Home Loans Broker, Melbourne
At Lending Specialists, we enjoy the opportunity of helping prospective home buyers take that next step in the property ownership market. Whether it’s buying your first apartment, purchasing an investment property, refinancing an existing property or just looking to switch your current home loan to get a better rate, our experienced Melbourne home loan brokers will help you find the home loan that suits your needs. With more than 90 years of lending experience between us, and a hands-on, can do attitude towards helping customers from all walks of life, the team at Lending Specialists are among the best home loan brokers in Melbourne.
For home buyers, we can assist you with a huge range of loans and we’ve listed the most popular types and some of their features:
Variable Rate Loans
- Competitively priced loan with interest rate fluctuation
- Flexible repayment options e.g. weekly, fortnightly or monthly
- Option to switch to another interest rate type at any time
- Designed to assist with the purchase of a new home or investment property, renovations, holidays, upgrading your car and other personal needs
- Maximum term is normally 30 years
Discounted Rate Loans
- Suitable for those who are rate sensitive and looking to keep their interest rates and repayments to a minimum in the early stages of a loan
- Typically has all features of the normal Variable Rate loan
- Interest rate is set at predetermined level below the Variable Rate for an initial set period
- Care: There may be penalties if you repay the loan during any discounted period
Fixed Rate Loans
- Allow you to protect yourself against possible future interest rate rises and the ability to manage your loan repayments over a specified term
- Fixed rate terms are generally available for terms of 1 – 10 years
- The interest rate is fixed for an agreed time, meaning that your interest rate will not increase, even if there is an interest rate rise
- Care: There may be penalties if you repay or make extra repayments to the loan during any fixed rate period. Even if interest rates decrease during the fixed rate term, your interest rate will stay at the same level.
Line of Credit Loans
- These loans allow the borrower to use the equity in a property up to a specified limit without the need to apply to a lender for a new loan on each occasion
- Suitable for investors who are looking for quick access to funds for investment, property deposits or purchases and everyday personal living expenses
- No minimum /maximum deposits/withdrawals
Looking to buy your first home: Where should you start?
At Lending Specialists, we have a very high success rate in obtaining the most suitable loan for first home buyers. We know how tough it can be to get your foot in the door of the property market. Our experienced home loan mortgage brokers are here to assist you with more than just finding a great rate. We are specialists in helping first home buyers like you access the finance you need to buy your dream home as soon as possible. If you’re unsure how much you can borrow or how to best go about accessing the finance you require, our Melbourne home loan brokers are here to help.
Here are some steps that will get you one step closer to your new home:
1. Discuss your dream with a mortgage broker
Chances are, if you’re planning on buying a property – as an investment or home to live in, you’ll need a home loan. To find out your eligibility for a home loan, it is imperative that you speak with an experienced home mortgage broker. Here’s why:
- Brokers have access to a vast range of major banks, 2nd and 3rd tier lenders and specialist lenders
- Brokers will handle the application process, from start to end
- Brokers have strong negotiation power – useful for tough loans and for identifying sharp interest rate discounts
- Shared expertise and experience
- A broker works for you – they operate under a “Best Interest Duty” towards the client
During this first discussion, our home mortgage brokers will look to discuss your situation, needs and objectives with the aim of gaining a fuller understanding of your current position and future goals. We will then proceed with assessing your eligibility for a home loan.
For first home buyers, you should consider whether you are eligible to receive assistance from the government in your journey to purchase that 1st home. Government initiatives such as the First Home Owners Grant and the First Home Super Saver Scheme are available for first home buyers and a mortgage broker can offer further advice on other savings that may come available from time to time.
2. Preliminary Assessment
As well-respected home loan brokers in Melbourne, Lending Specialists are here to help you every step of the way. Should you choose to engage us as your broker, you will need to complete a simple information form and to provide a list of supporting documents such as:
- your ID,
- pay slips, and
- bank statements.
These documents are integral for an accurate assessment of your situation. Our home finance brokers will calculate your borrowing capacity, also known as borrowing power, to assess which lenders can assist and compare the most suitable loans for your situation. This will be a very detailed process where we identify any possible problems from a lending point of view.
After this preliminary assessment, we will present you with one or more sensible and logical loan recommendations.
3. Loan application submission
Once we have discussed and agreed on the most suitable loan for you, we’ll proceed with the application submission process. Below are the key steps:
- Our home loan brokers will ask you to provide any final documents required to complete a loan submission
- We prepare some standard compliance documents, your loan application and obtain your signature on the lender’s privacy form
- Upload all documents to the lender’s system/portal, clearly highlighting any strengths of your application or providing any points of clarification
- Once all the above steps have been completed, we will submit your application and supporting documents through the lender’s assessment system
4. Loan pre-approval
A home loan pre-approval, also known as conditional approval is not a full “unconditional” approval. In fact, it just indicates you have met most of the bank’s lending conditions however there are a few additional conditions which need to be met. In most cases, it means that your home loan is approved subject to a property valuation (or perhaps even the location of a property or sale of another asset). If the property meets the lender’s guidelines, your home loan application is likely to be approved.
A pre-approved home loan will generally last 3 months, and this period is usually enough time to find a suitable property, however it can be extended if needed (normally by providing a new set of payslips or confirmation that there have been no changes to your personal and financial situation).
Obtaining a pre-approval prior to locating a suitable property is often better than taking the chance of paying the deposit and signing any documents without first checking with your broker. If at the end of the process you are unable to receive formal loan approval, you may run the risk of you losing your deposit.
5. Property valuation
Once you have chosen a property, and prior to providing a formal loan approval, the bank will arrange a valuation expert to inspect it for the purpose of independence and objectivity of valuation. This can vary from case to case and may require the physical attendance at the property, a kerbside (drive by) or desktop (analytical or computer data) valuation.
At Lending Specialists, our Melbourne home loan brokers may be able to order upfront valuations with our lenders, thus enabling the bank to go to the formal approval stage in a much quicker time-frame.
6. Formal approval
Formal approval, also known as unconditional approval, is when the lender has all the information they need and can finally confirm that your loan has been approved.
In some situations, before this formal approval is finalised, there may be back and forth communications with the bank, asking for additional documents that were not submitted upfront. This can be due to unforeseen circumstances or past history which may not have been available at the time of application and can unnecessarily drag on the application process. Our loan specialists will guide you through this maze but it is imperative that you have all the required documentation in order before submission. Our very experienced home loan brokers are on top of all requirements as best they can be and will ensure that your application process is a smooth one.
Upon approval, a letter and loan contract (or letter of offer) will be issued for you to sign and accept the conditions of the loan.
Should you require independent legal advice before signing, you can go through this contract with your solicitor. To avoid any delays at settlement, you are encouraged to complete this step on receipt of the documents or as soon as possible thereafter. Once the documents have been signed, return them to the lender so they can promptly settle the loan.
The lender will certify that all your documents are in order and will then be in a position to advance the loan funds. Once these monies are available, your solicitor will be notified, and a settlement date and time will be booked for your solicitor and the lender to arrange a mutually acceptable date and time for settlement.
Settlement has occurred when the loan is advanced. As soon as the lender informs us of settlement our residential mortgage broker will notify you. All that is left is for you to collect your keys on settlement day and celebrate your new home!
Looking to Refinance: Where should you start?
If you’re considering refinancing your home loan, it’s essential to take the time to reflect and ensure you’re making the right decision. Here are some important things you need to consider:
- Assessing your mortgage in the last 6 months – are repayments being made on time and are they up to date?
- Meeting other financial commitments – are repayments being made for all other commitments (such as credit cards, personal loans and vehicle finance) being made on time and are they up to date?
- Changes in your personal situation – have there been any changes to your job (employer/role/status/hours/salary etc),
- Tax Liabilities up to date – have you lodged your latest tax returns or are there any tax liabilities outstanding?
- Upcoming big purchases – are you considering any large purchases such (eg: car, home renovation, family holiday)?
- Length of time you plan to stay in your home – are you intending to stay in your home for a short period or 10+ years?
- Your interest payment on credit cards – do you draw on your full credit card limit each month or is there for a rainy day?
With refinancing, homeowners may be able to minimise repayments and build property portfolios, as well as save significant amounts in interest and fees. You could also enjoy access to extra loan features, equity and greater flexibility. Below are the key steps in the refinancing process:
- Consultation with our home loan brokers
- Explore the lending options to help save on your interest, fees or repayments
- Ensure the loan meets all your current and future lending requirements
- Collection of documents required for application
- Submit loan application to the relevant lender
- Receive offer letter and sign loan agreement
It is our responsibility as home loan brokers to ensure that the refinancing process is as seamless as possible. We will communicate every step and course of action clearly with you. Here are the following ways we will be able to help:
- Assess your current loan structure
- Evaluate your financial health and situation to accurately determine your eligibility for refinancing
- Conduct research to explore present loans most suited to your situation
- Advise on ways to free up cash for faster portfolio growth
- Discuss options on how to structure loans for long-term savings
- Strong negotiation power to possibly strike a better deal with home loan provider
Why choose Lending Specialists
As one of the leading home loan brokers in Melbourne, our specialists are dedicated to assisting clients from start to finish to ensure they are getting the best out of their loan. Whether it’s negotiating with agents, buying at auctions or to help you with any contracts that need to be signed, our Melbourne home loan brokers will be on hand to provide you with any help that you need.
- Proven track record with 90 years’ experience in the mortgage broking industry.
- Access to competitive interest rates, conditions and services.
- Highly equipped in business, banking, financial and negotiation skills
- Expert knowledge of your local area
- High level of expertise and quality service
- Providing upfront valuations
- Fast approval, simple process
- Members of MFAA, AFCA
Lending Specialists is your Melbourne expert on home loans, business and commercial loans, self-managed superannuation funds, and vehicle and equipment loans. For obligation-free advice that you can trust on home loans, contact Lending Specialists in Melbourne today.