FAQ's - Frequently Asked Questions
We hope you will find the answer to your question below, otherwise please contact us by emailing andrew@onestop.com.au or call Andrew on 0404 857 888
Why Don't I Go Direct To My Bank?
Our consultants are experts in mortgages and we can teach you mortgage minimisation techniques that can require no extra repayments. Each bank has one of each type of loan (i.e., honeymoon, standard variable, line of credit, etc.). Knowing what type of loan you need is only half the battle, we will help you to choose which lender has that best type of loan, while your bank has only one of each kind to offer you. We can help you select what loan and lender suits your situation, not just what the bank has to sell you.
One Stop Finance will take time to understand your particular needs, and work with you to tailor and design a financial product which will best suit your individual requirements.
Should I Pre - Qualify Before I Begin Searching For A Home?
Yes. Real Estate Agents and home sellers will usually consider you as a more serious buyer if you receive a pre-approval from One Stop Finance and pre-approval will also allow you to narrow down your price range as well as assuring the seller that you qualify when you do find the right home for you.
What Constitutes A Loan Approval?
Most lenders base their decision on three factors: credit, collateral and capacity. Credit refers to the quality of your current credit rating. Capacity is your ability to repay the loan based on job stability, current income and other factors. Collateral is the amount of equity in your home, and the likelihood of appreciation. Once all the checks are complete and match, you're approved!
How Long Will It Take Before I Receive Approval?
First it will take time to analyse your income, and for us to determine the best option available for your situation. However, it generally takes only 48 hours after we receive your completed application to obtain a loan decision. Some loan programs may require additional documentation, so approval may take a little longer. Once approved, you will receive a written commitment letter, which will outline your rate (if locked), terms, approval conditions and any additional documentation needed to finalise.
How Do I Calculate Interest?
All interest is calculated based on the daily loan balance. You can therefore save interest by paying early or by paying in advance.
What Is My Down Payment?
This This is simply the amount of money you choose to invest in your new home. The down payment and the loan amount make up the purchase price of the home.
