Mortgage
Buying a home can be a complex and emotional process, and having someone who understands the importance of the decision and is dedicated to making the process as smooth and stress-free as possible can be incredibly valuable.
Our mortgage advisers can help you make informed decisions about your mortgage and ensure that you choose a mortgage product that fits your financial situation and goals. We can help you navigate the loan application process, compare different loan options, and negotiate favourable terms for you. By having us on your side, you can feel confident that you are making a smart financial decision for your future.
Mortgage Advice Process
We follow a compliant advice process which focuses on your needs and objectives as well as building a long-term relationship with you so that we can be part of your journey.
Understanding you
This is all about you. We would like to understand what exactly you are looking for, where you see yourself going and how we can be part of that journey of yours. Adviser will explain what sort of advice they can provide and what the next steps will be.
Documentation
For us to help you with your loan we will need to get documents regarding your Income, proof of savings, your liabilities, your assets, your Id's etc. based on what we know lenders would require for processing. Fact Finding via online fact find will make this process convenient for our clients.
Assessment
Once we have received all the documents, we will do an assessment and understand which lender will suit you the best and why? At this stage your adviser will be able to explain your borrowing capacity and be in a position to finalise your application.
Approval
We will work with lenders on your behalf to get the best outcome to meet your needs and objectives. We will work with you if the lender needs more information or they want to meet with you before your loan goes unconditional.
Settlement
We will work with all the parties involved (you, lender and your solicitor) to make sure that there are no issues around settlement time.
Ongoing Advice
We will work with you on an ongoing basis and see how we can help you pay off your debt as soon as possible, review your mortgage rates to save you money and so on.
Types of Loans
Standard Loan
A Standard Loan is a type of loan where the interest rate and repayments remain the same for the entire loan term. This provides stability and predictability for borrowers, making it a popular choice for those seeking long-term stability.
Split Loan
A Split Loan, on the other hand, allows borrowers to split their loan into two or more parts, each with its own interest rate type. For example, a borrower might choose to have part of their loan at a fixed interest rate and the other part at a floating interest rate. This provides a level of flexibility and helps borrowers manage their interest rate risk.
It's important to compare the various loan options available and choose the one that best suits your financial circumstances and goals.
Loan Structure
You can structure your loan by fixing the interest rate for a specific term or leaving it at a floating rate or having a mix of both.
Fixed Rate
This kind of loan allows you to borrow money at a fixed rate for a period you choose.
You may end up with higher weekly repayments in case the interest rates fall and thus paying more interest, on the flip side, you will definitely save on interest in case interest rates go up. This kind of loan provides you with certainty around how much you would repay each week or whatever frequency you have selected.
Variable Rate
Also known as floating rate loans, these have a varying rate of interest depending on interest rate fluctuations. It is a good option as it comes with the flexibility of paying lump sum during the tenure and reducing the principal at very low or no extra fees.
Important information and disclaimer
- Any advice on this publication is of a general nature only and has not been tailored to your specific circumstances. Before taking action on this information, please seek your personal advice. Past performance is not a reliable guide for future returns. The information on this page reflects our understanding of the existing legislation, standards, etc.
In some cases, the information has been provided to us by third parties. While the information is believed to be accurate and reliable, but this is not guaranteed in any way. - Neither AIFP nor its responsible persons or employees give any warranty of accuracy, nor accept any responsibility for errors or omissions in the information provided on this page.