Frequently Asked Questions
DO I HAVE TO PAY A FEE TO USE YOU?
Our award winning service is free. We are paid by the lenders for bringing the clients to them.
WHAT IS A MORTGAGE BROKER?
Mortgage brokers are consumer advocates in the home loan selection process by helping you to select a home loan and complete the required mortgage documents. Mortgage brokers follow your new home purchase, investment or refinance through to settlement providing a smooth and convenient transaction.
By linking with banks, other financial institutions and private lenders, mortgage brokers offer you access to a wide range of home loan choices to find the right mortgage for your needs.
You will be mentored through the complex home loan lending process. Our mortgage brokers offers you the convenience of doing all the leg work to access an affordable home loan while balancing the your financial interests and goals.
HOW DO I APPLY FOR A LOAN?
We will complete all the mortgage applications for you to ensure your home loan application has the optimum chance of success. Our mortgage broking software compares all mortgage rates, fees and hidden costs so we can deliver you the best value home loan for your situation.
WHAT IS A PRE-APPROVAL?
A pre-approval gives you an indication of the maximum amount you can borrow. By getting your pre-approval you have the power to negotiate your next property purchase with confidence.
CAN FEES BE ADDED ONTO MY MORTGAGE?
In some cases, yes. It will depend on how much you are borrowing and the value of your property.
I’VE JUST MOVED TO AUSTRALIA AND HAVE NO CREDIT RECORD HERE. CAN YOU HELP?
I’M SELF-EMPLOYED. CAN YOU HELP?
WHY DON’T I JUST GO TO A BANK MYSELF?
We help assess all of the loans available from over 30 different lenders. A bank is restricted to offering you one product range only.
DON’T YOU JUST RECOMMEND THE LENDER WHO PAYS YOU THE MOST COMMISSION?
No. This is a fallacy. For a standard residential home or investment loans, the difference between the lenders’ commission rates is very small. We are much more interested in making sure you are happy with the loan product chosen so that you refer your family and friends to us.
HOW LONG DOES IT TAKE TO GET A LOAN APPROVAL?
The loan approval process does vary depending on the lender and lending product selected. However as a guide the average time to get a conditional approval, once a fully completed application has been lodged is between 2-4 days. A conditional approval means your loan has been approved subject to any outstanding requirements, such as a property valuation.
I HAVE HAD A CREDIT DEFAULT, WHAT ARE MY OPTIONS?
There are a number of lenders who specialise in providing credit to individuals who have an impaired credit history. These types of loans are referred to as non-conforming loans. Within Blackburne Mortgage Broking’s lending panel, there are a number of lending institutions who specialise in these types of loans.
WHAT SHOULD I LOOK FOR IN A MORTGAGE BROKER?
Mortgage broking is a major part of the Australian home loan marketplace and over 49% of all home loans are placed using a mortgage broker. There are hundreds of mortgage brokers to choose from, but there are a number of key criteria you should check before using a broker.
Your broker should:
- Be a member of a recognised industry body such as the Mortgage and Finance Association of Australia (MFAA).
- Have access to at least 30 different lenders which includes the major banks and a good range of other lenders;
- Use sophisticated software that will compare your needs against the lending products on their lender panel;
- Provide their service to you at no cost and are happy to disclose the commissions they receive from the lenders;
- Receive constant ongoing professional development;
- Have Professional Indemnity Insurance.