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Frequently Asked Questions
How can Wealthy You help me?
Our brokers have a combined 25 years of experience in the Finance sector. Rest easy knowing you are in capable hands.
Why choose from one when you can choose from many banks? We work with a panel of lenders and can find the cheapest and most suitable loan package to suit your needs.
No we do not hold our own credit licence, we however are credit representatives of our aggregator Finsure who are an Australian retail finance brokerage and they hold a credit licence.
We are also members of both the Finance Brokers Association of Australia (FBAA) and the Mortgage Finance Association of Australia (MFAA).
We ensure our brokers and advisers are up to date with the latest products and rates, as well as compliance with government regulations.
Our service is 100% free, unless otherwise stated.
We are paid by the banks for introducing new applications and for doing much of the work that would otherwise be done by one of their staff.
It is like we are a bank manager that works for many lenders instead of just one. This outsourced approach is very efficient and benefits both you as you have more choice and the banks as they do not have to pay us anything if we don’t lodge applications with them.
We are paid an average 0.65% of the loan amount as an up front incentive and an ongoing incentive average of 0.28% of the loan balance per annum. This is not paid by you, this is paid by the lender.
We have over 50 lenders on our panel that we are able to work with including the major 4 banks. You’ll be spoilt for choice.
Some of the most common documents you’ll need to have handy when you apply for a home loan:
- 100 points of ID
- Proof of Employment and Income
- Statements of savings
- Proof of current debts
- Proof of assets
- A completed application form.Keep in mind that every home loan is different and the banks may ask for further supporting documentation but this is case by case.
Every home loan is different, many factors could determine the types of fees you could incur on your home loan. Typical fees most banks will charge include;
- Application fees
- Valuation fees
- Legal fees
- Title insurance
- Lenders Mortgage insurance (LMI)
- Mortgage registration and transfer fees
- Stamp duty
- Rate lock fee
- Monthly or annual fees
- Fixed rate break fees
- Late payment fee
- Arrears management fee
- Fees for features such as (Additional repayments, redraw, offset accounts and fee free transactions).
- Top-up fee
- Discharge fees
- Interest accrued but not yet paid
- Refinancing fees
A comparison rate is a rate that all lenders by law must display next to their advertised interest rates. It’s a rate which takes into account some of the fees and charges of a home loan to give you a more accurate representation of a loan’s interest rate once the costs are taken into account.
This varies depending on your situation and how each lender assesses your borrowing capacity. We know banks that will only require a 5% deposit! Generally, this applies when your income is sufficient to cover the loan repayments, you have stable employment and a good credit history with no defaults.
Lenders mortgage insurance (LMI) applies for more than 80% of the property value. If you want to avoid pay LMI, you will need a 20% deposit. LMI is insurance that protects the lender in the event that you default on your home loan. It’s only applicable if your home loan poses a high risk to the bank which is typically when you’re borrowing more than 80% of the purchase price.
You will not pay any LMI and will not even need a deposit if your parents act as a guarantors and guarantee your loan using their property as security.