Q. Can I change my mind?
If you have had a loan approved and decide not to go ahead with a purchase, you may incur a cancellation fee.

Q. What is the best home loan rate?
It's often difficult to know how to find the best home loan rate available. It's surprising how many people simply walk into their local bank branch and accept whatever home loan rate the lending manager offers them without knowing what alternative options might be available.
It is possible to compare home loan interest rates using an online comparison finder. When using home loan comparison software, it's important to remember to include any establishment fees you might be charged and any account fees or monthly fees.
Unfortunately, unless you work in or around the banking industry, the home loan rates can often be displayed in a format that is not always easy to follow. Let's have a look at some things you should consider when trying to find the best home loan rate for your needs.

Q. Can I switch loans?
Making the decision to change loans or refinance, is difficult as there are hundreds of loans available from hundreds of lenders. On top of that, there are other factors to consider such as how long do you want your loan period to be, or how much you can afford each month?
Some loans have early pay out penalties and other costs you will need to consider. Sometimes re-financing is not the answer, so speak to one of our Consultants to ascertain if refinancing is the right option for you.

Q. Do I need a loan approval first?
Yes, it's usually best.
Having a loan already approved (usually subject to a valuation of the property you buy) means that you will know how much you can afford to pay for a home. It also lets you make a quick purchase decision, which may be a useful negotiating tool with the owner or agent; or at auction time.

Q. How long do loan approvals take?
The loan approval process depends on the borrower, the lender and the type of loan.
The average loan can usually be approved in 48-72 hours after we receive your completed application. If you need an accurate estimate of the time it will take to approve your loan

Q. How much can I borrow?
This depends on a range of factors including your personal circumstances, the price of the property and any valuation that may be required (a bank valuation may not be the same as the purchase price).

Depending on the lender, they may be prepared to lend up to 95% of valuation, depending on your ability to repay. It's worth noting that loans of more than 80% valuation often require mortgage insurance, which the borrower pays for.