Frequently Asked Questions

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There are various ways you can do this.

• You can set up your mortgage payment cycle as fortnightly. As there are 26 fortnights in a year, you will be paying one month extra payment in a year. This can add up and help you cut years off your mortgage term, savings you thousands of dollars in interest in the long run.
• Round up your mortgage payment amount, so let’s say if your loan payment amount is $725 per fortnight, you can increase this to $750 per fortnight, You won’t feel additional increase of $25 per fortnight, but this will help you to pay your loan faster and save interest.
• Make extra payments either as a lump sum or increase your loan repayment amount. Some banks allow you to pay 5% of the fixed rate loan in a year without any penalty and some allows you to increase your repayment amount by 20%. Each bank has different policies and it would be best to select the bank which would suit your requirement.
• You can use your own savings to repay your loan faster. This is one of the most innovative way to pay your loan and cut down on your number of years. Talk to us and we can show you the benefits of this method.

• Obtain pre-approval: Work with us to obtain your pre-approval from the bank. We will guide you in this crucial and most important step of your journey. This will allow you to be most prepared for your home buying experience.
• Meet any other loan conditions if listed in the pre-approval letter.
• You can now start your house search in the price range as per your pre-approval. May be worth contacting real estate agents in the area where you are looking to buy your home.
• You can make an offer subject to finance condition if the property is listed as ‘price by negotiation’ or prepare yourself for an auction.
• You need to do your due diligence like checking Land Information Memorandum (LIM) report via your solicitor, get the building inspection done and any other things which you feel is important.
• Get the property approved by the bank beforehand if you are going for an auction.
• Bank may ask you to do a registered valuation of the property which you have liked (especially if you have less than 20% deposit), so be prepared for this.
• Once you are successful and your offer is accepted, you can let us know and we have to structure your loan in a way that suits your requirement. We can then start negotiating the interest rates and cash back offer from the banks. You need to lock this offer and settlement should be within next 60 days.
• You need to go and open an accounts with the bank
• You need to arrange house insurance, we can assist you in this step.
• You need to go and sign the loan documents with your solicitor.
• You need to do pre-settlement house inspection to ensure that you are happy with the house conditions.
• On settlement day, Bank will release the funds to your solicitor and once the settlement is complete between solicitors, you can collect the house keys from the real estate agent.

Fixed rate mortgage is available with all the banks and generally you can fix the interest rate from 6 months to 5 years, your loan repayment in fixed till the time your interest rate expires. In case of a floating rate loan, your interest rate is subject to change at any time. This will vary depending upon market and other economic factors controlling the interest rate in the country. Your loan repayments can vary once the variable rate is changed by the bank. There are other options like Revolving credit (Line of credit), Offset mortgage and Capped Rate loan. You can give us a call and we can explain these in detail so that you can take an informed decision.

Refinance means changing your mortgage provider and you should take this decision only if this is in your advantage. We at Transparent Finance can do a free review of your mortgage and advise you if this option would benefit to you. There are various reasons one does re-financing of their mortgage. It may be for better interest rates or cash contribution offered by another bank. At times, they are not happy with their current bank due to various reasons. You may need to change banks if your loan is deferred or declined by your existing banks due to their current lending policies. So talk to us and we can guide you to select the best Bank which would assist you to meet your financial needs.

You need to take house insurance, it’s mandatory if you are taking a loan from a bank. You can select house insurance provider of your own choice.  We also recommend that you should consider taking other insurances like Life, Trauma, Income and Mortgage protection etc and we can assist you to offer need based insurance solutions to meet your requirement.

– Credit History of the Borrower 
– Cash Flow History and Projections for the Business 
– Collateral that is Available to Secure the Loan 
– Character of the Borrower
– last 2 years of financials if buying a running business lease documents
-Loan Documentation
To discuss this in details please contact our Expert team of Advisers