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Frequently asked mortgage broker and home loan questions

If you haven’t used a mortgage broker before, chances are you’ll have all kinds of questions about how our home loan team can help you make the right mortgage choices. Here, the Liquid Finance Solutions team has put together a few of the most frequently asked questions to help you understand the home loan finance process and what to expect.

What are the advantages of using a broker to make the right mortgage choice, instead of going to a bank or lender?

The most obvious advantage is that as your local home loan broker, we can give you access to a large range of lenders and mortgage choices – literally hundreds of mortgage products. This means you are far more likely to get the home loan that’s best for your needs.

Convenience is another important benefit. Our home loan brokers can come to see you at your home or office anywhere in or around Perth WA, Bayside Melbourne and Mornington Peninsula Victoria, and we’ll fill in most of the paperwork – a big saving in time and hassle. Talking of which, we also manage your home loan application. We will follow up with your mortgage lender and settlement agent to make sure that financing occurs at the right time.

At Liquid Finance Solutions, we will also advise you how to get any stamp duty relief or first home buyer grants that you might be eligible for.

After the home loan is set up, who sends me mortgage statements – my broker or the lender?

The lender will send you all documentation and statements directly. You can contact your lender about your home loan at any time, though you may find it more convenient to go through your Liquid Finance Solutions mortgage broker – you can always contact us at our office on 0439 131 236.

What mortgage choices are available from your brokers?

Our home loan brokers provide access to mortgages from all the main banks, building societies and other lenders. In total, we offer hundreds of products from more than 30 lenders.

Do home loans cost more if you get them from a broker instead of direct from a bank?

No. The costs are the same. From the bank’s perspective, whether it pays a broker or an employee, either way there is a cost associated with selling a home loan. The only difference is the benefit to you – we can give you more mortgage choices. Plus, because we’re based in Perth WA, Bayside Melbourne and Mornington Peninsula Victoria, rather than many of the banks and lenders who are based over east, it’s easier to contact our mortgage brokers.

Do I have to pay a mortgage broker to set up my home loan?

No. Liquid Finance Solutions brokers are paid a commission by the lender that provides you with a home loan.

If I buy a home loan from a broker, do I still need to go to see the bank or other lender who provides the home loan?

No. This is all handled for you by your Liquid Finance Solutions home loan broker from our office in Perth WA, Bayside Melbourne and Mornington Peninsula Victoria.

What documents do I need to take out a home loan?

Once you’ve made your mortgage choice, you will need to provide:

  • Proof of income, in the form of the past 2 or 3 months’ payslips – if you are self employed, you will need financials going back 2 or 3 years;
  • Evidence you have the required deposit, usually a bank statement showing the funds will be sufficient;
  • An accepted offer of acceptance (i.e. signed by the vendor);
  • If you have a credit card, a statement showing your credit limit; and
  • 100 points of ID – a passport or birth certificate and driver’s licence is sufficient.
 






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