FAQs

What is the meaning of life?

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What does a mortgage broker do?

Mortgage brokers are qualified finance industry professionals. They work with you to determine your borrowing needs and objectives, as well as to determine how much you can borrow.

Brokers help to ensure that you don't take out a loan that is not right for you. Like your solicitor, accountant or financial planner, we are specialists in what we do and will provide you with a suitable finance solution to help you achieve your goals.

With a mortgage broker, you can expect a more personalised level of service than you would usually receive directly from a lender. Additionally, our brokers have access to finance products from a wide variety of lenders. This means your broker can compare lending products from different lenders to find a loan that is suitable for you and educate you on the differences.

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How can Mortgage Power save you time and money?

We can assist you in avoiding lenders who offer unmanageable payment terms due to high interest rates and potential additional costs you may not have considered, such as high application fees, Lenders Mortgage Insurance, legal fees, etc.
We can also negotiate with lenders to lessen or waive fees that can save you thousands of dollars over your mortgage term.
We find you the best lenders and rates based on your financial situation.
We will make the phone calls, file the necessary forms, and coordinate with financial institutions on your behalf. This ensures that you can easily meet all the requirements of the new loan you are applying to get into your new home sooner.
By actively monitoring the finance market and your loan over the coming years we can ensure your applicable interest rate stays competitive and you can take advantage of the savings.

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How Mortgage Power can help you secure a home loan?

By thoroughly understanding the mortgage market, Mortgage Power are able to ensure your application goes through the verification and approval process as smoothly as possible.

We are experts at determining a suitable loan for you and ensuring your loan package is tailored to your specific situation. We are proficient with current and upcoming lender product offerings and processes and Australian financial market trends. We hold great relationships with lender’s Business Development Managers for transparency.

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How long does it take to get a home loan?

We always aim to achieve approval of your home loan before your applicable Finance date occurs. Since each borrower, lender, and loan is unique the loan approval times can vary greatly. To help understand the process involved in obtaining your finance and where possible delays could occur, the below stages have been provided.

An Overview of the Home Loan Application Process.
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A thorough discussion with our broker regarding your needs and objectives, a strategy structure session, then lender selection.
Gathering of documents including identification, credit checks, income evidence, bank statements etc.
Organising a valuation of the security property.
Completing compliance, privacy, credit and lender forms.
Submitting your application for approval and managing discrepancies (if any).
Monitoring the settlement approval process and specific requirements to ensure accuracy.
Funds Disbursement and Celebrations.

The Good thing is, when you’re a Mortgage Power client, we guide and assist you through the whole process, so you are never alone.

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Why should you choose a Mortgage Broker instead of applying directly to a bank?

When you apply directly to a particular bank, that lender can only offer you their products. They would never tell you that the bank down the road has a cheaper rate, or lower fees, or better service.

Mortgage Power has the ability to quickly compare various aspects of your needs and objectives to help find a suitable product across a range of lenders, not just the one. We are very experienced with over 20 years working knowledge of the industry and process requirements of the banks. We are here to help take the leg work out of the home loan application process by guiding and educating you with any questions you may have along the way. We not only assist with having your application approved but we also ensure that your interest rate remains competitive for the many years to come. We do this by formally applying to your lender every 12 months to reduce your home loan interest rate. If we feel that your lender isn’t offering you a very competitive interest rate we will let you know what other rates are available in the market. We would then have an in-depth discussion with you on the pro’s and con’s of refinancing your home loan to a better rate.

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How much can you borrow?

There are specific factors that need to be considered when assessing someone’s borrowing capacity, such as; Your income, employment position, existing financial commitments (IE car and/or personal loans, credit card limits, school fees, child care fees, etc) and your basic living expenses. Our borrowing capacity calculator can give you a rough idea of how much you may be able to borrow. For a more accurate assessment, please give us a call so we can look more closely at your overall position and discuss your circumstances in more detail.

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Which lenders do we deal with?

AMP
ANZ
AUSWIDE BANK
BANK OF QLD
BANKWEST
BETTER CHOICE HOME LOANS
BLUESTONE
COMMONWEALTH BANK
CITIBANK
FIRSTMAC
HERITAGE BANK
GATEWAY BANK
ING

MACQUARIE
ME BANK
MORTGAGE EZY
MYSTATE BANK
NAB
NEWCASTLE PERMANENT
PEPPER MONEY
ST GEORGE
SUNCORP
TEACHERS MUTUAL BANK
VIRGIN MONEY
WESTPAC

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Who sets interest rates?

Mortgage brokers do not set interest rates. The Reserve Bank of Australia meet on the first Tuesday of every month to determine the official cash rate for the country. The lenders then use this information to set their own rates. Lenders also adjust their rates according to their costs and other economic considerations.

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Fixed and Variable Rate Loans: Which Is Better?

A mortgage broker will recommend a product based on what you say is most important to you - IE "pay my loan off quickly" or "guaranteed repayments" or "low cost". We do however live by the following... "If you want flexibility take a variable rate loan, if you want budget certainty, take a fixed rate loan, if you want both, then do a split loan." At the end of the day the decision is yours, we just give you the POWER of information and hold your hand along the way, you choose the direction.

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How do we get paid?

Brokers are paid a commission by the lender that YOU choose to have your home loan with. Your interest rate is not increased by the lender to compensate for paying us. Lenders pay brokers a fee to completely parcel up an application and bring the customer to them.

Typically, we do not charge a fee. However, there are occasions when we need to.

If ever this is the case you will be notified from the very outset, so you have the choice to not proceed if you so choose.

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Can you still utilize our services even though you are not in our area?

Mortgage Power assist customers all over Australia with their mortgage needs. This is facilitated by the use of video conferencing, online portals and digital signature capabilities for important documents. Of course, if you live locally, please feel free to pop into our office at Unit G.03 Norwinn Centre, 15 Discovery Drive, North Lakes Qld.

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How important is a credit score for home loans?

When deciding whether to lend money to an individual or company several factors are considered. Alongside the serviceability and collateral aspects of the loan there is also your Credit Check that must be completed. It confirms your identity, account conduct history, details of liabilities and any company involvements which all help to make up the overall credit score. This score is critical to a successful loan application; therefore it is important to be mindful of how you manage your accounts when applying for finance.

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What type of home loan is best for you?

Borrowers are privileged to have a wide range of loan options available to them. Thus, every loan package has its own set of advantages that cater to a specific type of borrower.

The primary objective is to find the loan that best corresponds to your needs & objectives. This of course is where Mortgage Power can assist you greatly.

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Will refinancing save you money?

Refinancing your home loan to a lower interest rate can help you lower your monthly payments and also reduce the total amount of interest paid over the life of the loan, so you can pay off your home loan faster. Mortgage Power helps you compare your current loan with other lender offerings to ensure if a refinance is the best option.

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How do construction loans work?

A construction loan is simply a home loan. However, the bank will retain the construction amount and pay the builder what are referred to as Progress Payments. IE they only pay the builder when each stage of construction is completed, not before. This method protects both you the borrower, and the bank.

Construction loans are generally Interest Only during the construction period. Once the final payment is made to the builder the loan reverts to Principal & Interest.

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Property Finance Profesionals

Australian Credit License: 391022

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