What to Look for in a Good Mortgage Broker in Melbourne

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What to Look for in a Good Mortgage Broker in Melbourne

There are many things you should keep in mind when choosing a mortgage broker in Melbourne and it is essential as this will guarantee the correct loan for you today and in the future. Also, it will make sure that the entire process of securing a home to live in, refunding at a lower interest rate, forming actions with your capital, etc., is carried out with as little inconvenience as possible and that is more appropriate. Align with the auxiliary professionals needed to meet not only the loan requirements but the complete financial solution.

Finding a good mortgage broker is something you should not ever rush to and there are some key factors you should search for:

A Proven Track Record

In today’s complicated market, you need a mortgage broker who has been at a good time with some good knowledge. If you have a close friend, a colleague or someone from the same line or related jobs such as a lawyer, bookkeeper or business broker who recommends a loan specialist, then you are one more step above some others and this raises the benefit of a positive experience for you.

Establishes a Good Relationship and Is Flexible

This is very important since each individual has certain scenarios that may need additional attention. Good leading impressions may be built or destroyed within the first minute of knowing someone. Because a mortgage is a personal process and often it may be a long process, having someone with whom you feel good is a good start, mainly because this relationship can last for many years.

Associations with Professional Bodies

The more professional bodies a mortgage broker is joined with then the more perspective they would be fulfilled with the strict compliance process. Professional bodies can include MFAA, MIAA, FOS, and COS to name some. Though at this point it is a great idea to request your academic qualifications and verify your broker and license numbers. Then you can check with one or all of the mentioned organisms for more information.

Do You Deal with a Huge Number of Lenders?

When a broker just deals with 1 or 2 lenders, you may lose the best possible choice for you. Usually, this may show laziness on behalf of the broker and a lack of understanding of the entire marketplace.

How Does the Broker Find the Best Solution?

A good mortgage broker will have an ordinary methodology and will not only scribble several notes on a pad but will give a computerized summary of your situation and preferences in preferably in PDF format. Ensure you know the real cost of the loan and it is always a great idea to equate it with what a bank could provide or even with one more loan advisor. In addition, taking into account the new rules and regulations of strict compliance, ensure your broker presents you with the exposes credit guide and also customer privacy statement. This is essential since failure doing this is just not complying with industry regulation.

Conclusion

These are some useful tips to help you choose a good mortgage broker in Melbourne. Especially, ask lots of questions; Investigate and make you feel comfortable with the person with you closely who is going through your personal circumstances.

How to get a loan when you’re self-employer

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 When one is self-employed and requires a personal loan, he/she requires some eligibility requirements. However, there are options available from both traditional and non-traditional lenders offering personal loans to self-employed individuals. Some lenders may approve the application in less than 48 hours.

Self-employed individuals can get mortgage loan in three ways;

  1. Through a specialist lender who provides personal loans for self-employed people.
  2. Apply for any standard personal loan if one can meet the documentation requirements as an employed person.
  3. Apply for a low doc loan, which requires fewer documents, although this type of loan is usually more expensive than a traditional loan.

However, you can find personal loans that have terms ranging from six months to five years or more. You will also be making monthly principal and interest repayments on your loan amount. Therefore, depending on your lender, you may be required to put up collateral as security for your loan. In essence, the only reason you should apply for a low doc loan is if you cannot meet the documentation requirements set out by a standard personal loan. Low doc loans normally have higher rates and fees than standard loans, so you do not want to apply for one unless it is your only option. Visit this site for more information : http://www.mortgagebroker247.com.au

For self-employed applicants, lenders usually require any or all of the following documentation.

  1. Tax returns. Be prepared to show the last two years of your full personal and/or company tax returns. These will help prove any income you declare on your application.
  2. Financial statements. These may include any profit and/or loss statements to also support the income you declare.
  3. Proof of rental income. If you have any income from rental properties, you can declare this with real estate statements or copies of your executed lease agreements.
  4. Notice of assessment. Make sure you have on hand your latest notice of assessment (NOA) given to you by the Australian Taxation Office. This shows tax information such as the amount of income tax you owe. Depending on the lender, you may need to provide your NOAs from the last two years.
  5. Recent bank statements. This includes statements showing your savings and business transactions. It may also include statements showing any other outstanding loans or credit cards you have with other lenders.
  6. Company specific information. If you own your own business, be prepared to provide information such as your company’s ABN, address, etc.
  7. Personal identification. Depending on the lender, this may be your Australian driver’s license, passport or proof of age card. You will either need to copy your ID and fax it over to the lender or scan it and attach the digital file to your application

The following factors should be considered when comparing the loans offered by different lenders:

  1. Interest rate. Make sure you know the difference between a fixed and variable interest rate.
  2. Turn-around time. Depending on why you are applying for the loan, you may need your money disbursed within a certain timeframe.
  3. Before applying for any loan, check what the eligibility requirements are.
  4. Application process. When comparing different lenders, be aware of the application process specific to each lender and what kinds of challenges or difficulties you may face when applying.
  5. Loan cost. Make sure you are aware of all fees associated with each loan
  6. Secured vs. unsecured. Always check to see if the loan you are considering is secured or unsecured mortgage loan.