What can ‘Premier Lending Solutions’ do for you?
- We will work as the ‘Middle-Man’ between you (our customer) and the lender.
- We will work with you to evaluate your needs.
- We will calculate how much you can borrow.
- We can get you a pre-approval on your home loan and support you though the process.
- We will compare thousands of different loan products from our lending panel of over 40 different lenders.
- We will provide you with expert advice, along with a choice of home loan options.
- We will work through all the paperwork and follow through with the lenders making it as hassle free as possible.
Does ‘Premier Lending Solutions’ charge a fee?
No, ‘Premier Lending Solutions’ does not charge you any fees to use our service. ‘Premier Lending Solutions’ receives a commission from the lender for the introduction of your business to them. Further information on how we are paid can be found in our Credit Guide. Just ask us for a copy.
Why should I use a mortgage broker if I can just go with a bank?
When we talk about a ‘loan product’ we are referring to thousands of options, from hundreds of lenders. Each lender has loads of different loan options – low doc, package loans, re-draw facilities, plant and equipment loans, fixed, interest only, interest in advance, variable, introductory variable…..the issue you face as a consumer is ‘Which loan is right for me?’ and that is where a mortgage broker comes in. If you go direct to the bank, you will only be offered the loan options available through that one lender. As your mortgage broker, we do all the leg work for you. We are across many lenders and all of their loan products and our sole purpose is to find the right loan to suit your needs.
Why should I consider refinance?
In our experience, the majority of home borrowers are paying excessive amounts of interest and fees. Many may have started out on a ‘Honeymoon Rate’, but are now coasting along on a standard variable interest rate where they could be doing much better. Further, your personal circumstances may have changed such as starting a family, commencing a new business, looking to improve your property, change in marital status, moving home or you may be simply looking for a better deal.
How much money can I borrow?
The amount you can borrow will varies from lender to lender and depends on a number of factors, generally most lenders will lend up 95% of the property value (Lenders Mortgage Insurance maybe applicable) Go to our Calculator for a quick idea of the approximate amount. ‘Premier Lending Solutions’ are more than happy to give you a more detailed response based on your individual circumstances.
How do I know if I am eligible for the First-Home Owner Grant (FHOG)?
As a basic rule, you are eligible if you’re building your first home in Australia, with the intention of occupying it as your Principle Place of residence within 12 months of the completion of construction and living in it continuously of at least 12 months. Find out if you are eligible for the First-Home Owner Grant Note: If you’re buying the property in conjunction with others, they must also meet criteria for the grant to be applicable.
How much do I need for a deposit?
With most home loans, you typically need a deposit of at least 5% of the property’s value (plus amounts to cover stamp duty and other admin fees). If your deposit is less than 20% of the property value then you may be required to pay Lenders Mortgage Insurance.
How do I choose the loan that is right for me?
Each loan types have different features. Speak with ‘Premier Lending Solutions’ to discuss your individual circumstances, we will then do all the research and legwork, and recommend the home loan that is right for you.
What is LMI (LENDERS MORTGAGE INSURANCE)?
LMI is a fee charged by finance lenders. It’s generally charged when you have a deposit which is less than 20% of your property’s purchase price. LMI protects the mortgage lender (i.e. your bank) in the event that you, the borrower, defaults on your loan. The LMI is added directly to your home loan in most cases, so it’s not a fee you need to pay upfront.
What fees/costs should I budget for?
There are a number of fees involved when buying a property. To avoid any surprises, the list below sets out all the usual costs:
- Lenders Mortgage Insurance (LMI)
Lenders Mortgage Insurance is a form of insurance that is used to protect the lender for the life of the loan against financial loss when a borrower/borrowers default, and a shortfall arises, following the sale of the security property. The premium for LMI is payable only at the commencement of the loan. Most lenders require Lenders Mortgage Insurance whenever the LVR (Loan-to-Valuation Ratio) is above 80% (i.e. the deposit is less than 20% of the purchase price). The LMI premium will generally vary from lender to lender, and according to the amount borrowed and the size of the deposit.
- Stamp Duty
All other costs are relatively small by comparison. The Stamp Duty payable is dependent on which state or territory the property was purchased in as well as the value of the property you buy. For an estimate of the Stamp Duty charged, used our Property Fees Calculator <hyperlink>.
- Legal/Conveyancing Fees
These will be charged by the solicitor/conveyancer you appoint to help you through the home loan process. These fees, which include title search fees, are usually around $700 - $1,500.
- Pest & Building Inspection Reports
These should be carried out before the purchase of a property by an expert, such as a Structural Engineer, to ensure it is structurally sound. A pre-purchase Pest and Building Inspection will show up any building defects, illegal work or pest issues that could be costly to fix further down the track. This cost can up to $1,000 - $1,500 depending on the size of the property. Your conveyancer should be able to arrange this inspection.
- Lender costs
Most lenders charge establishment fees to help cover the cost of their own valuation as well as internal admin fees. Allow about $300 - $500p.a.
- Moving costs
Don’t forget to factor in the cost of a removal firm if you’re planning on using one.
- After buying
As well as regular loan repayments you should take out building insurance and content insurance. You may also choose to take out Mortgage Protection Insurance.