We can answer some of those tricky questions.
We know seeking finance can make you feel nervous. You may find our calculators helpful. Our Facebook page also has tips and links to help answer your questions or give us a call.
1) What is the benefit of using a broker rather than going direct to the bank?
One big advantage of using a broker, such as us, is the large range of options we provide. We have a panel of over 30 lenders to call upon to negotiate and secure you the most ideal solution to your financing requirements. We handle everything for you at no cost.
2) Why Smartmove?
Our business is based on a long-term approach to your financing needs. We have detailed systems and processes in place, including a dedicated support team to ensure your loan application is processed quickly and we actively review the market to ensure you are always receiving a competitive interest rate and package throughout the life of the loan.
We also provide the comfort and security of knowing you have a personal mortgage broker who will stay with you for the long term and will be available anytime you require to personally attend to your request. We are specialists in residential, commercial, personal and asset lending; this is what we do all day every day, meaning we can help with providing the information to ensure you are well-informed throughout the process.
3) Is there anything else you can help with?
We also provide free property reports, property educational resources and many other complimentary services. We are also in touch with specialists and business partners who can help with property management, purchasing of property, financial planning and general and business insurance. Please give us a call to find out more.
4) Will you charge a brokerage fee for a Home Loan?
No, there is absolutely no cost to utilise our services. All our business is generated via customer advocacy and word of mouth advertising. All that we ask is if you are happy with our service that you refer us to your friends and family or anyone who you think can benefit from our service.
5) Will my rate/fees be higher due to commission the bank pays the broker?
The lenders pay us for introducing new applications and doing the work that would have been done by their staff. The banks do not charge additional fees or a higher rate for using a broker.
6) Would you choose a lender based on their incentive schedule?
The lender that is ultimately chosen is driven by your requirements and objectives, ultimately providing the best possible solution for you. Even though not all lenders pay the same it is very close and doesn’t have any bearing on the final lender selection. In addition to this all remuneration is fully disclosed.
7) We don’t live in the state you operate in; can you still help us?
We help everyone across Australia.
8) How much can I borrow?
It will depend on your income, expenses, asset and liabilities. We have a Borrowing Power Calculator to help you get an idea on the estimated amount you could borrow.
9) How much will I need to deposit?
It depends on your scenario and how the lender assesses your borrowing capacity. Lenders Mortgage Insurance (LMI) applies when you are borrowing more than 80% of the value of the property. From January 2020, the Australian Government has introduced First Home Loan Deposit Scheme where low- and middle-income earners, who are first home buyers, can deposit 5% of the property value without having to pay the LMI.
10) If I have additional questions relating to my banking following settlement, do I visit a branch, or can the mortgage broker assist me with those queries as well?
We are available to assist at any time during the loan application process and following settlement. Our business is built upon a long-term approach. We want to be your point of contact for all matters related to your banking needs. If we cannot assist directly, we can either put you in touch with someone who can or have that person contact you. We work closely with a range of industry partners to help ensure your query is answered promptly.
11) What is Lender’s Mortgage Insurance (LMI) and How Does it Work?
A premium payable by the borrower (often capitalised/added on top of the base loan amount) in the case a borrower has insufficient funds of their own to contribute to the purchase price. LMI protects the bank against potential loss if the borrower is unable to repay the loan. The LMI premium is payable upon funding of a home loan and cannot be used to contribute to the purchase. There are many ways to reduce or even avoid this premium. Please give us a call as we would love to help work through the options with you.