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The ultimage guide for refinancing your home loans

Everything you need to know about refinancing your home loan.

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If you’re thinking about refinancing your home loan, you’re in the right place!

In this guide we’ll cover everything you need to know about getting your home loan refinanced.

  1. Should you refinance your home loan?

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    Why would you refinance your home loan? And when is the right time to do so? These resources will help you decide if you should refinance your loan:

  2. Home loans explained

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    Fixed rates, LVR, LMI, offest or redraw - home loan terminology can be confusing. If you need a refresher on what these terms mean, these resources will help you:

  3. Applying for a home loan

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    How does the home loan process work? And what happens if your loan gets declined, or the valuation comes in lower than you expected? We answer your questions below:

  4. Home loans for different types of employment

  5. Bank home loan review

Questions and Answers

Are you able to do virtual meetings?

Yes, our mortgage brokers can still 'face to face' meet you using Zoom Meeting or Google Hangouts, whichever is your preference. In our online meeting, we'll be able to go through your requirements and walk you through the home buying process.

Our mortgage brokers are working and are available during the coronavirus outbreak, so if you need any assistance with a home loan get in touch today.

What is a mortgage broker?

A mortgage broker is a consultant that can help you with finding a home loan, or mortgage usually from their panel of lenders. Once the right home loan has been selected, the mortgage broker will help you manage the home loan process, from initially signing the paperwork all the way until settlement.

What does a mortgage broker do?

A mortgage broker acts on your behalf to arrange a home loan through a bank or lender. Australian banks and lenders have different policies and loan requirements, and it is a brokers job to find a loan from one of these parties that fit with your individual situation.

Mortgage Brokers can help find the right home loan for any situation, from purchasing your first home to buying an investment property all the way to refinancing your mortgage to a better interest rate.

At Hunter Galloway we have access to over 30 different banks and lenders, giving you a wide range of home loan options to ensure we have a lender that can fit in with what you need.

Is it good to go through a mortgage broker?

Applying for your home loan through a mortgage broker gives you many advantages and there are no down sides.

We will give your application more care and attention than going direct, and we can offer you the best loan product across over thirty different lenders.

And if your loan application is complicated for any reason, we have the in depth knowledge and expertise required to correctly assess your situation and find you the right loan.

How much do mortgage brokers get paid in Australia?

Mortgage brokers in Australia get paid commissions from the banks. There is no cost to you as the client.

We do the same work the branch manager would do in putting together your application, so the lenders pay us for that service. The difference is that we are invested in your loan application - we don't get paid otherwise - so we will work very hard for it to get approved, as well as provide incredible service.

As our team at Hunter Galloway are mortgage broking and credit experts, we can answer all of your questions instead of directing you to another department.

What types of customers do you help?

Our mission is to make your home loan application effortless. We always work towards building a strong and personal relationship with every one of our clients and will work tirelessly to find the right home loan for you. Your mortgage is a lifelong commitment, and so is our commitment to you.

We help all sorts of clients from across Brisbane, so get in touch with the team today to book a free assessment.

What is an Independent Mortgage Broker?

An Independent Mortgage Broker in Brisbane is a broker that is not subjected to outside authority. In other words, they should technically be charging a fee for their services and not be paid commissions by the banks.

In Australia, brokers are not technically independent. Brokers use an aggregator, who provide access to all of the loans offered by the banks and lenders. We are paid a commission from the banks for providing them with a home loan.

But there is still a difference between independently owned mortgage brokers, and those owned by banks. Mortgage brokers who are owned by the banks are influenced to recommend the loans from the banks that own them.

Hunter Galloway is an independently owned Mortgage Broker, not connected to any banks or lender. We use Connective Financial services as our aggregator who provide the latest technology and training to help find our customers the best finance options.

We are not owned by a bank, and neither the aggregator or the banks have any influence on our decisions or loan recommendations. We only care about what is best for you.

Why should I use a mortgage broker in Australia?

Using a mortgage broker gives you many more options than going directly through a bank. Individual banks can only offer you the small number of loans that they have. We have access to over 40 banks in Australia, so we can find you the right lender and the right loan.

The best mortgage brokers can help you through their intimate knowledge of credit policy, making the home loan process quick, easy and stress-free.

We work with a wide range of borrowers, from first home owners, experienced property investors to medical professionals helping them find the best deal.

Through our intimate bank credit knowledge, we can find ‘secret’ policy exceptions to get approvals for applications that would normally get declined, including no deposit guarantor home loans and unusual employment loans.

We also have very strong relationships with the credit teams and key staff at the banks meaning we are also in a good position to get the very best interest rates for you. Often this means a cheaper variable or fixed interest rates, or rebates from the bank to cover the costs to refinance your loan.

What is the difference between fixed and variable rates?

A fixed rate mortgage means that you 'lock in' an interest rate for either a two-, three-, or five-year fixed period. While you're on that fixed rate, your loan repayment will not change, even if interest rates go up.

The main benefit of a fixed rate mortgage is security. You know what your monthly repayments will be and you don't have to worry about interest rates rising or falling.

A variable rate mortgage means that your mortgage repayments will change based on current interest rates. If the interest rates go up, then your repayments will increase. If interest rates drop, so do your repayments.

The main benefit of a variable rate mortgage is flexibility. A variable rate home loan will allow you to make extra repayments without penalties and you also have the option of extra facilities like offset accounts.

How can I manage risk and borrow the smart way?

Managing risk is all about understanding your situation, and borrowing the right amount of money. Borrowing the absolute maximum amount of money possible can be a problem if your financial or living circumstances change, so it's important to get the assistance of a mortgage broker to help make sure that you're borrowing the right amount of money.

Here at Hunter Galloway, we take the time to learn about your unique situation and what you're trying to achieve so we can find you the right loan - and the right loan amount - that will help you to achieve your goals without putting yourself through any unnecessary financial risk.

How long should a mortgage application take?

The length of a mortgage application depends on a lot of different factors, including the complexity of the application and the lender that you're using. Simple applications with the most responsive lenders can be very quick. More complex applications or some of the slower lenders can take a bit more time.

If you are purchasing a property it's very common for us to have our finance approved within 14 days, or 2 weeks - sometimes less if you have tight finance timeframes.

We will give you an idea of the expected time for your application when we submit it to the lenders, and keep you posted every step of the way. As a general guide, though, most applications are settled within a month (and many are settled much quicker than that).

How can Hunter Galloway make the home loan application process simple?

We will do all of the leg work on your home loan application to make it as simple and stress-free as possible.

It starts with an information session with one of our brokers. They will sit down with you to understand your background, your goals, and your financial circumstances.

Based on this information, we work with an internal credit team and utilise cutting-edge technology to provide you with the best home loan solution for you.

Our internal credit team will go through your application with a fine-toothed comb to make sure that everything is in order and you have the best possible chance of getting your loan approved.

As your application progresses, we will be there to help you every step of the way. We will provide you with regular updates about the progress of your application, and will work to quickly resolve any issues if they crop up.

If you want some examples of just how easy it can be, check out our Google reviews. We have over 1200+ 5-star average rating, which goes to show just how easy and simple applying for a home loan with us can be. Contact us today for more info.

Are there different products that would suit me better over others? What are my options?

There are literally hundreds of different home loans across 40 different lenders in Australia, each of them with their advantages and disadvantages. Some products will be better suited for you than others. The only way to know which is best for you is to check each product to see what suits your unique situation the best.

Luckily, that's exactly what the mortgage brokers at Hunter Galloway are here to do! We search across all of the options from the lenders and banks to find you the right product.

Once we find the right product for you, we will meet with you to discuss your options and answer any questions you might have before moving ahead with your application. Rest assured that we will find you the best loan possible.