Most people will have debt of some sort throughout their life. It is often one of the largest expenses/commitment we will have. Regular reviews of all of your current loans is one of the most critical elements in reducing the amount of interest you pay over your lifetime. The lending environment in Australia is an extremely competitive one. Our team of experts have years of experience in navigating the complex credit requirements and negotiate better interest rates for our clients on a daily basis. Leverage their experience and knowledge to see what you have.
Home and Investment Loans
Choosing the right type of home loan for your property and financial situation is important. At Brisbane Financial Services we have access to many different types of loans. It’s all about choosing the one that’s right for you. And by knowing your goals and life aspirations, we can help guide you in the right direction.
Why It Pays to Work With a Mortgage Broker
What does a mortgage broker do?
A mortgage broker acts as an intermediary between a lender and a borrower. We talk to you about what you are looking to do such as buying a new home and then analyse the lender credit policies, rates and fees suitable for your situation. Everyone’s situation is different, and everyone’s needs are different, so there is no all round “best lender” in the market. Because there are literally thousands of loans to choose from, finding the right loan is a very daunting task!
By using our expertise you can find the right home loan in a lot less time than undertaking the task alone. We will even deal with the lender on your behalf making the entire process of applying for a mortgage as effortless as possible.
What are your fees?
We don’t charge any fees for standard loans. We will only charge a fee for short term loans (less than 18 months) and some types of commercial loans. For more information about any fees we charge please Contact Us.
How do we get paid?
By the lender! Lenders pay Australian mortgage brokers for doing the work that would otherwise be completed by a bank manager. These fees vary between lenders and do not alter the cost of your loan as they are paid by the lender.
Which lenders do you deal with?
We can deal with all major bank and a number non-bank lenders. We have a panel of approx 30 lenders to choose from.
Why should I use you rather than going direct to my bank?
If you go to your bank direct you can’t be sure that you are getting a good deal. All they will show you are the home loans and discounts that they themselves offer.
Purchasing A Home/Investment Property
Buying a home is an emotional experience. It is normally the culmination of many hours of research and discussion with family and friends regarding where to buy, how much should you spend, will it suit my needs now and in the long term.
For most people, the purchase of their home is the most expensive purchase they will make in their lifetime. So it is critical that the decision about how to finance the purchase is made with all things considered and with the help of a trusted advisor who can guide you to the right decisions.
Our Mortgage Brokers have the experience required to make sure you find the right loan to meet your needs. They will ask the right questions to ensure that all of your needs are uncovered and that the lender and product you select will keep you on track and help you achieve your goals sooner.
There are a number of key steps to take when purchasing a home. We will let you know what and when each step needs to be done and involve any other key stakeholders, such as your solicitor, in the process. Using our experience and knowledge of the buying process will ensure nothing is left to chance so that you can enjoy the experience.
First Home Owner
Buying your first home is a significant mile stone in your life. It is also one of the most stressful and confusing experiences as well.
Knowing how much deposit you need to have, how much can you borrow, what loan is best for me are just some of questions we can help you answer. Our detailed knowledge of the process of purchasing a property can only work to your advantage. Our passion is helping people realise their dream of home ownership.
We manage the whole process start to finish which may include a pre-approval, advice about contract execution plus referrals to building and pest inspectors, insurance brokers etc.
As a First Home Buyer your may be eligible for the Federal Government’s First Home Owners Grant which was introduced in 2000 to assist first home buyers with the costs of purchasing their first home. It was implemented at the same time as the GST was introduced and was also aimed at offsetting the effect this tax could have towards First Home Buyers.
The FHOG is a national scheme which is administered by each State and Territory. As such, there may be different incentives offered in each area such as reductions in stamp duty or other concessions.
We can help you to access the First Home Benefits you may be entitled to and can discuss your eligibility to these funds, so please call us to have a chat.
Refinance / Review Your Loan
Wanting a better deal? Are you paying too much? Have you asked yourself that question lately?
Is the home loan you took out 3, 4, 5 or more years ago still what’s best for you and helping you to meet the goal of owner you home sooner?
What about personal loans or the dreaded credit cards, do you still owe the same amount today that you owned when you purchase the car, lounge or took that holiday?
Brisbane Financial Services provide a quick, easy and obligation free service that allows you to compare your current loan against the hundreds available from our panel of lenders plus help you analyse what savings could be made by consolidating all of your debts into one loan.
Imagine saving hundreds of dollars per month on your home loan or reducing your repayments each month. Would that make things easier?
Reasons to Refinance
There are many reasons to refinance your mortgage.
The top five are:
Take advantage of lower interest rates
You may be paying too much interest on your home mortgage or investment property loan. Refinancing can help you lower your monthly repayments and/or reduce the term of your loan.
Change the term of the loan
If you currently have a 30-year loan, you may be able to pay off the loan sooner and save thousands of dollars in interest by refinancing to a 10-, 15- or 20-year loan. Also, if the refinancing rate is lower, and you make the same monthly repayment, the equity in your home will build up faster, because more of your payment will be going towards the principal.
Home Loan interest rates are generally lower than the interest rates charged on your credit cards or personal loans. By consolidating all your debts with your home mortgage, you could save thousands of dollars in interest, fees and charges, while reducing the amount you pay each month in repayments.
Change the type of mortgage
You may want to change from variable rate mortgage to a fixed rate mortgage, which provides the security of knowing what the repayments will be for the life of the loan. But if you don’t plan on keeping your house for at least the fixed period, you may want to consider an variable rate mortgage.
Obtain cash from the equity built up in your home
You may need cash for a major purchase, home improvements, a dream vacation or sending your kids to college. Whatever the reason, by refinancing for an amount higher than your current principal balance, you can obtain the cash from the equity built up in your home.
Building or Renovating
Building or Renovating – Getting the right loan can make the process easier
When you are looking to build a new home or renovating, you want a home loan that can grow as your new home does. You need to access funds as your progress through each stage of the building or renovation process.
At Brisbane Financial Services we can find you the right to suit your needs whether you’re building a home to live in, commencing or adding to a property investment portfolio or renovating for profit.
How do construction loans work?
Most construction loans have a variable interest rate, this is to allow for the loan to be progressively drawn as the construction or renovation of your home occurs.
Approval for a land and construction loan is a little different to approval for an established home. Often the land and building purchase will need to settle separately. To accommodate this, your initial loan will be run as two separate but simultaneous applications, one for the land purchase and the second one for the completed house and land cost. The second application will eliminate the first loan, leaving you with just the one loan.
During the building or construction period, you only pay interest on the part of the home loan that has been drawn down, or paid out to the builder. You will not have to make a full loan repayment until your home is completed.
Most lenders will also require that you build on your land within two years of actually settling on your land. The construction of your home or completion of your major renovation will generally be conducted in stages, with payments required at the end of each stage.
Your construction contract will detail the exact cost of the build, with the cost broken down into the payments the builder requires at each stage. There are six general stages of construction.
|Construction Stage||Expected Progress|
|Deposit/Preparation||Plans, permits, connection fees, insurance and soil testing|
|Base||Concrete slab/footings completed|
|Frame||House frame completed and approved by building surveyor/local government|
|Lock up||Windows/doors, roofing brickwork and insulation is now completed|
|Fixing||Plastering, kitchen, bathrooms, tiling and internal fittings/fixtures are now completed.|
Completion/Final Home is now completed with site and house cleaned and ready for occupation after approval by building surveyor/local government inspector
At the completion of each stage, the builder or service provider will present you with an invoice. In order to make the stage specific payment to the builder you will forward this invoice together with your lenders authority to make the payment to the lender.
Your lender may also require an inspection and valuation of work completed so far. A fee may be charged by your lender at payment of each stage.
Documents required for a construction loan
In addition to the normal verification documents required the lender will also require the following documents when seeking a loan for construction purposes:
- All Risk Insurance, Public Liability and Workers Compensation insurance for your builder
- Home Warranty Insurance provided by your State Building Service Authority
- Council approved building plans
- Signed construction contract and specifications
Once your new home is completed the lender will require the following documents before the final payment can be made to your builder:
- Final inspection certificates from your building surveyor or local government inspector
- Certificate of building insurance.
So, why choose us for your mortgage broking?
When you work with Brisbane Financial Services, we’ll help ensure your loans are aligned with achieving your goals.
We will also regularly review these as part of our ongoing Financial Life Management.
Debt is a key area you need to focus on, we have access to thousands of different types of loans and can help you choose the one that will bring your goals to life and allow you to live the life you want.