Frequently Asked Questions
Three reasons WHY.
We find you the right deal
Proof is in the pudding, We live and breathe finance, loans and mortgages. Let us find you the best rate and deal possible as we have the experience, knowledge, and tools available. I certainly wouldn’t attempt to build a house or fly an aeroplane. Leave it to the experts.
We manage the paperwork
We search for the best options available to YOU, present you with a narrowed down selection, fill out and complete the relevant application forms then proceed to pre-approval. We gather all the relevant information required to assist you in the entire process. We ensure you are kept well informed along the way. We adapt to your requirements.
We are independent
We don’t favour any one lender. With our expertise, experience, and knowledge, we seek out the best possible rate and deal to suit your situation, needs and requirements. We have access to multiple lenders.
Why Broker Bros instead of my bank? I’ve always banked with them.
As the old saying goes, you shouldn’t have all your eggs in one basket. Allow us to ensure you have choice. Choice keeps the lenders competitive and ensures you are getting the best possible package in the market suited to your situation. We create a more personal approach as we care about YOU. You’re not just another number in the queue, we build strong relationships and welcome you to our “family”. We offer flexible arrangements and are contactable 7 days a week.
Furthermore, with the results of the Royal Commission an area of focus is ensuring all financial institutions and banks act in the best interest of the customer.
Brokerbros compares and has access to multiple lenders all with different products available versus your bank or financial institution offering you one or two products that might suit. Who is working for YOU, in your best interest?
Will I get a better deal if I go direct to my bank?
We have access to the same and better packages that your financial institution can offer. Broker Bros are part of a much larger network of mortgage brokers, which are heavily supported by the financial institutions. We specialise in dealing with multiple financial institutions, not just one.
Will it cost me anything upfront?
This can be dependent on many factors. The type of loan you require and what is involved. On occasions fees may be charged for the loan application and/or ordering of valuations. Don’t worry as we ensure we disclose this upfront to ensure transparency and no unwanted surprises.
This is all new to me, I want to purchase my first Home.
We assist you through the whole process. Purchasing your first home is very exciting although can be very daunting and overwhelming too. We “hold your hand” through the whole process. We take care of any entitlements or grants you may be eligible for, whilst also ensuring you understand what is happening and what steps to take next. You don’t exactly buy a new house everyday so through professional experience, we want to ensure you have an enjoyable and stress-free journey.
I want to purchase a new vehicle, where do I start?
You’re in the right place. Our expertise within the automotive industry comes as a bonus to you. We can get the pre-approval through as well as assist you in negotiating the best deal possible on your purchase. We can mentor and guide you through the whole process. Please go to our Car Loan and/or download our Vehicle Purchasing Guide
I want to consolidate debts and free up my cash flow. Can you assist?
Yes, we certainly can. Sometimes we all get complacent and tied up in our busy schedule, and don’t realise the opportunity that presents itself to save some $$$. We can do a quick in house assessment of your financial situation and look at ways to consolidate your debts to reduce interest being paid and overall reduce your weekly, fortnightly or monthly commitment.
Common terms
LVR (Loan to Value Ratio):
A calculation of how much the loan will be against the value of the asset, generally being a house or vehicle.
As a basic example: If a property being purchased is worth $500,000, and you have a $100,000 deposit (or equity) the loan required would be $400,000.
Therefore to workout the LVR
400,000 (loan) divided by 500,000 (property value) multiplied by 100 gives us the LVR as a percentage.
=(400000/500000) x 100 %
=0.80 x 100 %
=80 %
LMI (Lenders Mortgage Insurance):
Is an insurance premium that is included in your home loan if the LVR is above 80% (there are exceptions*). This premium protects the lender against any loss that may incur if the loan doesn’t get paid and the lender takes back ownership to retrieve lost funds. This is a non-refundable, once off, non-transferrable premium. *please contact us to discuss this further, as this can be very confusing to some.
FHOG (First Home Owners Grant)
This is a government incentive designed to assist first home buyers purchase a new house. Follow the below link if you require further information, alternatively contact us to save the hassle.
First Home Owners Grant (New Homes) Scheme
FHBAS (First Home Buyer Assistance Scheme)
If you’re a first home buyer, you may be entitled to a concessional rate of transfer duty/stamp duty or even an exemption from paying it altogether under the First Home Buyers Assistance scheme (FHBAS).
Purchaser/Transferee Declaration
FHBGS (First Home Buyers Guarantee Scheme) previously FHLDS (First Home Loan Deposit Scheme)
The Australian Government has introduced the Scheme to assist eligible first home buyers to purchase a home sooner. It does this by providing a guarantee to participating lenders that will allow eligible first home buyers to purchase a home with a deposit of as little as 5 per cent without needing to pay for lenders mortgage insurance.
The Australian Government operates the Scheme through NHFIC..
Are your questions unanswered? Don’t hesitate to contact us.
There is no such thing as a stupid question.