[vc_row][vc_column][vc_custom_heading text=”Frequently Asked Questions:” font_container=”tag:h3|text_align:center”][vc_separator color=”black” style=”shadow”][/vc_column][/vc_row][vc_row][vc_column][vc_tta_accordion][vc_tta_section title=”Q). Why do I need a mortgage broker?” tab_id=”1466833078786-7b15f4a2-af54″][vc_column_text]A). Whether you are buying a new home or investing or thinking about refinancing your current home loan, mortgage broker can recommend the loan that’s right for you.[/vc_column_text][/vc_tta_section][vc_tta_section title=”Q). How much money can I borrow?” tab_id=”1466833078789-657b9961-77ac”][vc_column_text]A). The answer for this questions is different for everybody as it is calculated using many factors including your current income, other current finance loans /credit cards, marital status, number of dependents. Each bank has its own version of a servicing calculator, we can run through this over the phone with you in about 5 mins to determine an estimate of your borrowing capacity.[/vc_column_text][/vc_tta_section][vc_tta_section title=”Q). How much money will I need to set aside for stamp duty?” tab_id=”1466833110288-8cbc9cd8-36f3″][vc_column_text]A). Stamp duty is a state government tax based on a property’s selling price. Each state or territory has different rules and calculations; some states offer discounts to first home buyers. Stamp duty can be a significant additional cost when buying property. Use our stamp duty calculator to get an idea of what you will need to pay[/vc_column_text][/vc_tta_section][vc_tta_section title=”Q). Will my rate/fees be higher due to commission the bank pays the broker?” tab_id=”1466833108107-81b2567a-77b9″][vc_column_text]A). No, there is absolutely no cost to Utilize 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.[/vc_column_text][/vc_tta_section][vc_tta_section title=”Q). If I have additional questions relating my banking following settlement, do I visit a branch or can the mortgage broker assist me with those queries as well?” tab_id=”1466833186948-ae51a1e4-85fa”][vc_column_text]A). 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.[/vc_column_text][/vc_tta_section][vc_tta_section title=”Q). What is Lender’s Mortgage Insurance (LMI) and How Does it Work?” tab_id=”1466833147954-3de62bf7-57e4″][vc_column_text]A). A premium payable by the borrower (often capitalized/added on top of the base loan amount) in the case of a borrower not having sufficient 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.[/vc_column_text][/vc_tta_section][vc_tta_section title=”Q). We don’t live in NSW. Can you still help us?” tab_id=”1466833192866-85ca55e1-fc2c”][vc_column_text]A). Our mortgage brokers help people all across Australia. We have approved loans for customers in every state and territory, We can even help people overseas who want to invest in Australia![/vc_column_text][/vc_tta_section][vc_tta_section title=”Q). My lender is charging me a higher home loan rate than I see advertised elsewhere. Can I change lenders?” tab_id=”1466833207690-5e15ed27-509c”][vc_column_text]A). This is exactly the reason why most people change lenders. There may be a penalty clause in your current home loan, meaning you may need to pay a discharge fee, but it could still be in your financial interests to change. When shopping around it is always important to look for the comparison rate of a product. A comparison rate is essentially the true rate, taking into account the fees and charges you will pay on the loan. So even though you see a lower rate it doesn’t mean the repayments are less.  L & M brokers are able to take the hassle out of this for you.[/vc_column_text][/vc_tta_section][vc_tta_section title=”Q). I have just come off a ‘honeymoon’ interest rate to a much higher rate. Can I move lenders or am I locked into my mortgage?” tab_id=”1466833205001-86fa4552-724e”][vc_column_text]A). You can walk away from most mortgages, although penalty fees sometimes apply. To review your options, why not contact an L&M broker[/vc_column_text][/vc_tta_section][vc_tta_section title=”). If I move my mortgage to a new lender, is there anything stopping that lender from increasing their rates in a few months time?” tab_id=”1466833765636-850828ce-f27d”][vc_column_text]A). It depends what kind of product you have. If you’re concerned about rising rates, perhaps you should consider a fixed rate home loan, where repayments are fixed for a period from 1 to 5 years.[/vc_column_text][/vc_tta_section][vc_tta_section title=”Q). Why do some lenders charge more than others for lending the same amount of money?” tab_id=”1466833199769-64adc07d-d723″][vc_column_text]A). Banks and other lenders pay different amounts for the money they on-lend to you, they have different overhead structures and different profit expectations. All these factors affect how much they charge to lend people money.[/vc_column_text][/vc_tta_section][/vc_tta_accordion][/vc_column][/vc_row]