Frequently Asked Questions
What is the role of a Newcastle mortgage broker?
The role of a Newcastle mortgage broker is to act as an intermediary between borrowers seeking mortgage loans and the lenders who offer these loans. As mortgage brokers in Newcastle, we play a crucial role in home buying and refinancing by helping borrowers navigate the complexities of obtaining a mortgage and securing the best possible loan terms.
Can we meet online instead of face-to-face?
Yes, Lendstreet offers both online and in-person meetings. To book an online appointment, contact us here. One of our Lendstreet mortgage brokers in Newcastle will get in touch.
Can your mortgage brokers assist me if my credit score is low?
Yes, because of our large pool of lenders, we can help clients with low credit scores. Some of our lenders provide mortgage options for those with low credit profiles to help you climb the property ladder. Contact our professional mortgage brokers today to assess your options.
What type of home loans do your mortgage brokers assist with in Newcastle?
For those looking to use home loan services in Newcastle, we provide many different types to suit a variety of borrowers. These include first-time buyer loans, refinancing options, investment loans, low doc, and no deposit. This is to give all our clients the best possible chance of securing a loan, no matter their financial situation.
Should I choose a bank or a mortgage broker for my loan?
Choosing a mortgage broker over a bank is the best alternative. Our mortgage brokers in Newcastle work with over 50 lenders, meaning we can offer you a better range of loan products for your needs. Our brokers also negotiate on your behalf to get better rates and terms, potentially saving you money.
Mortgage brokers specialise in home loans and can guide you through the process, especially if you’re a first-time homebuyer or have unique financial circumstances. We handle all the paperwork and communication with lenders, saving you time and stress.
What are the charges for using a mortgage broker’s services in Newcastle?
The cost of hiring mortgage brokers in the Newcastle area depends on the type of home loan you require and the complexity of the mortgage. Mortgage brokers typically charge a fee in three ways:
Lender-Paid Commission: When a borrower gets a mortgage through a broker, the lender pays a commission to the broker for bringing them business. This commission is typically a percentage of the loan amount. In Newcastle, this is 6% on average.
Lendstreet follows this setup. We do not charge you any fee as we get our commission from lenders.
Borrower-Paid Fees: Mortgage brokers can also charge fees directly to the borrower. These fees vary and include application fees, origination fees, processing fees, and sometimes broker fees.
Combination of Commission and Fees: Mortgage brokers sometimes charge lender-paid commissions and borrower-paid fees. They may receive a commission from the lender and also charge certain fees to the borrower for specific services provided, such as credit checks or loan processing.
Where can I find Lendstreets mortgage brokers in Newcastle?
We are located at 1 Tudor St, Newcastle West, Newcastle 2302. Alternatively, you contact us here to book a virtual meeting.
What advantages are there of using a mortgage broker in Newcastle?
Mortgage brokers are specialists in the home loan market. They understand the nuances of different loan products, interest rates, and eligibility requirements.
A broker can provide valuable guidance and advice, especially for first-time homebuyers or individuals with unique financial circumstances. They can help you understand the terms and conditions of the loans, answer your questions, and guide you through the application process.
What documents are required to apply for a mortgage loan?
When applying for a home loan, you must gather various necessary documents. These include:
- Copies of your identification documents. These include a valid passport, driver’s licence, or Medicare card.
- Proof of income in the form of pay slips or payment summaries, or personal and/or business tax returns for the past two years minimum, including financial statements if self-employed.
- Proof of additional sources of income like overtime or bonuses.
- Proof of savings, which is shown on bank statements.
- Employment contracts.
- Statements or documentation for any existing loans, including personal loans, car loans, credit cards, or outstanding debts.
- Details of any dependents, including children or elderly family members.
The documents you need depend on your home loan type, and lenders may require more. But don’t worry – we’ll discuss any documentation you need on our introductory call.
Which lenders are associated with you in Newcastle?
We work with over 50 well-known lenders in Newcastle, including ANZ, Pepper Money, NAB, St George, Westpac, and many more. With Lendstreet, you can choose from thousands of home loans, ensuring you find the right one for your financial circumstances. Find out more about our lenders here.