Home Loan FAQ
We’re here to help with all your lending queries?
When you’re looking for financing of any kind, chances are you’ll have a few questions for your finance broker. Below are some of our most frequently asked questions that we have answered for your convenience.
At Crest Lending our team are happy to answer any home loan FAQs and concerns that you may have when on your financing journey. Get in touch or give us a call to get started finding a loan option that will suit your individual needs and goals.
Why should I use a mortgage broker?
Using a mortgage broker can give you access to deals simply not available to the public.
Your broker works for you, simplifying the processes. They deal with mortgages and lenders every day of the week – as a result, they know which are the current deals, the trends, and the pitfalls.
How do mortgage brokers get paid?
Australian lenders pay a commission to brokers for the introduction of home loans. Mortgage brokers are also paid a trail or ongoing commission for the business they bring to the bank. These commissions are paid out only once your loan settles.
How do I apply for a loan?
We will complete all the mortgage applications for you to ensure your home loan application has the optimum chance of success. We compare all mortgage rates, fees, and hidden costs so we can deliver you the right home loan for your needs.
For more check out our Home Loan Essentials guide
We don’t live in Queensland. Can you still help us?
Yes, we help clients Australia wide.
What is pre-approval?
A pre-approval gives you an indication of the maximum amount you can borrow. By getting your pre-approval you have the power to negotiate with confidence.
What is the First Homeowners Grant?
If you’re thinking about buying your first home, you could be eligible for financial assistance using government programs that support first home buyers (FHBs). Depending on where you buy, you’re going to face very different requirements and receive very different amounts.
What is Lenders Mortgage Insurance?
Lenders Mortgage Insurance (LMI) is a one-off, non-refundable, non-transferrable premium that’s added to your home loan. It’s calculated based on the size of your deposit and how much you borrow. The more you contribute to the purchase price of your property, the lower the cost will be. LMI protects the bank against any loss we may incur if you are unable to repay your loan.
Why should I refinance?
You could find a more competitive rate. The home loan rates you originally signed up for may be higher than what’s currently available and you have probably built up some additional equity that will give you access to more options. We suggest a quick interest rate and home product check to see where you are placed and if we think you can do better, we will find you the right option.
What’s the difference between variable and fixed rates?
A variable rate is where the interest rate on your loan changes, generally in line with market conditions and the index rate set by the Reserve Bank of Australia (RBA). This is beneficial when interest rates are going down or you need flexibility in your home loan.
Fixed-rate means the interest rate on your loan is set at the time of signing your home loan application and does not change over the life of your loan. This is beneficial when interest rates are going up as it holds your interest rates at a lower rate or wants certainty in repayments.
What is equity?
Equity is the difference between the market value of your home and the amount you owe on its home loan. Equity increases as you pay off the home loan and/or as the property value appreciates.
Experienced Finance Brokers On the Gold Coast
We’ve been servicing Gold Coast locals for over 45 years and have watched our clients grow their property investment portfolio, wealth, business, and so much more.
We believe everyone deserves a chance to realise their dreams, and that’s why we take a personalised approach to understand your unique situation so that we can find the right loan solution for you.
Contact Crest about how we can help you achieve your goals, let’s make it happen together.
