Frequently Asked Questions
This page covers questions that we frequently receive from customers. If there are other topics that you are interested in, please do let us know here and we’ll try our best to answer.
As mortgage brokers, we act as an intermediary between you as a borrower and potential lenders.
- Assess your financial stand and borrowing capacity
- Compare mortgage lenders on your behalf
- Find a suitable loan that fits your needs
- Give loan and financial advice according to your situation
- Help you with the whole application process
We do not charge the borrower any fee for our services.
Mortgage brokers receive their fee from the lender or bank, not the borrower (yourself). The fee is an upfront commission upon settlement of the loan. This will tend to vary between each lender but remains at around 0.55%-0.70%.
Our Credit Representative Number is 509687 authorised under Australian Credit Licence 389087.
Other mortgage brokers are owned by a bank including a lot of the well known Australian mortgage brokerage brands. We are not. Lendstreet is a 100% independently owned and operated company.
There are many benefits of choosing a mortgage broker:
- Wide access means you have a choice which loan or lender fits your needs
- Flexible and experts in finding loan solutions to each or any situation unlike banks that are strictly tied to their policies
- Huge time saver as we will do the legwork for you
- A more personal service tailored to your specific needs
We offer a wide variety of loan products. From first home buying, refinancing to constructing, we have them offered. For more details about our loans, please visit this link.
Determining which type of loan is best, varies in each person. Some major considerations are your credit score, the amount of the loan that you need, how much you can put as a downpayment, and how long or short can you pay it off.
There are many other more factors and we can lay them out for you in detail through a quick call. Book a schedule here.
Your unique financial situation determines which documents you might need to provide when applying for a loan. For example, a self-employed person will have different requirements from someone employed by a company. Several usual documents include tax returns, pay stubs, bank statements, and credit history.
You must be able to cover the monthly payments of the mortgage costs. We would recommend that you start planning a budget before looking at properties. Consider also if you can make payments despite changes in circumstances or interest rates.
You might find our Budget Planner calculator helpful. You may check it here.
There are different loan products that cater to a range of borrower income and financial means. Depending on which product and lender, a minimum income might be required or not. This is where the benefit of working with a mortgage broker comes in. Think of us as an assistant and a consultant who will do all the research and legwork to find the best-suited loan to match your income capacity as well as your lending needs.
Your lender will have different ways to determine how much you can borrow, but it’s mainly dictated by income and current credit commitments.
Use our calculator to estimate your borrowing power.
Two types of interest rates are variable and fixed. Variable interest rates can rise and fall over the life of the loan. While a fixed rate loan will stay the same for an agreed time. As experts, we will lead you to a solution that suits your financial situation.
Pre-qualification is an early step of the mortgage process. When you are pre-qualified, it means the lender will now likely let you borrow a loan up to a certain amount, based on the information about your current financial situation.
Being pre-approved simply means a specific loan amount is approved by your lender. Here, you must provide documented financial information to be verified. Expect to receive a pre-approval letter offering you the approved loan amount.
It’s possible to get a loan even with bad credit. But this doesn’t mean you should stay as is. You still need to prove to your lender the capability to pay your loan in ways such as meeting your regular payments or bills, ability to budget and review your spending, a justifiable reason for past financial difficulties, and more. With us, we can help you put your best foot forward to turn things around.
We have access to over 60 banks and lenders but again, we are not part of their company as we are independently owned and operated. View our network here.
Loan officers work directly for lending companies to check applications and make sure all information is correct. While mortgage brokers work independently to help home buyers seal the best possible loan deals for each need. At Lendstreet, we work for you as our main goal and no one else.
An appraisal is an unbiased estimate of a home’s value. Lenders need this to ensure that the money being borrowed from them is exactly to what the home is worth. The valuation is generally conducted by a third party valuation company.