Looking for an expert mortgage broker? If you’d like to receive advice, save money and spend less time searching for the right home loan for you, look no further. Savvy has partnered with Australia’s most trusted licenced home loan brokers, so now all homebuyers can connect with local mortgage professionals.
What home loans and features can a mortgage broker access?
Home loan brokers can help homebuyers compare a broad selection of owner-occupier home loans and find a range of flexible mortgage features that suit their budget and repayment preferences, including:
- Fixed-rate home loan repayments can help buyers on a tight budget handle mortgage repayments more easily.
- Variable-rate home loan repayments can benefit borrowers when interest rates fall.
- Split-rate home loan repayments are a mixture of fixed and variable interest rates, and you can specify the mix.
- If you have significant savings, you can use an offset account with a home loan to reduce costs and pay it down years early.
Mortgage brokers can also source specialist home loans to suit pretty much every type of buyer out there:
- If you’re a first-time buyer, you can use a low-deposit home loan or a family pledge loan to buy a home.
- If you want to refinance a mortgage, a broker can access a range of low-interest options.
- If you’re looking to buy another home, brokers can help you compare specialist investor mortgages.
Can a Bendigo mortgage broker help me qualify for a home loan?
Using a mortgage broker is certainly a great start, because they can advise about the qualification process and target only lenders that suit your situation.
However, lenders require a certain amount of information about your situation and finances to make a decision about your application, and you can help your broker by gathering as much of that as possible:
- They will need to verify your identity, usually with a driver’s licence or passport. If you’re applying for a joint mortgage, providers will require your partners details as well.
- Employed applicants will need to supply some payslips and copies of bank statements for the account their wages get paid into. Some home loan providers might also ask for a letter from an applicant’s employer.
- If you’re self-employed, the lender will need to see tax returns and possibly profit and loss accounts for your business.
- All borrowers need to submit details of assets they own. That includes earnings reports for shares and details about any extra earning from rental properties, for instance.
- Home loan providers might also ask to see bills, rent records, and credit card statements. They’ll also check your credit report to assess your borrowing history and activity.
- Applicants also need to list debts and expenses like loans and leases.
Can a Bendigo mortgage broker help me get pre-approved for a mortgage?
It’s an excellent idea to consider pre-approval for a home loan if you plan to buy at an auction, where all bids are legally binding. Pre-approval also helps homebuyers search for property based on a solid budget.
Once you’ve found your house in Bendigo, you’ll need to pay a deposit and sign a contract of sale. Your broker and the vendor’s real estate agent will help figure out the terms and set a date by which you need to settle (that’s when the lender releases funds).
Lenders usually extend home loan pre-approval for a few to several months, which allows you to show the vendor you have the means to complete the sale. Your local mortgage broker can assist you with the pre-approval process.
I’m thinking of applying for a home loan in Bendigo. Is there anything I can do to help my mortgage broker help me?
When you talk with a mortgage broker, they’ll help you prepare for your application. Well ahead of that, you can help them help you by adjusting your behaviour based on what lenders want to see.
Mortgage providers assess your suitability for a home loan by taking a close look at your current financial situation and your past history, so it’s wise to do as much of the following as you can:
- Lenders like to see stable work history, so it’s a good idea to plan ahead and not change employers in the months leading up to a home loan application.
- Hold off on any significant spending in the months leading up to your home loan application. The more disposable income you have and the fewer open credit lines, the better, so don’t buy that new car just yet and ditch one or two credit cards if you can.
- It’s well worth checking your credit report before you apply for a mortgage. Lenders often forget to update paid entries or make other errors which can affect your chances of qualifying for a home loan. You can check your credit history once a year for free.
- When you meet with a home loan professional, tell them about all your existing financial commitments and be accurate regarding your income. You should inform them about any aspect of your situation that might influence a lender’s decision about your mortgage.
Your home loan options
Making your first big step towards buying a home? It's crucial to be across your mortgage options as a first homebuyer.
Opting for a variable interest rate on your home loan means it'll fluctuate as the market moves throughout your repayment term.
On the other hand, fixing your rate locks it in for a pre-defined period. This can bring with it greater certainty around your budget.
It's important not to set and forget when it comes to your home loan. If you find a more competitive offer, it may be worth refinancing.
If you're looking to build a new house, construction loans are specifically designed to cater to the different needs associated with doing so.
A guarantor essentially acts as a safety net for your lender, as they sign onto your loan to agree to pay it off should you become unable to do so.
Purchasing a property as an investment brings with it different specifications from a lender. It's crucial to know what your options are.
Businesses big or small may wish to purchase a property for commercial purposes, which are also different from a standard loan.
Your home loan may give you an interest-only option, which allows you to exclusively pay interest on your loan for a set period.
Just because your finances may be slightly more complicated as a self-employed individual doesn't mean you can't take out a home loan.
Some lenders may allow you to apply for a home loan with alternative documents, such as tax returns, BAS and ABN registration.