Knowledge is the Key, Let us help you

Amanda Amey is a Credit Representative (No. 492955) of Money Quest Australia Pty Ltd, Australian Credit Licence 487823.

Understanding your home loan..... 

Understanding your home loan..... 

Why it's a good idea to use a mortgage broker

 

An Offset Account

A transactional or savings account that is linked to your home loan account. This can save you money on interest as the lender considers the balance of this account when calculating your monthly interest. 

Not All offset accounts work at 100% offset so always check on this

A Redraw facility

A facility that the lenders offers the borrower.  This facility allows the borrower to make extra repayments into their home loan, but still have access to it and redraw these extra repayments at a later date. This can potentially save you money or shorten your loan term as the lender considers the extra repayments when calculating your monthly interest.   

Not all products offer a redraw facility to always check that you are able to redraw this money before you consider making the extra repayments

What is Lenders Mortgage Insurance (LMI)

This is an insurance that protects the lender, and not the borrower. Usually this is applicable if your LVR is more than 80%. In other words, if you have less that 20% to contribute to the deal.  Once your Home Loan LVR exceeds 80%, the lender requires you to pay lenders mortgage insurance.  This is on a sliding scale and can be fairly minor at around 81% LVR, but increases dramatically when it reaches around 90% LVR

There are some exceptions, so please ask

What is LVR

This is a common term used for your "Loan to Value Ratio" and can determine the product, pricing and features that your lender will offer you. It may impact on your rate and borrowing capacity.  Once your LVR exceeds 80%, the borrower is usually responsible for Lenders Mortgage Insurance.

LVR plays a large part on your Home Loan product and pricing, so please ask us for more information

As a MoneyQuest Mortgage Broker we can provide a range of options that would take you hours to determine and decipher from individual lenders.  We compare products and features and look for promotional offers, pricing discounts across our extended panel. 

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Understanding your Homeloan

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Our office will contact you on receipt of your enquiry 

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We focus on delivering a fast and friendly service and ensure the process is made simple and seamless. 

 

We have over 24 different lenders, with hundreds of products, so it would make sense to let us do the comparing for you..

Amanda Amey is a Credit Representative (No. 492955) of Money Quest Australia Pty Ltd, Australian Credit Licence 487823.

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