How much can I borrow ?

This depends on a number of factors like what your income is, if there is more than one applicant, what your combined income is, what deposit or equity you have in a property, what other assets you have etc. Our brokers will be able to quickly calculate and inform you of your maximum borrowing capacity.

How much deposit do I need ?

This depends on the type of loan - we do have zero deposit loans. Conditions do apply.

What is mortgage insurance ?

Also known as Lenders Mortgage Insurance, this protects the lender if you are unable to meet your repayment obligations. It does not provide any direct benefit to borrowers however because the lender is protected they usually will offer a better rate of interest.

What are my obligations under a home loan agreement ?

The four main obligations under a home loan for a borrower are:

• to make repayments in a timely manner.
• to maintain the land and home improvements in good order.
• to pay the council rates as and when they fall due.
• to insure the home.

How much is the Loan Application Fee ?

These vary from financier to financier. $600 is average but they can rise to $1100 for non-conforming lenders (or up to 1% of the loan amount). Many banks and conforming lenders often have deals where they have nil application fees. Our brokers will advise you of the best deals at the time of your application.

What will I pay Choice Finance ?

Most accredited Mortgage Brokers do not charge you a fee. Choice Finance will not charge you a fee. Our fees are paid by the financier. If you were to go to an non-accredited broker you could pay up to $2500 extra.