If you have a question that is not answered on this page, please contact us.
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What is MORTGAGE PROTECTION Insurance?
What is LENDER MORTGAGE Insurance?
What is the STAMP DUTY ON NEW PURCHASES?
What are the steps in my loan settlement?
How long will it take for my loan to settle?
What can I do to speed up the settlement of my loan?
What can delay the settlement of my loan?
I already have a valuation on my security property - can I use it?
Do I get a copy of the Valuation?
What if I don't have all the supporting documents required?
Will my interest rate change before settlement?
Do Aussie Mortgage Masters charge a brokerage fee for arranging my loan?
If I have any other questions - who do I contact?
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Phone Aussie Mortgage Masters to arrange an interview with one of our consultants.
The consultant will qualify which lenders would be most suited to your particular circumstances.
Fill in and sign a Loan Application with consultant.
Supply all relevant paperwork to support the loan application . (Your consultant will have a checklist of what you need).
Once application is complete, it will be sent off to the particular lender for assessing. (Note: Incomplete loan applications will not be sent to our lenders.)
You should receive a Conditional Approval between 24 and 48 hours depending on lender.
Conditional Approval is generally conditional upon valuation of your property being used as security. (Once you have Conditional Approval you should hear from the valuer within 1 day.)
Once the valuation is received back by the lender and assuming the valuation came in as acceptable and all other conditions have been satisfied, a FULL APPROVAL will be issued.
Once Full Approval is issued you can expect to receive the LOAN DOCUMENTATION within 3 -7 working days.
Once you receive the Loan Documentation you should phone your consultant and he/she will either come to your home and help you go through the documentation and witness same for you OR in some cases the lender will not allow us to witness their documents and you will have to go into a branch of the appropriate bank and sign the documents with a Home Loan Service Representative.
A covering letter with the documents will state that you will need to arrange a Certificate of Currency (Insurance) on the security property and take a DISCHARGE FORM into your current lender.
Assuming all of the above is executed the loan is now ready to settle.
From our experience it will be the lender you are Discharging from that will
hold up the settlement.
What are the steps in my loan settlement?
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How long will it take for my loan to settle?
From the time you first see your Aussie Mortgage Masters consultant until the actual settlement of your loan it could take anywhere between 2 and 6 weeks.
The actual time frame depends on whether you are simply purchasing a new home or if you are discharging from another lender.
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What can I do to speed up the settlement of my loan?
If you are constrained by time you must advise your Aussie Mortgage Masters consultant in writing of your preferred settlement date. You must also return all supporting information requested as well as your Mortgage Documents.
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What can delay the settlement of my loan?
In most cases delays are caused by the borrower not providing the information
requested. However, other reasons may be that the valuer cannot get access to
the security property or that your current bank isn't ready to settle.
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Do I have to give all of my details and history to my Aussie Mortgage Masters consultant when I apply?
Yes without all of the information requested by your Aussie Mortgage Masters
consultant we cannot qualify you well enough to make a decision on what bank and
products are best for you.
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What fees do I pay and when?
Some lenders will request an upfront fee for their valuation. If this is the case the cheque should be made out to the particular lender not to Aussie Mortgage Masters.
The rest of the fees will normally be collected by the lender at settlement of your loan.
Loan Application Fee, Stamp Duty on the loan, Mortgage Registration, Mortgage Insurance are some of the fees that will be deducted from your total borrowings at settlement.
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What is LMI?
LMI is Lenders Mortgage Insurance.
This generally applies when your loan is more than 80% of the value of your security property.
In some cases though, the lender will require it to be paid on a much lower Loan to Value ratio. The only benefit you will get from LMI is in the amount you are able to borrow.
LMI does not cover your mortgage repayment if you cannot pay it. It only covers the lender against any losses.
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I already have a valuation on my security property - can I use it?
No, the lender will choose his own valuer. The lender will arrange for his valuer to inspect the security and will pass the charge on to you.
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Do I get a copy of the Valuation?
No the valuation remains the property of the lender. However in some (not all) cases lenders will allow a borrower to have a copy.
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What if I don't have all the supporting documents required?
It is essential that you advise Aussie Mortgage Masters of anything that you cannot provide. In some cases there may be alternative solutions.
It is essential if the lender requests particular information, that you provide that information and not what you the lender needs. For example, if the lender says provide Bank Statements for the past 6 months, make sure you provide statements for the past 6 months. Do not miss any months out.
Final Approval and Mortgage documentation will not be issued unless all requested information is supplied as requested.
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Will my interest rate change before settlement?
The rate may change once your application and supporting information has been fully checked. For example, if you failed to disclose that you had a credit default, the lender may increase your rate based on their assessment of the risk of lending to you.
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Do Aussie Mortgage Masters charge a brokerage fee for arranging my loan?
In most cases Aussie Mortgage Masters do not charge a Brokerage fee to their client.
The lender will pay us a commission for arranging the loan on their behalf. It is normally around .60% of the loan amount and in some cases a .20% trailer fee will be paid to the broker for the life of the loan.
In some cases a lender does not pay commission, it is at these times that Aussie Mortgage Masters may charge up to 2% Brokerage on the loan amount.
Aussie Mortgage Masters and its consultants survive simply on commissions paid to them by the lenders. This is how we earn our money. If we do not end up arranging your loan we often do not get paid at all.
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If I have any other questions - who do I contact?
Call your Aussie Mortgage Masters consultant or Aussie Mortgage Masters Head Office on 1300 666 186.
What is a FIXED RATE Lock In?
Some lenders offer the option for a client to fix in the rate that has been quoted on the day that the loan application was made. So should an unexpected rate rise happen prior to settlement of your loan you can feel safe in knowing that your rate will not change.Some lenders offer this service automatically.Others require you to pay a fee to put the Rate Lock in place.
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What is MORTGAGE PROTECTION Insurance?
Protects your family in the case of death or serious illness.This insurance can pay off your mortgage in the case of death of either applicant on the loan or supply them with a living benefit if either are diagnosed with a life threatening illness. Type of cover depends on age and existing medical conditions. However it should always be given due consideration and taken out at the same time as the settlement of your loan.
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What is LENDER MORTGAGE Insurance?
Protects the lender against the possibility of you defaulting on your loan.Lenders only lend up to 80% of the value of a property.However with Lenders Mortgage insurance in place it can allow a client to borrow up to 105%.Lenders Mortgage insurance DOES NOT PAY YOUR MORTGAGE IN THE CASE OF DEATH OR ILLNESS.
What is the STAMP DUTY ON NEW PURCHASES?
When you purchase a home regardless of whether it is a brand new home or if you are purchasing an established home the State Government charges you stamp duty.Each state is different so you should check with your loan consultant or your Real Estate Agent what you can expect to pay.In some states First Home Buyers are given an exemption from paying stamp duty.
Stamp Duty must be paid PRIOR TO SETTLEMENT.
If you do not have the funds available to pay the stamp duty you should speak with your loan consultant as they may be able to offer you some alternatives to help you with this problem.
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