Frequently Asked Questions
Below are some frequently asked questions related to the mortgage industry. For other questions please feel free to contact us.
Q. Why should I use a mortgage broker if I can go with a bank?
The first thought of many homebuyer’s first thought is to head over to the bank and apply for a loan. The loan industry is very competitive so it’s best to compare rates from various lenders. A mortgage broker works with multiple banks and lenders to find the best loan options for you.
Q. Do you hold a credit licence?
iMortgage Broker Brisbane connects customers with mortgage experts in their area. Every mortgage expert is required to hold an Australian credit licence in order to offer credit services in Australia, in compliance with National Credit Act.
Q. Will you charge a brokerage fee?
Brokers we use do not charge fees for their services.
Q. We don’t live in Brisbane, can you still help us?
Definitely, just give us a call to discuss your options.
Q. How much will I need to deposit?
A deposit of 20% or more will prevent you from having to pay a lender’s mortgage Insurance. The larger your deposit is, the less you have to borrow and the lower your regular repayments will be.
Q. Can I borrow the stamp duty as well?
No, but the cost can be taken out of your cash deposit while the loan amount increases to compensate.
Q. How long will a preliminary assessment take?
In some cases the time can be as little as 24 hours.
Q. How do mortgage brokers get paid?
Mortgage brokers are paid by banks for introducing new applications, similar to a finders fee or commission.
Q. How can we be sure that you will recommend a suitable loan?
The Nation Consumer Credit Act ensures that brokers will not suggest an unsuitable loan for you. Any representative brokering a mortgage is required to carefully consider your needs and financial situation, ensuring that you can keep up with the loan without facing financial hardship.
Q. Do you choose particular banks to get a higher incentive?
No. The mortgage representatives are there to find the best loan for your circumstances.
Q. Are you owned by a bank?
No, we are a referral service, privately run.
Q. How long does a pre-approval last?
Pre-approvals are valid for 3-6 months.
Q. How many lenders do you compare?
There are over 40 lenders including large banks such as Commonwealth Bank, ANZ, Westpac, National Australian Bank and St. George.
Q. Will you process the First Homeowner’s Grant for me?
Yes, we are happy to help with the paperwork.
Q. If I have a default on my Credit Report will this impact my ability to obtain a loan?
Our mortgage experts are trained to deal with all types of tricky credit situations and are connected to flexible lenders who can help.
Q. What areas do you service?
All areas of South East Queensland including Brisbane CBD, Brisbane Northside, Brisbane Southside, West and East suburbs, Redland Bay, Ipswich and Toowoomba.
Q. What hours are you open?
You can contact during 9am-5pm Monday to Friday.
To find out more visit www.imortgagebrokerbrisbane.com.au and either phone direct of complete your details for someone to contact you at a convenient time.