FAQ's

Frequently Asked Questions

What is a finance consultant or mortgage broker?

A finance consultant or mortgage broker is a professional person just like your accountant, solicitor or financial planner. A finance consultant or mortgage broker is a specialist who provides you with expert advice regarding your finance and credit needs.

What does a mortgage broker do?

A mortgage broker assesses your personal financial circumstances and goals and helps you to understand how much you can afford to borrow. The mortgage broker then uses this information to help you select a finance or mortgage product and lender that is suitable for your needs.

Your mortgage broker will do all the legwork for you in terms of searching the market for the most suitable finance products for your needs from a variety of different lenders. They will compare all of the available products that may be right for you and explain to you the differences and the benefits of each product that meets your needs and borrowing criteria.

Once your mortgage broker has helped you to select a finance product, they will assist you with the application process. Mortgage brokers are experienced with regard to the information each lender requires and know how to go about submitting successful applications. They will help you to complete your application correctly, help you to avoid expensive mistakes, and do their best to ensure your application will be successful the first time, saving you time, hassle and money.

Homeloan Corp brokers are qualified to perform this process for other finance purposes in addition to home or property purchases. They can also assist you with finance for cars and other assets, business equipment, personal loans, debt consolidation and more.

Why should I use a mortgage broker?

There's an old saying that goes "you don't know what you don't know."
A professional mortgage broker is here to make sure you know everything you need to know. They will help you to understand your financial position and what that means in terms of finance, gain knowledge about the different finance products available to you, help you to select the one that's most suitable for you and help you to understand everything involved with making the application and getting your home loan through.

Picking the loan with the lowest interest rate isn't always wise - there's a lot more to it than that. In fact, you could spend a lot of time researching all the available loans from all of the different lenders, and still not know which product best suits your personal financial circumstances and goals. Using a mortgage broker will take the confusion out of the process and save you a lot of stress! They can even help you to save money - both on interest and also by helping you to avoid making unsuccessful applications which can be expensive.

Expert credit advice could make a big difference to your financial well-being both now and in the long-term. Using a professional finance or mortgage broker could also be very beneficial to you in terms of helping you to build wealth for your future - it's not only about the finance needs you have today!

How do I claim a First Home Owners Grant?

You can claim the First Home Owners Grant by lodging your application with an approved agent (usually the lender at the time of loan application), or by lodging the application directly with the government office responsible in your state.

Not everyone is eligible for the First Home Owners Grant and it is not available on every kind of home purchase. Your iConnect Financial broker can tell you if you are eligible for the grant or not. Alternatively, you can find out more by Googling "First Home Owners Grant" as this will give you information relevant to you in your location.

What will it cost me to use an Homeloan Corp broker?

The actual costs involved with taking out a home loan will depend on the kind of loan you need and the requirements of the lender you choose. Your iConnect Financial broker will make sure you understand all the costs involved with getting the home loan you choose and will provide this information to you in writing before you take out the loan.

Generally speaking, the costs you can expect to encounter with a home loan may include:


Can fees be added into my mortgage?

Most lenders require you to have enough money to cover the cost of your fees and all the other costs associated with purchasing your property (such as stamp duty, legal fees etc) as well as a deposit on your home. Lenders will not allow you to borrow more than the property is currently valued at under any circumstances.

With that said, some fees and charges can sometimes be added into the amount you borrow under certain circumstances, depending on the lender. For example, you may be allowed to borrow enough money to cover the costs of your loan application and establishment fees, lender valuations, mortgage registration fees and lender mortgage insurance (if you have less than 20% deposit).

What documentation do I need to provide?

The documentation you need to apply for a mortgage will vary according the purpose of the loan and your personal situation. For most home loans, the documentation you will need includes:

Proof of identity. 

You will need to provide several forms of identification and please note that the original documents will be required. You can provide the required proof with 100 points of identity verification. This will include one of the following:


Or you could provide two of the following documents:

Proof of income.

You will need to provide proof of all the income that you receive. This may include your salary or wages from your job/s, Centrelink payments, income from rental property, income from any trust or annuity or more. For most people, the proof of income documentation you provide should include:


If you are self-employed, you will also need:


If you earn rental income from investment property, you will need to provide:


If you receive Government Income, you'll need one of the following:


Any other documentation for the investment which supports its existence/income payable.

Confirmation of your deposit. The lender will require confirmation of the deposit you have saved for your purchase and of any other funds that will be contributing toward the purchase. This will require:

 

Verification of outstanding debts.

Some lenders may ask you to verify any debts you may have including personal loans, credit cards, store credit and other property loans. For this you may require: