General FAQs
No, all of our services are at no cost to you.
As the mortgage market becomes more complex, it pays to think about your options. A mortgage broker will negotiate with banks, credit unions and other credit providers on your behalf to arrange loans that suit you. Mortgage brokers can not only help you select a loan but manage the process through to settlement as well, dealing with any unforeseen hiccups that can occur.
You can see us before you find your property, car or any financing needs. We can help you work out the loan amount with repayments that fit into your budget. You can immediately schedule a time to meet Barry that suits you. He can call you at a scheduled time, or meet you on skype or visit you at your home or office.
Getting the cheapest interest rate may be ok if you only want one or two properties in your investment portfolio. If you want a multiple property portfolio then you need to use a lender that will allow you to go back and unlock equity in your other properties, for purchasing your next property without saying that you don’t have enough income to allow this
The easiest way is to request a copy of your credit file here http://www.mycreditfile.com.au/
Residential properties are houses, units, villas, townhouses, terraces etc, mostly somewhere where people reside. Commercial properties are shops, factories, offices, warehouses, service stations etc where a business is generally run out of.
There are three main types of loans:
i. Fixed rate- The interest you repay is fixed and doesn’t change with national interest rates. This can be higher than the lowest variable rate.
ii. Variable Rate- The interest you replay changes when national interest rates change.
iii. Combination or split loan- You can split the loan between a fix rate loan and a variable rate loan.
The documents you will need but are not restricted to:
i. Bank statements confirming savings
ii. Other bank statements for existing loans and credit cards covering the most recent month’s transactions
iii. Rental letter from managing agent showing current rent is paid (if applicable)
iv. Employment letter or contract
v. 2 most recent and consecutive payslips
vi. PAYG summary, which is your group certificate from the last financial year
vii. Tax return for the last financial year
viii. Rental income statements (if applicable)
ix. Family trust statements (if applicable)
x. Other investment statements like dividends (if applicable)
It generally takes 2-4 weeks to get a loan approved. However, it can take longer depending on loan type and other circumstances. If you need a loan approved quickly because you want to purchase a house at auction or have a deadline for a cooling off period, please let Clever Finance Solutions know so that we can try to expedite the process.
There are several scenarios where fees might apply. However, Clever Finance Solutions will ensure you aware of all the fees associated with your loan. Some of the fees may include: i. On establishment of your loan, there is a governmental mortgage registration fee. ii. After establishment of your loan, there are no early repayment fees now except for fixed rate loans but all lenders will have a discharge fee at the end. iii. Late payment or default fees can be an issue if funds are low. iv. Most major banks have their annual package fees paid once a year for the duration of your loan. v. Asking for copies of documents, even statements can result in extra fees.
Each state has its own legislation surrounding the First Home Owners Grant. You can either review your state’s legislation here http://www.firsthome.gov.au/ or just let Clever Finance Solutions know that this is your first home and we’ll do all the hard work for you.
Solicitors and conveyancers ensure that the title of the property has been correctly changed according your state’s current land title laws. They also search for unresolved property disputes and rates owing by seller (basically who gets paid what) so you are not charged for a period that you did not own the home.
Basically, every person’s situation is unique. At Clever Finance Solutions, we take into consideration your financial goals, capacity and other variables to figure out exactly which home loan is going to work best for you.
