Frequently Asked Questions
If your question is not here, please contact us.
What is the Mortgage Jet difference?
I am very busy. Can you come to my home or office?
I don’t like strangers in my house. Can’t everything be done over the phone?
How long does a consultation take? Is there anyway to make it quicker?
What is the Mortgage Jet Process to obtaining finance?
What is Lenders Mortgage Insurance?
What is a Professional Pack?
Will Mortgage Jet help me to apply for the First Home Owners Grant?
Am I eligible for the First Home Owners Grant?
Do you guarantee I will get approved?
I have previous credit impairments. Will my interest rate be higher?
Its very simple!
When asked what frustrates them about banking and finance, consumers usually say its the lack of customer service.
So we decided to bridge that customer service gap between consumers and lenders by providing an end to end service focused on delivering fantastic products and services teamed with first class customer service.
All of this is backed by our First Class Customer Service Guarantee. If we fail to do this, we happily fork over 100% of upfront commission.
So you can see that the success of our business is totally reliant on the complete satisfaction of you, our valued client.
Yes, we happily come to your home or office at a time thats suitable to you. We're available at all times of the day or night and every day of the week. (We never sleep!)
Yes and no. The majority of the broker process can be completed over the phone, through fax, email and the post. However, due to strict identification requirements and high rick identity fraud currently in Australia, we are required by law to meet with you in person, if nothing else but to sight your original identification documents. Its quick, and we can do it at a time thats convenient to you.
We are not like traditional mortgage brokers. We do a lot of the broker process over the phone, so when we meet with you at your home or office, the process is faster and you can get on with your day. Generally a consultation consists of 10 to 15 minutes on the phone and as little as 10 minutes face to face appointment. Of course, if you have many questions or concerns, we are happy to stay with you as long as you like until you feel confident you have all the information you need.
The broker process is slightly different to tradtiional mortgage brokers. This enables a faster and smoother process for you so you can get on with your day and leave the complicated stuff to us.
We also find that this process allows customers to choose a product more carefully and without the additional pressures of having a mortgage broker sitting in front of you, waiting for you to make a decision.
We have a 3 stage application process:
1. After you have made initial contact with us, we will contact you for a 10 to 15 minute pre-qualification telephone call. We ask you a range of questions which enables us to determine which lenders you qualify for, the amount you may be able to borrow, and the products that may suit you. (NOTE: this is in no way an approval). Once we have collected this information, we briefly discuss your options and make an appointment for a friendly face to face meeting at a time and place that suits you.
2. Prior to meeting with you, we will email you several documents for you to look over. They will include:
- Product comparison sheets of the best lenders and their products which you have pre-qualified for.
- A list of documents you will need to provide at the meeting if you wish to go ahead with an application.
- Comparison rate schedules
For a fast and smooth loan process we recommend you read the above documents carefully and consider which product suits you best. The most beneficial aspect of this is that you can do this in your own time, without the pressures of having a mortgage broker sitting with you waiting for your decision. Take your time and don't hesitate to contact us with any questions.
3. We attend the pre-arranged appointment and provide you with an appplication form for the product and lender you have chosen. We also provide you with our Welcome Aboard Pack, and take copies of your supporting documents and identification. (NOTE: All applicants have to attend the meeting. This is a legal requirement). This can take as little as 10 minutes. After that, we will submit your application and be in touch as soon as the lender as informed us of their decision.
1 - 2 - 3
Its as simple as that!
Whenever you borrow more than 80% of the security value, you will more than likely be required to pay Lenders Mortgage Insurance (LMI). As the name suggests, this insurance is a one off payment by the borrow to the lender to insure the loan.
It insures the lender for any shortfall on a loan, so if you were ever in the position where the lender took legal action and forced you to sell your property it would generally cover the lender if there was difference between what your property was sold for and any loan amount still owing after the sale.
The LMI premium amount can differ significantly and is dependent on many variables including the lender, the insurer, the amount you intend to borrow, the Loan to Valuation Ratio (LVR) and things such as your savings history, length of employment etc. Generally the premium amount does not exceed 3% of the loan amount.
A Professional Pack offers borrowers the option of combining many features into one at a discounted interest rate. Some features include fee free transaction or savings accounts, interest free credit and debit cards, cheque book, and offset accounts.
Professional Packs are not just for Professionals! However, there is usually an annual fee applicable and a minimum loan amount in order to qualify.
Yes we do.
We don't know. We are not authorised to determine that. However, if you or your partner have never owned property before and you are buying your first home for owner occupied purposes, then it is likely that you will be. To check your eligibility please go to www.firsthome.gov.au
No. Unfortunately, we can not. And if any mortgage broker says they can, then they should be reported immediately for misconduct.
What we can guarantee is that we will offer you a range of lenders and products so your chances of getting approved are increased greatly.
Generally it depends on your level of credit impairment and the location of where the security property will be. Credit impaired loans do usually have higher interest rates, but if you are determined to start fresh and in a position to purchase a property, they can be very helpful with re-establishing your credit rating.
Usually, credit impaired lenders will have a policy where they will discount your interest rate if you can demonstrate good repayment history over a 2 to 3 year period.
Loans & Mortgages from Mortgage Jet:
Mortgages | Home Loans | Home Equity Loans | First Home Loans | Refinance | Equity Finance Mortgages | Investment Loans | Reverse Mortgages | Bad Credit Loans | Credit Impaired Loans | No Doc Loans | Low Doc Loans | Business Loans | Commercial Loans | Personal Loans
|
