1. Why should I come to you instead of going to the bank?
Mortgage Champions is a great option for people who want to be in control of the process. If you want to shop around and find the best deal, we can help you do that. We’ll work with you to make sure that your payments are affordable and that everything is set up properly so you don’t have trouble with your loan in the future.
When you work with a mortgage broker, you’re working with someone who is dedicated to helping you find the best option for you. A bank may not have the time or the expertise to really help you understand all your options.
2. Would you still be able to help me get a loan even if I stay in a different part of Australia?
Yes, we would still be able to help you get a loan even if you stay in a different part of Australia. We work with a network of lenders that have branches all over the country, so even if your local branch isn’t able to help you, they can pass your application on to someone who is closer to where you live. We are happy to help you get a loan, no matter where you live.
3. What is a "redraw" and offset account, and how can I benefit from it?
A home loan redraw facility can help you make extra repayments and pay off your loan sooner, which could reduce the total interest paid over time. It also gives you a financial safety net if something unexpected happens. If you lose your job or have an emergency expense, for example, you can draw on this extra money to tide yourself over until things improve. An offset account is a savings account you open with your lender at the same time you apply for your mortgage, and it allows you to pay down your mortgage loan faster and save money on interest. The major benefit of using an offset account is that the balance will be offset daily against the home loan principal, bringing down the amount of interest you pay.
4. My fixed rate term is ending soon? What will happen next?
If your fixed-rate term ends soon, you will be automatically switched to a variable rate. However, this is a great opportunity to get in touch with us to review your current financial structure and see if there is a better rate available for your mortgage.
5. Can you help me buy a display home?
We sure can! We’re here to help you with every step of the process. When you buy a display home, we’ll work with you on your budget and help you find the right fit for both your needs and your wallet.
6. Can I use my equity to buy an investment property?
Yes, you sure can. Our expert mortgage broker will help you maximize your existing equity to upgrade your current home or buy an investment property. The best part here is we handle all the complications and valuations involved and you can focus on the house hunting.
7. Can I use my First Home Owners Grant in the form of deposit for my home?
Yes, certainly. First Home Owners Grant given and assessed by the State Revenue Office is considered as part of the savings. Hence, you can use that as part of your deposit or have it deposited into your nominated savings account. Choice is yours.
8. Can I buy a home with bad credit history?
Bad credit history is like other facets of finance, vary from one situation to another. Generally, there can always be specialist lenders who are willing to help you secure loans with bad credit at special rates. Alongside, our mortgage champions experts can help you shape up the credit history to avoid future mishaps.
9. What is lenders mortgage insurance and do I have to pay that every time I buy a house?
Lenders Mortgage Insurance commonly known as LMI is a one-off, non-refundable, non-transferrable premium added to your home loan. This upfront payment covers the lender for the life of the loan which can be up to 30 years. LMI helps people buy homes even if you have low deposit.
10. I have maxed out of all my credit cards. Can you help me consolidate my debts?
Yes, we certainly can. When it comes to your debts, we have few options available. Typically, we can consolidate them with your mortgage or help you obtain a personal loan with a shorter loan term to pay that off faster. Talk to our mortgage champion experts, and they will customize and guide you toward the best consolidation plan that works in your favor.