Frequently asked questions
 

How long does it take to get an approval? In most cases 48 hours for PAYG applicants and 72 hours for Self Employed for a conditional approval subject to a valuation (if required). 
In busy periods this time frame may be slightly longer although we will advise you should this be the case.

If we submit your loan by electronic submission we can have have an approval for you in seconds!
 If we pay no fees for your service, how do you get paid? The banks pay us a commission for referring your business to them. The interest rates are the same as if you were going directly to the bank yourself. This means no additional cost to you! I have had problems with credit in the past, can I still borrow money? In most cases, Yes. 
Depending on your circumstances we have non-conforming lenders on our panel who will look at your application. A higher interest rate will apply in line with the defaults or circumstances. What is a Deposit Bond? In Australia when a person or entity enters into a contract to purchase residential property, it is common practice for the purchaser to lodge a cash deposit of up to 10% of the purchase price with the vendor's solicitor as security for the purchaser's obligations. The deposit gives the vendor (the seller) a fund against which they can claim if you fail to complete the transaction.
A Deposit Bond is an instrument that, by agreement with the vendor, can replace the need for a cash deposit. It is a convenient way of purchasing a property without the need to arrange a large cash deposit or immediately cashing in or selling an investment that may mature at some point in the future. The Deposit Bond is issued by an insurer to the vendor for all or part of the deposit required. What is Lenders Mortgage Insurance? Lenders Mortgage Insurance is used when a person is borrowing more than 80% of the value of the property. It is a “one-off” premium that is paid through the bank to the mortgage insurer. This policy is to protect the bank from you defaulting within the first two years of the loan. Banks do this because they want to proceed with the loan as they feel that you area worthwhile risk. What is a Stamp Duty Exemption? (Refinancing) This tax was abolished in NSW on the 1st September 2007. This tax still applies for investors until it is abolished on 1st July 2008.
 How long does a refinance take? In most cases 4 weeks although this is dependent on the outgoing bank. If the outgoing bank is given notice upfront we can often shorten this time frame by a week or two.