bank lenders offering a wide variety of home loan products.
Having a diverse range of lenders and loan products to choose from is great but finding your way through the hundreds of different products and all the different features and benefits can be time consuming and even impossible for some people to do properly.
This is where I Know The Broker can help. I Know The Broker is experienced in making sure that your situation from employment length, employment type, income sources, deposit size etc meets the exact policies of the bank. This way you apply with the right bank the first time.
At I Know The Broker we act as your point of contact between you and the bank when you are having your loan approved. Because we have an excellent understanding of the bank’s approval guidelines as well as your financial situation, they are well placed to help you if your application hits a hurdle rather than leaving you to deal with the bank on your own.
Doesn’t getting a loan mean loads of paperwork?
Answer: Getting a home loan does require you to collect a range of paperwork. Depending on your situation this could range from as little as two payslips and an account transaction summary. If you’re more complex or have current lending what is required will increase. Generally it will include the following:
- Two most recent payslips
- Most recent rental statement
- Rental ledger if you’re renting
- Proof of deposit
- Recent statement of any family tax or government pensions
- Statement on any credit cards you have (please see below
- Statement on any personal loans you hold
- 30 days transaction on your everyday account
- Budget (please see below question)
I Know The Broker understands that time is of the essence. Who wants to spend their time logging in, downloading, saving, attaching and emailing? We offer our clients the option of logging in through a secure portal that will automatically download and email the last five highlighted items and sometimes even your payslips. This saves our clients up to 90% of the time these tasks typically take.
Do you just do mortgages?
Answer: Not at all. Here at I Know The Broker we can help you with all your finance needs including personal loans, lending for holidays, car loans, commercial loans and even SMSF loans. If you have a need for finance please get in touch so we can help you with right advice.
We also have strong relationships with financial planners and are more than happy to put you in touch if you feel like you could benefit from some further education.
I am Self-Employed. Can you help me?
Answer: Yes of course! Being trained far above the standard requirements of a mortgage broker, I Know The Broker has an in depth understanding of a range of complex lending structures. From sole-trader, to partnerships right through to propriety limited companies and trusts.
With training in Financial Planning we are well placed to help with all self employed lending structures. A lot of self employed borrowers financials don’t always reflect what the client is earning.
This can be due to a variety of reasons and generally is due to non- financial write offs such as depreciation and even when the business is paying a portion of the cllients living expenses when an item crosses into both worlds such as a vehicle, fuel etc.
We are well trained to identify items in your financials that the bank will allow us to “addback” and therefore increase your annual income.
Don’t be led astray by a lesser trained mortgage broker that may be scared off by complex structures where money flows from one entity to another or even a simple sole trading structure that has had previous losses that are still reflecting in current financials.
Talk with a highly trained and skilled mortgage broker to make sure you’re getting the right advice.
We can happily assist with finding the right loan no matter what your lending entity and encourage you to get in contact for a complimentary review.
How long does getting a mortgage take?
Answer: This is a bit like asking how long is a piece of string! With insider information on each of the banks current processing times I Know The Broker are well placed to be able to make suggestions on banks based on your individual needs.
If you have purchased a property and time is of the essence then we will present to you the top matches for you and their expected turn around times so that you can make an informed decision on which lender you apply with.
If you are refinancing and the biggest driver for change is the best possible rate, you may be comfortable waiting a longer time in order to achieve your purpose..
There are many steps involved in getting a mortgage as displayed here (having and infographic done up). Apart from the banks internal times, the way to make sure your application moves as quickly as possible is to have all of your paperwork ready to go when you apply or even better is to have a pre-approval.
With direct contacts at all of the banks, I Know The Broker can also liaise directly with the banks and escalate your application if ever necessary.
What is Your availability to consult with me?
Answer: To make sure I Know The Broker is making the best use of your time and theirs, after an initial brief phone conversation, a complimentary credit check and budget analysis is performed on all borrowers.
Based on the outcomes of these checks will decide on if you’re in a position to move forward now or if a little planning is necessary to get you into a buy ready position. By having these checks in place upfront it saves your time applying and getting declined and makes sure that when you do work with the team at I Know The Broker you are getting the dedicated time you deserve.
I live in a remote location. Can you help me?
Answer: I Know The Broker has clients around Australia, and as long as you have a phone and internet connection we can help. We use a communication technology where we can share our computer screens and you will be able to see us as we provide you support.
I definitely could use a refresh on my lending but unfortunately I am too busy to do it!
Answer: Getting into your first home, refinancing, starting your investment portfolio, upgrading, downsizing or consolidating your consumer debts into one easy repayment is going to take a bit of elbow grease. Our goal at I Know The Broker is to make this as little as possible. We are here to do as much of the work for you as possible as quickly as possible. For the bits we are not able to do, we have tools in place to help and reduce the time and effort that is required from your side to a minimum.
So the question you need to answer is: Are you happy with the way things are?
If you want to change the way your loan is structured or have your home loan pay for your next holiday through a reduced interest rate, request a Complimentary Home Loan Assessment.