Home Loan FAQs
What if I need some assistance now?
If you need our help between your reviews we can still help you. Feel free to contact your FHBA Coach to discuss any questions or concerns that you may have.
It is important to remember we will help you for the life of your mortgage, unlike a lender we won’t treat you like a ‘number’ we treat all our clients equally regardless of how much you borrow and we don’t just assist when you are applying for your loan.
If you are not the best deal it is likely the bank won’t contact you to get you on a better deal, bet we can guarantee you that we will, because we represent you!
Will my loan be reviewed post-settlement?
Banks (and other lenders) can change rates at their discretion, therefore it is hard to predict when they will move rates. Lenders tend to move together, however, there may be some lenders that may not move their rates as sharply as other lenders, therefore, the importance of an ongoing review program
We also may find that some clients are not using all of the important features of their mortgage, hence it is our job to show the benefits of using some of them, as most will likely result in lower costs for you.
What happens after settlement?
As we have helped you get your first home loan, we don’t plan to end our relationship there – we will maintain the relationship to ensure you are always on a suitable deal for your circumstance. We will do consistent reviews and are developing unique and innovative programs designed to assist you.
What is a Conditional approval?
The lender will usually issue a written letter stating that your loan is conditionally approved and formally list each of the conditions that need to be met before Unconditional approval is issued.
What is an Unconditional Approval?
What is a Pre-Approval?
Some lenders provide a loan pre-approval which is usually subject to meeting required terms and conditions, such as the property valuation. This is where your loan limit is approved for a certain time (usually around 3-6 months), and providing your circumstances have not changed you’ll know exactly how much you can afford to pay for a property, and you’ll have the freedom to make an offer on a property knowing that your finance is already organised. This will ensure you only focus on properties within your price range and takes the hassle away from having to apply for a full approval in one go.
Important Note: A pre-approval does not necessarily mean you have a guaranteed loan approval.
Which bank should I get approved with?
Having so many options available allows us to choose a bank that suits your needs and offers an attractive deal for you.
We have strong relationships with Australia’s big four banks – ANZ, Commonwealth Bank, NAB & Westpac, and also a variety of medium sized banks and non-bank lenders. Hence, we have almost every scenario covered!
When we send you some comparisons, we will usually include a range of lenders from big banks to non-bank lenders.
Can I still get approved if I haven't found my home?
Pre-approvals are usually valid for 90 days. If your pre-approval expires before you find a property then we can obtain an extension, provided your lenders accepts it.
What if I don't have a very good credit history?
It is usually a matter for your Mortgage Broker to assess your situation and give you the most flexible options with the best possible features, such as low-interest rates.
We also help with non-conforming and low doc loans.
First home buying made easy
Did you know that your FHBA Coach is also a qualified Mortgage Broker? They can provide guidance on many first home steps, so why not get in touch with a Coach to discuss ALL your first home needs!
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Disclaimer: The information on our website including this page is general in nature and should be solely relied upon. It does not take your personal circumstances. The credit license responsible for the mortgage service offered to clients is Mortgage Australia Group Pty Ltd, Australian Credit License (ACL) number 377294, Australian Business Number (ABN) 99 091 941 749. Mortgage Australia Group Pty Ltd is a member of the Mortgage & Finance Association of Australia (MFAA). FHBA Pty Ltd is an authorised credit representative of Mortgage Australia Group Pty Ltd.