A mortgage broker will work with you to gain a full appreciation of your unique circumstances, find the right home loan to suit your individual needs and negotiate the successful approval and settlement of the loan.
Your mortgage broker will act as the intermediary between the possible lenders and you as the borrower.
Beyond the first conversation, our home loan experts at MyChoice Home Loans will provide ongoing support and advice through your building journey and even when you have settled in to your new home.
Our service comes at no fee to you. Unlike some other mortgage brokers, our consultants are paid a salaried wage. MyChoice Home Loans receives a commission from the lender for the loans they arrange; however, our consultants are not paid solely through these commissions.
Your interests, new home and best possible loan are at the heart of what we do.
With a range of lenders at hand (including more than 20 major banks and retail mortgage providers), MyChoice Home Loans is able to provide competitive products and interest rates for your home loan. We offer a greater choice of loans compared to what you will receive from a single lender.
We remove the stress of finding the best home loan for you by being the go-between for you as the borrower and the lender. We offer the convenience, choice, clear information and communication that will give you peace of mind throughout the entire process.
Plus, we work towards getting your home loan approved faster and continue to provide support throughout the entire life of your loan.
If you are looking to build your new home with any of the businesses within the MJH Group, you will be able to access our services for:
We specialise in construction home loans for customers of our MJH Group of businesses. We take the time to really get to know you and understand your needs so that we can tailor a home loan to suit your requirements. We review your home loan every two years to ensure you are still benefiting from the best rate on the market and your needs are still being met.
Our range of home loans include:
The amount of income that you will need to be able to quality for a home loan depends on your circumstances, the loan product you are looking for and the purpose of your loan. We will take the time to really get to know you and analyse your needs so that we can find the best solution for your individual requirements.
Each of the lenders have different rules about how much deposit you will require for your home loan. As a general rule, you will need at least 5% deposit in addition to other purchase costs. If you offer less than a 20% deposit, you will also be required to take out mortgage insurance to protect the lender.
Your lender may ask you to demonstrate through your savings history, that you have saved the deposit for your home yourself. This will act as a great indicator as to whether you will be able to afford your home loan repayments.
If you offer less than a 20% deposit on your home, you will be required to pay insurance to cover the lender in the unlikely event that you default on your loan. As the borrower, it does not cover you.
Your home loan specialist will advise if you require mortgage insurance and will explain the costs involved. We may be able to assist by structuring your loan to avoid or minimise the need for mortgage insurance.
While we will push to get your loan approved as quickly as possible, the timeframe needed to settle your loan depends largely on your circumstances and the lender. Some lenders tend to offer quicker service than others do. On average, it takes between two and three weeks for you to get your money from the date that we receive your application.
Variable interest rate loan – this loan type is fluid. The interest you pay can change at any time (up or down) based on the official interest rates set by the Reserve Bank of Australia. Your rate can also be dependent on market circumstances and competition between lenders.
Fixed interest rate loan – this loan type is set and remains unchanged for a specified period (often a number of years) regardless of changes to interest rates generally and in the market.
This depends on the market/economy and whether you think interest rates will rise or fall in the coming years. If you believe interest rates will rise in the coming years, a fixed loan at today’s lower rate may be the better option for you.
It’s important to note, however, that interest rates are very uncertain. You may fix your loan at today’s rate only to discover that rates fall in the future, in which case a variable loan that will follow the lower rate may be a better option.
The best option is to speak with one of our home loan experts about your requirements. They will be able to go over your needs and tailor the best home loan for you.
A split loan is an arrangement where part of your loan is held at a variable rate while the remainder is held at a fixed rate. This loan type does not necessarily offer a 50/50 split, but it allows you to reap the benefits of both a fixed rate loan and the flexibility of a variable rate loan.
It gives you the opportunity to take an ‘each way bet’ on the movement of interest rates in the future.
A comparison rate identifies the true cost of a home loan and gives you the opportunity to compare different loan products and different lenders.
This takes into account the costs associated with setting up the loan, the loan approval cost, interest rates and any other upfront or ongoing fees. The comparison rate does not incorporate government fees and charges as these are standard across all loans.
Beyond the costs involved, it’s important to also compare and consider the features provided in your home loan that could make a big difference to the final cost of the loan. These could include no monthly fees, flexibility for your repayments and money saving features.
Your circumstances may change throughout the term of your home loan; it is simply a part of life. That’s why MyChoice Home Loans offer an ongoing service to our customers to help ensure that your current home loan continues to meet your needs.
Whether your face a loss of income or job, sickness or any other change to your life that impacts your ability to meet your mortgage requirements, you may need support through these difficult times. Lenders are required to comply with the National Consumer Credit Protection Act (NCCP), which stipulates the range of protection types available to consumers and the obligations of the lender, including requirements surrounding dealing with and supporting people facing financial hardship in a fair way. If you do find yourself in this position and need assistance, we can act as the conduit between you and the lender so that your needs are communicated.