We take the hassle out of your journey to a new home, pitching in to do everything you don’t have time for. And with our years of experience on your side, you can be confident you’re making sound financial decisions.
Are you looking for a health check on your mortgage, or ready to pay down debt faster? Are you sure you’re getting the best deal? We do the legwork to hunt down the right loan, and equip you with strategies to get ahead.
Buying your first home can be exciting and nerve-wracking at the same time. You’re facing a huge decision. That’s where our experience comes in handy. We’ll walk you through the options, so you know your home is in your reach.
To find the right property, you need the right people behind you. While property investments still hold excellent value, it’s not for the uninitiated. We research the best properties, and find the right loan to pair with them.
Having a broker negotiate finance for you is a smart move. We save you time, stress and money. With our know-how behind you, the journey to owning a property gets easier. We point you in the right direction, and show you the pitfalls and wrong-turns, so you can step out with confidence.
We shoulder the load of choosing a mortgage, from selecting a property, right through to settlement – and beyond. We’re there to adjust the plan as your life and circumstances change. And we’ll still be there with you when you’re ready to buy the home after this one.
We can access hundreds of loans from a wide spread of lenders, so you have more to choose from than just the big four banks. By getting to know your situation, we’ll help you filter through all the options, to find the best loan for you, and do the leg-work to help you set a clear direction.
We work for you and not the bank. We get to know you personally to understand your unique circumstances. From our experience we know which lenders will have the product that will meet your needs. And we negotiate for what’s right for you, not what’s right for the lenders.
A broker will have access to a number of different banks. They will be able to do all the research and leg work to obtain the best deal for the client and a home loan that adequately services the client’s needs. The broker will deal with the bank on behalf of the customer saving them both time and money.
We help you navigate through the competitive and ever-changing mortgage landscape to find the right loan for you. We’ll go into bat and negotiate on your behalf, and we’ll make the process as simple as possible for you, geared up to deliver fast results. We’ll help you avoid the pitfalls, and we’ll find loan features to suit your personal circumstances.
A good broker should be able to detail all the fees that relate to the loan contract. These will range from the set up fees from the bank and the government, to ongoing fees and the then the discharge fees that the associated with leaving the loan.
Buying your first property is pretty daunting – after all, it’s probably the biggest investment you’ll make in your life. Our brokers are here to guide you through the process and get you into your first home.
1. Deciding to buy
2. Finding the right loan
3. The real cost of buying
4. Searching for a new home
5. Making an offer
6. The buying process
7. Moving in
Mortgage brokers get paid an upfront commission by the bank as a one off payment for the research and sourcing of the loan. The upfront commission is a pre-determined percentage of the loan amount and each bank will pay slightly differently. The broker is also paid a trail commission. This is an ongoing percentage of the remaining balance of the loan (less any amount in an offset account).
Usually up to 90 minutes but it depends on how long it takes for us to understand what’s important to and how we can help to activate the life you want to live today and into the future.
There are a number of fees involved when buying a property. To avoid any surprises, the list below sets out all of the usual costs:
Stamp Duty — This is the big one. All other costs are relatively small by comparison. Stamp duty rates vary between state and territory governments and also depend on the value of the property you buy. You may also have to pay stamp duty on the mortgage itself. To find out your total Stamp Duty charge, visit our Stamp Duty Calculator.
Legal/conveyancing fees — Generally around $1,000 – $1500, these fees cover all the legal rigour around your property purchase, including title searches.
Building inspection — This should be carried out by a qualified expert, such as a structural engineer, before you purchase the property. Your Contract of Sale should be subject to the building inspection, so if there are any structural problems you have the option to withdraw from the purchase without any significant financial penalties. A building inspection and report can cost up to $1,000, depending on the size of the property. Your conveyancer will usually arrange this inspection, and you will usually pay for it as part of their total invoice at settlement (in addition to the conveyancing fees).
Pest inspection — Also to be carried out before purchase to ensure the property is free of problems, such as white ants. Your Contract of Sale should be subject to the pest inspection, so if any unwanted crawlies are found you may have the option to withdraw from the purchase without any significant financial penalties. Allow up to $500 depending on the size of the property. Your real estate agent or conveyancer may arrange this inspection, and you will usually pay for it as part of their total invoice at settlement (in addition to the conveyancing fees).
Lender costs — Most lenders charge establishment fees to help cover the costs of their own valuation as well as administration fees. We will let you know what your lender charges but allow about $600 to $800.
Moving costs — Don’t forget to factor in the cost of a removalist if you plan on using one.
Mortgage Insurance costs — If you borrow more than 80% of the purchase price of the property, you’ll also need to pay Lender Mortgage Insurance. You may also choose to take out Mortgage Protection Insurance. If you buy a strata title, regular strata fees are payable.
Ongoing costs — You will need to include council and water rates along with regular loan repayments. It is important to also take out building insurance and contents insurance. Your lender will probably require a minimum sum insured for the building to cover the loan, but make sure you actually take out enough building insurance to cover what it would cost if you had to rebuild. Likewise, make sure you have enough contents cover should you need to replace everything if the worst happens.
Usually between 5% – 10% of the value of a property, which you pay when signing a Contract of Sale. Speak with us to discuss your options for a deposit. You may be able to borrow against the equity in your existing home or an investment property.
Go to our Repayment Calculator for an estimate. Because there so many different loan products, some with lower introductory rates, talk to us today about the deals currently available, we’ll find the right loan set-up for you
We recommend that you obtain a Pre Approval before looking for a property. This will give you peace of mind that you have a loan approved as well as knowing how much you need to spend without exceeding your budget
You can use a guarantor provided they’re a Spouse or a Family Member. They can assist you with a Guarantee over Security or act as an income Guarantor. The rules for this do tend to vary according to the situation and the lender, it is best to check with a Yellow Brick Road Wealth Manager before making any decisions.
When you borrow more than 80% of the property value, the lender will seek mortgage insurance to protect the bank from losses. It is a one-off payment which can be included in your home loan.
You will only need mortgage insurance if you borrow more than 80% of the property value. Whether Mortgage insurance is required depends on your lender.
Depending on what the default is, who lodged it and how much it is for, you may be considered for home loan approval.
If you are Self-employed, you can still apply for a home loan:
To a full financial documentation loan, a self-employed person will need to supply the following to verify their income:
Full financial information for the past two years including Personal and Company Tax Returns, Profit & Loss Statements, Balance Sheets, ATO Assessments and Tax Portals.
A Low financial documentation loan, Self-employed person will need to supply the following to verify their income:
At least one Borrower must be Self Employed.
An Executed Declaration from all Borrowers.
BAS statement and/or bank statements may also be required.
Most financial institutions will grant you one of the following:
A pre-approval within two to three business days which will allow you to shop around for a property.
A conditional Approval within two to three business days.
A formal (unconditional) approval within two to seven business days depending on the valuation of the property.
To obtain a quick, easy and hassle free approval you will need to supply the following:
A copy of your Driver’s Licence, Passport and/or Birth Certificate and Medicare Number
A copy of your two most recent payslips (your last two years Group Certificates – now called Payment Summary or PAYG Summary may be required).
A copy of your savings account statement covering a 6 month period. This will confirm how much you wish to contribute.
For refinancing an existing loan a copy of your current loan statements for the past 6 months, and additional documentation may be required depending on your circumstances.
Further information will generally be required which depends on your personal circumstances. A Mortgage Lane specialist broker can step you through what is required for your particular situation.
… I cannot speak of the team and the service they provide highly enough. The Knowledge and attention to detail is outstanding. Being able to present information in a way that everyone can understand and I look forward to using your service as my financial portfolio continues to grow.
… they’ve helped with us buying our first home, sorting out our insurance and now to investing in property. Their experience and passion can be seen in the interactions and delivery of our desired outcomes. It is always a pleasure to meet the team and discuss ongoing strategy and financial goals. I highly recommend them.
… the whole team treated us exceptionally well. The options that were presented to us were clear and concise and the simple fact that you were able to help us when we thought we had no options made us very happy indeed. We felt we could trust you from our first meeting. Every aspect was fantastic.