FAQ

When you are in need of a loan, there are three options available. You may approach a bank directly, do your own leg-work and apply for a loan yourself or engage the services of a Mortgage Consultant.

The question you need to ask yourself is, when you decide to make a large household or personal purchase, do you go to the first shop you see? Or do you rather research on the best available product and price that is available in the marketplace? Buying a property is the single most important purchase (and possibly the largest financial commitment) you will ever make in your life. With all the competition out there, it pays to shop around.

A Mortgage Consultant can be your best friend when shopping for your home loan, and even if you want to use your own bank for your mortgage, a Mortgage Consultant can manage the loan application on your behalf and often negotiate a better deal for you.

What are the benefits of using our services?

Most calculators available on the internet are very basic in nature, and therefore, should be used for general assumptions only. We use a range of serviceability calculators that lenders actually use, giving you a true picture of your financial position before you apply for a loan.

We have the full knowledge on products we offer. Through our accreditation with lenders, we have access to their latest policy guidelines which allow us to tailor products to a particular borrower’s need. For example, some banks allow 100% of your overtime & bonus whereas others allow only 80%.

We save you from any foreseeable ‘decline’ of your home loan application by addressing any credit issue and liaising with lenders before submitting your application to ensure that it meets lender’s criteria.

We can help plan for your future property purchases and suggest which entities/structure/lender would be best to go through in order to maximise your borrowing capacity and flexibility for next time around. Many borrowers stick with one lender and then get to the point where they are told they’ve maxed- out their borrowing capacity. We can help refinance in those situations to help release more equity.

How much does it cost?

We do not charge thousands of dollars to find the best loan for you. We offer ‘No-Obligation’ assessment of your financial need. Should you wish to continue with an application, our service is FREE for borrowing over $500,000. We charge a small brokerage fee for loans below $500,000 which will be disclosed to you in writing before an application is submitted. This fee is payable only once.

When should I see a Mortgage Consultant?

You can meet with a Melbourne Home Lending consultant at any time, whether you’re just starting to think about buying your first home or looking to invest or refinance.

What about credit check? How can I improve my credit score?

Lenders will check credit history of borrowers as part of their risk management approach. The higher the borrower’s credit score, the easier it is to obtain a loan. A lower credit score may lead to ‘declined’ application, or require further information from applicants. Ways to improve credit score is typically by paying bills and credit cards on time and more than the minimum repayment amount. We suggest that you refrain from too many credit applications immediately before applying for a home loan or be prepared to explain the circumstances.

You can request a FREE credit report once every 12 months from VEDA. Visit the website of VEDA from the ‘Links‘ page. We suggest that you do that as soon as possible so that you have a credit report available for the mortgage consultant to review before applying for your loan. We can help you with guidance on how to apply for your FREE credit report.

Alternatively, we can conduct a credit check for you with your consent.