Nothing. As a broker, we are paid commissions directly from which ever bank or lender we place your finance with.
On very rare occasions we may ask that you pay a fee for this service, but only in instances where we feel a commission may not be paid by the lender. We will advise you of this prior to working on your application if we feel it is warranted.
No. From a bank’s point of view whether it pays a broker or an employee, there is a cost associated with selling the loan either way.
Typically brokers can organise better rates for our clients as the bank is aware they need to be competitive to win your business, and that as brokers we know what specials are available at over 28 different lenders.
Ideally, to get the best interest rates available and minimise any upfront fees for a residential property purchase you want to have a deposit of at least 20% of the purchase price + about another 4-5% to cover Stamp Duty and fees related to settlement. This deposit doesn’t need to be in physical cash. It can be equity in another property.
However. Please note there are many other options if this is not the case for you. You may be eligible for the following:
- Take a guarantee from a family member, so no deposit is required at all
- Some lenders only require a 2% deposit depending on your circumstances
- Other lenders will lend up to 95% of the property value if needed provided you are prepared to get Lenders Mortgage Insurance (LMI)
- The First Home Owners Grant, which could provide a lump sum cash bonus and potentially a reduction in Stamp Duty
Talk to your Byfields Finance Solutions expert to see what is best for you.
If you meet the following general criteria you may be eligible for the FHOG:
- an individual who is over 18 years of age
- You (and your spouse) have never owned property before in Australia
- Are you an Australian citizen or permanent resident
- Do you plan on living in this house for at least 6 months, in the first year of purchasing
Yes. A Byfields specialist will be happy to meet with you anywhere that is convenient – Our office, your home or workplace or somewhere in between. This includes meeting after hours if helpful to ensure you get the right advice.
Your borrowing capacity is affected by factors such as your level of spending, number of dependants and what other debts you have (like car loans & credit cards). As you can see there are too many variable to give you a simple generic answer that is appropriate to everyone.
For a general guide – use the Byfields Maximum Borrowing Capacity calculator
For a more detailed estimate of your capacity contact a Byfields Finance Solutions specialist to book a time.
Absolutely. After helping you determine a suitable lender, Byfields can assist in obtaining a pre-approval so you can have the confidence to make “Cash” offers to try and drive a bargain when you find the right property. This helps set your offer apart if the seller is considering multiple offers.
Although it’s not possible to tell you with 100% confidence that your loan will be approved until the lender has seen your application, your Byfields expert has a wealth of knowledge and experience as to what can or can’t be done, and the lenders most likely to review your application favourably.
We would inform you if we have any concerns about the outcome of an application, and would not waste your time (or ours) if we didn’t feel we could get you a positive outcome.
Still have questions about the mortgage process?
Enquire below to have one of our mortgage brokers call you back within 24 hours. They’ll walk you through the entire mortgage/home finance process, and answer all your questions.