WHAT IS A MORTGAGE BROKER?
What do mortgage brokers do? A mortgage / finance broker is essentially a go-between customers and a home loan lender. They assess your financial needs, recommend the best home loan products to suit your unique situations, and packaging and presenting your case in the best light to improve your chance of approval and getting the best deal in the market.
Why use a mortgage broker?
Twelve Grains Capital mortgage brokers compare thousands of home loan products across over 50 lenders on our panel, including the big banks.
Instead of approaching multiple banks and risking multiple hits on your credit file, let our finance brokers do the hard work for you, to save you time and money.
With extensive experience in the industry, our brokers are able to explain the financial aspects of obtaining home loans in lament terms, so you'd have more confident going forward.
Aside from helping you borrow within your means, our brokers act with your best interest in mind, which means, it's our duty to find you the best deal available on the market that suits your needs.
Who can mortgage brokers help?
We help property buyers and investors achieve their goals, for example:
Buying your first home
Building your investment portfolio
Consolidating your debts
Restructuring your home loans
Low-doc loans for business owners
Buying your next property
Refinance to get a better deal or cash out
Purchasing with your superannuation funds
Constructing your next home
HOW DO I QUALIFY for home loan?
With so many home loan products out there, very rarely can we not find a solution for even the most unique scenario. But of course, as the risk goes up, so does the rate.
Ideally you'd want to have 20% saved up for deposit. But if you couldn't achieve that and wanting to purchase your first property, we could do away with at least 8%; 5% to cover for deposit, 3% for other costs.
Banks would also generally lend 6x of your annualise gross income. But don't let the banks tell you how much you can borrow. Repayments on 6x of your gross income translates to over 30% of your take home pay. Know your limit. Ideally you'd want to be in the job for at least 2 years, but again, we can work around it if you haven't.
Banks will also look at your credit history to determine if you're a worthy borrower. If you have some blemishes in your credit file, doesn't always mean you'd get knocked back right away. With the right explanation, you can still be considered for a loan, albeit the higher rates.
WHEN SHOULD I APPLY for a home loan?
Turnaround time for most banks these days are around 3-8 weeks. So ideally, you'd want to have an application in a month or two before you're going to settle.
It's never too early to speak with a broker, however. If you're not ready to go today, a broker could help you set a saving plan or plan your lifestyle accordingly to get you "application ready".
why Twelve Grains capital mortgage brokers?
Regardless of your situation, Twelve Grains Capital's mortgage brokers can help you achieve your desired outcome. Our areas of speciality include:
- Investment Loans
- First Home Buyer
- FIFO Home Loans
- Lo Doc/Non Conforming Loans
- Construction Loans
- Debt Consolidation
- SMSF Loans
- Line of Credits
- And much more!
Where to from here?
You've considered your options, and decided you're ready to apply for a home loan. The next step is to get you qualified by following the link below. Don't worry, this won't appear on your credit report.
How much can I borrow to get a home loan?
Most lenders can lend up to 6-8 times of your gross annual income less your current liabilities. To get an estimate of your borrowing capacity, simply answer a few questions around your current situation using our handy online calculator.
How much deposit do I need for a home loan?
Although it's preferred that you can put in 20% deposit, Twelve Grains Capital could assist home buyers with as little as 5% deposit to put in.
Can I get a home loan with no deposit?
In order to do this you'll need a guarantor (could be parents or family member), who are willing to put their property up as collateral.
Can I get a home loan if I have a credit default?
It might be more challenging to get a loan with mainstream lenders and you might not get the lowest interest rate. However, Twelve Grains Capital have access to non-conforming lenders who might consider multiple defaults on file if you could explain why the default(s) happened.
I'm self-employed, what documents do I need to provide?
Self-employed home loan applicants are normally required to have been operating profitably for at least 2 years before they could apply for a loan, and 2 years' tax return, notice of assessment, and latest BAS will be required to verify income. However, if that's not the case, Twelve Grains Capital have access to lenders that might consider as little as 1 financial year in business operation and your accountant's declaration as a form of income verification.
What is the best home loan rate Australia?
Home loan interest rates are at record low at the moment. We're seeing rates starting with 1's. Low interest rate is always a bonus, but it's more important that a loan product suit your needs and goals as that could save you more money in the long run.