FAQs

Frequently Asked Questions.

Have some questions?
We have answers.

Faq

General

What does a mortgage broker do?

A mortgage broker acts as an intermediary between borrowers and lenders. They help individuals and businesses secure mortgage loans by assessing their financial situation, researching loan options, and guiding them through the application and settlement process.

Why should I use a mortgage broker instead of going directly to a bank?

Mortgage brokers offer several advantages over going directly to a bank, including:
Access to Multiple Lenders: Brokers have relationships with various lenders, providing borrowers with a wide range of loan options.
Personalized Service: Brokers work closely with clients to understand their specific needs and find loan solutions tailored to their circumstances.
Expert Advice: Brokers possess in-depth knowledge of the mortgage market and can provide expert guidance to help borrowers make informed decisions.
Time and Effort Savings: Brokers handle paperwork, negotiate with lenders, and streamline the application process, saving borrowers time and effort.

How do mortgage brokers get paid?

Mortgage brokers are typically paid through commissions from the lenders. They receive an upfront commission upon loan settlement and may also receive trail commissions, which are ongoing payments based on the outstanding loan balance.

Are mortgage brokers regulated?

Yes, mortgage brokers are regulated in Australia. They must hold a valid Australian Credit License (ACL) and comply with the regulations set by the Australian Securities and Investments Commission (ASIC).

What information do I need to provide to a mortgage broker?

To assist your mortgage broker in finding the best loan options, you will generally need to provide:
Personal identification documents (e.g., passport, driver’s license)
Proof of income (e.g., pay slips, tax returns)
Evidence of savings or assets
Details of any existing loans or debts
Information about the property you intend to purchase or refinance

How long does the mortgage process take?

The mortgage process duration can vary depending on factors such as the complexity of the application, the lender’s processes, and external factors like property valuation. On average, it can take anywhere from a few weeks to a couple of months to complete the mortgage process.

Will using a mortgage broker affect my credit score?

When a mortgage broker submits an application to lenders, it may result in a credit inquiry, which can have a temporary impact on your credit score. However, if you work with a reputable mortgage broker, they will typically shop around for loan options without submitting multiple applications, minimizing the impact on your credit score.

Can a mortgage broker help with loan refinancing?

Yes, mortgage brokers can assist with loan refinancing. They can review your current mortgage and financial situation to determine if refinancing is a suitable option for you. They will compare loan products and help you secure better rates or terms.

Can a mortgage broker help me if I have bad credit?

Yes, mortgage brokers can assist individuals with bad credit. They have access to lenders specializing in loans for borrowers with less-than-perfect credit histories. However, the availability of loan options and interest rates may vary compared to those with good credit.

How do I get started with a mortgage broker?

Getting started with a mortgage broker is as easy as reaching out to discuss your needs. You can contact the broker directly through their website or by phone to schedule an initial consultation. During this consultation, they will gather information about your requirements and guide you through the next steps of the mortgage process.

Remember, these FAQs provide general information. For personalized advice, it is always recommended to consult with a professional mortgage broker.

About Us

Is Funding Advisor owned by a bank?

We are completely independent! This means that we have no bias towards specific lenders and allows us to connect our clients with the lenders that suits their situation.

How much do I need for a deposit?

Typically 20% of the purchase price is required. This is can be really tough! There are ways to get around this like First Home Loan Deposit Scheme for first home buyers, using equity if you’re a home owner and security guarantee. So it’s worth contacting us to explore the options available to you.

Where are you based?

We are currently based in Central Coast. Great beaches – would recommend.

If I don't live in NSW, can you still help me?

Yep! If you know how to Zoom we can help you 😉

Giving Back

What is First Nations Initiative?

We want to love and support the First Nation Community in our own backyard! If you choose this initiative, your loan can sponsor indigenous children to attend camps that connect them to key support networks that they can lean on throughout their life and local career opportunities to strive for. We’re not allowed to tell you who the foundation is yet but… hopefully, we can in the near future 🙂

When does the charity receive their donation?

Lenders typically pay the upfront commission one month after settlement. Once the upfront commission is confirmed, we send the donation to the nominated impact partner and report back to you with the difference you’ve made.

What is MTS?

We want to invest in local churches to make a positive impact in their community and beyond! If you choose MTS, your loan can sponsor an apprentice at your church to be trained and mentored to grow in their character, conviction, and competency for a lifetime of ministry.

What is Compassion?

We want to see a future where kids all around the world have an equal opportunity to find a secure and fulfilling life! If you choose Compassion, your loan can sponsor a child across the globe and provide for their basic needs. Your loan will also fund TAFE-level education so the kids will be well equipped to live a happy and independent life when they complete the program.

Where does the donation come from?

When we are successful in helping out a customer with a purchase or refinance, we receive a commission from the lenders. We give 25% revenue of the upfront portion!