Got questions?
Well, you’ve come to the right place then. We’ve compiled the answers to the most frequently asked questions for your convenience. Of course, the easiest way to have all your questions answered is to get in touch. We’re here to help.
FAQ
General
Switching home loans can be a smart financial move, and with the help of a professional mortgage broker, it can be made even easier.
At Breeze Financial, we strive to streamline the transition as much as possible. We’ll guide you in comparing home refinance loan rates and with the necessary paperwork involved, ensuring you comprehend them thoroughly and helping you maximise your benefits.
Interest rates differ among lenders, but the positive news is that our close relationships with various lenders may enable us to secure more favourable rates than if you were to approach them directly. Additionally, we collaborate with “second-tier” lenders, often with lower overheads, allowing for potentially better rates. While rates may vary, you can count on us to secure the best possible rate for you.
We conduct thorough comparisons among more than 40 lenders to identify the most competitive and fitting loan for you. All the legwork is handled by us, eliminating the need for you to run around. Afterward, we’ll present our recommendations and provide a clear explanation of why we consider them the best options for your specific needs.
At the end of your fixed term, your home loan will typically revert to your lender’s standard variable rate.
These rates tend to be much higher than other deals on the market, as lenders will often reserve their more competitive rates for their new customers.
Which means you may end up paying extra in interest by staying with your current lender, also known as loyalty tax.
Talk to us well before your fixed rate term expires to find out exactly what will happen.
There are no fees for most of the loans we deal with. For very limited circumstances in which a fee may be applicable.
Lenders compensate us for handling new applications and taking care of much of the initial work they typically handle themselves. Picture it as a form of outsourcing. This benefits customers because we hold no allegiance to any specific lender and are entirely committed to securing the best loan for you.
NO, our sole guiding principle is to offer you the best loan tailored to your needs. With more than 40 lender partners, including both banks and non-bank institutions, we consistently present a variety of recommendations and thoroughly guide you through the details.
Your ability to consolidate debt depends on your individual situation, and there are various methods available. One option is consolidating all your debts into your mortgage, potentially benefiting from the lower interest rates associated with property loans and saving on repayments. The added convenience of a single monthly repayment can also simplify your life. Numerous options exist, and the key is to develop and implement the most effective strategy for your unique circumstances.
This is where our assistance becomes valuable. We’ll dedicate time to assess your financial position, provide clear explanations, and then recommend a suitable debt consolidation strategy. Reach out to us today to start the conversation.
Certainly. Our assistance extends to individuals throughout Australia, spanning from major cities to distant rural areas. Additionally, we collaborate with international clients seeking financing for the acquisition of Australian properties. Although we’re in Melbourne, we are fully equipped to assist you, regardless of your location.
FAQ
Buying
Answering that question doesn’t have a one-size-fits-all solution. Numerous approaches exist, each unique in its own way. A recommended initial step is assessing your finances to determine your borrowing capacity. This is also an opportune time to delve into an overall strategy and evaluate your risk tolerance. At Breeze Financial, we’re here to guide you through the diverse investment options for loans, handling all the cumbersome application tasks on your behalf.
Absolutely, you have the option to do so. Leveraging equity presents a fantastic opportunity for owner-occupiers to diversify and acquire additional properties, whether for a vacation home or an investment property portfolio. At Breeze Financial, we offer guidance on optimising your current equity to support another property purchase. While there are various factors to consider and comprehend, we’ll make sure you secure the most fitting loan for your needs.
It varies based on your circumstances. Even if you have a poor credit history, there are specialised lenders who may consider offering you a home loan. So, the options do exist. However, since each situation is unique, it’s crucial to discuss it with our brokers. They can not only explore potential options but also assist you in minimising future negative credit marks.
There isn’t a fixed percentage amount; the necessary deposit varies based on your circumstances and how the lender evaluates your borrowing capacity. In the realm of home loans, in broad terms, a lower deposit often leads to the potential requirement for lenders mortgage insurance and/or the imposition of additional conditions.
This circumstance frequently arises when your deposit is insufficient, and you wish to avoid Lender’s Mortgage Insurance payments. (Though there are other scenarios, this is a common scenario for first home buyers.) The concept is fairly straightforward: while your property remains the primary security for the loan, the lender also establishes a mortgage over your guarantor’s property. This serves as additional support for your guarantor’s commitment to fulfill the financial obligations of the loan in case you are unable to do so. Given the uniqueness of each situation, feel free to reach out to us today to explore how a guarantor loan could be tailored to your specific needs.
In essence, if you lack a deposit of approximately 20%, you’ll typically be required to pay Lender’s Mortgage Insurance (LMI). This serves as a protective measure for the lender in case you face difficulties making repayments, acting as their safety net. Although LMI is often seen as an additional cost, there are potential advantages. Notably, it allows you to enter the property market sooner without the need to accumulate a substantial deposit, which could take years. As with all matters related to loans, it’s beneficial to have a tailored discussion based on your specific circumstances. This is where we can assist—feel free to reach out to us today.
An offset account is essentially a standard transaction account connected to your loan. The appeal of an offset account lies in its ability to substantially decrease the total interest paid throughout your loan’s lifespan. Here’s the mechanism: the balance or a portion of it in your offset account is set against your home loan balance, and interest is only calculated on the remaining difference. At Breeze Financial, we can assist you in discovering the optimal offset option and develop a strategy to maximize your interest savings.
The redraw facility enables you to retrieve any extra payments you’ve made beyond the required minimum loan repayments. Similar to an offset account, these additional payments, while stored in your loan, contribute to lowering the amount of interest you incur. What’s crucial is the flexibility it offers. You can set aside funds for unforeseen circumstances, potentially diminishing both your interest payments and the duration of your loan. Various lenders have diverse redraw options, making it worthwhile to discuss with us how to effectively utilise redraw to suit your needs.