In short, No, we don’t charge a fee for our services however we do receive a commission from the lender when your loan is settled. This enables us to offer our services to you at no cost to you. For further information on this, you can read our Credit Proposal Document (CPD), which gives the details of how we earn our commissions from the lender. You will be given a Credit Proposal Document (CPD) prior to submission of any home loan application. The only fee we may charge in the event of your loan being more complex, is a commitment fee for pre-approvals. This fee will be fully refunded when the loan is settled within the pre-approval time frame. Any applicable fees we charge, will be disclosed to you upfront.
It is difficult to predict how long it will take to receive an approval for a loan due to the nature and type of the loan. If there are external service providers such as valuers and solicitors involved, the time period can be affected. No loan approval process is the same but it is our job to manage the process from start to finish – and we are committed to ensure settlement happens as quickly and efficiently as possible.
Lenders, including the banks, look at the state of your personal finances and monthly budget before deciding how much they are willing to lend to you. To maximise how much they will lend to you, you should consider reducing as many of your existing outstanding debts as possible. You could do this by bringing down your credit card limit and paying off as much of your store credit, personal loans and car loans as you can. As soon as a lender sees that you are responsibly managing your monthly personal finances and the repayments of your loans, they will be comfortable lending to you.
We would consider it if the Valuer was certified and acceptable to our lending panel. The appraisal would also need to be official and have been done within the last 90 days. I have a credit default against my name, but my partner’s credit history is excellent. Can we put the loan in her name? This may be possible if your partner has sufficient income to support the loan while providing for all existing liabilities, living costs and supporting any dependents. It will also depend on whether or not your partner will have a beneficial interest in the property.
I have a credit default against my name, but my partner’s credit history is excellent. Can we put the loan in her name?
This may be possible if your partner has sufficient income to support the loan while providing for all existing liabilities, living costs and supporting any dependents. It will also depend on whether or not your partner will have a beneficial interest in the property.
Broadly speaking, 80% is the generally accepted loan-to-value ratio (LVR) for most credit-impaired (bad credit) loans. However, depending on the nature of the credit default, we may be able to negotiate a 90% loan-to-value ratio if all the required documentation is provided. Some of the factors that affect your LVR can be, how small the default is, whether it has been paid or not and how long ago it was listed. Credit Impaired loan applications are often subject to a greater degree of scrutiny.
Not in every case. We have access to lenders with products specifically designed for customers with a poor credit history. Some of these products have rates no different from those who have a clear credit history. Your eligibility for these products and interest rate would depend on several factors such as; the loan amount required, the nature of your credit impairments, whether these have paid or not, their listing date and why they were incurred. Your overall loan-to-value (LVR) ratio will also determine the interest rate we can secure for you.
Parental Guarantee is a great way of parents helping their children with purchase of their property. Parental Guarantee can usually be used to purchase the first home to help the buyer get into the housing market sooner. It can be used to help the buyer reduce or avoid paying for Lenders Mortgage Insurance (LMI). Or it can be used to reduce the purchaser’s Loan to Value Ratio (LVR). Broadly speaking, the equity from the parent’s home will be used to guarantee part of the child’s home loan. There are strict rules and eligibility criteria with providing a Parental Guarantee. As a result, we will consider each application individually and on its own merits. As this can be complex, we recommend to get in contact with us to discuss your individual situation.
This allows an immediate family member who has equity in their home to use it to fund a deposit on your loan. This not only brings down your Loan to Value Ratio (LVR) but also means you may not have to pay Lenders Mortgage Insurance (LMI).
We may be able to assist you in getting a loan even though you have credit impairments in your name. However, we would need to understand the status of these debts, including whether these defaults or judgments are in dispute or whether you have an agreement with the lender to pay them off. It is always a good idea to clear any unpaid defaults prior to seeking further finance. This will provide the lender with the comfort you are able to place yourself in as strong a position as possible when seeking a loan.
I am in the process of getting divorced, and I have fallen behind on my repayments because my partner is no longer paying her/his portion of the mortgage. Can you help me?
We may well be able to assist you because it is not unusual for one party to stop paying the mortgage at the solicitor’s instruction while divorce/separation negotiations are underway. We would need to understand your personal financial situation and gauge your ability to service the debt and the loan you are aiming to get.
I'm self-employed, earn cash-in-hand and don't have an Australian Business Number (ABN), can I get a loan?
Unfortunately, not. With any loan approval, we need to be able to ascertain your self-employed financial history by verifying your ABN registration date and the current financial status of your business. Lenders will always want to see how you came to build your deposit and generate income, both things will need to be verified through documentation in the way of bank statements and income verification paperwork.
I have an OK from other brokers and a couple of banks, why should I consider Blutin Finance instead?
At Blutin Finance, we have specialist knowledge and access to funding sources not regularly available to consumers. As such, we can get loan approvals that others would have difficulty negotiating. With us, you will get the right advice the first time. We will only provide you with a recommendation once we have a thorough understanding of your financial situation and your objectives.
To get a loan, you must satisfy many requirements. Being able to comfortably service the debt is one requirement. An additional loan will increase your monthly liabilities. It is a legislative requirement that you prove you have sufficient income to meet your monthly repayment responsibilities, while maintaining your current living standards.
I want to refinance to purchase a car however I've had difficulties meeting my repayments for my bank loan. Are you able to help?
If you are struggling to meet your existing financial commitments, it is often difficult for us to justify the increased debt. If buying a new car for work will potentially increase your earning capacity, then we could consider sourcing a loan by establishing the clear benefit to you in applying for additional credit.
I have started construction on my land, but I have run out of money. Am I able to find a loan to complete the project?
It is always advisable to secure the loan to fund your building contract before you start the construction. However, in the event that you haven’t done so, we may be able to help you secure a loan to get you to completion. As Construction loans can be complex, it is best to contact us to discuss your individual case.
Loan repayments can be repaid on a monthly, fortnightly or weekly cycle.
Your interest paid to the lender is directly based on how much you owe to the lender. If you make extra payments towards your home loan, you’ll pay less interest. However not all loan products and lenders allow you to make extra payments. As an example, fixed rate loans can have restrictions on how much extra you are able to pay. Generally speaking, variable interest home loans may allow extra payments to be made without any penalties. The extra repayments can be debited from a nominated bank account, and this can usually be done via phone or internet banking. If you’re not sure of how to go about this, you’re welcome to call our office.
Redraw facility enable you to have a lump sum payment taken from your mortgage and credited to your bank account. If you have made extra payments above your regular minimum monthly repayment, you can access the additional payments as a redraw. For further information please see Fact Sheet
By paying additional lump sum payment, you are effectively reducing the loan term and save yourself substantial interest costs. You can redraw against the extra payments at any time if your loan structure allows you to do so. You can also choose to have your loan limit reassessed and reduced based on a lump sum payment.
Yes, you can access that equity to invest in shares, buy another property or spend as you see fit. However, remember that reducing the equity you have built up in your property means your monthly installments will increase in proportion to the amount you spend.
A mortgage broker acts as an intermediary, serving your best interests when seeking finance for your specific purpose, for example, buying a house. We source the loan options from our panel of banks and lenders that not only best suit your needs but are also most competitively priced. We also take care of all the running around involved in getting a loan approval to the point where it is settled. If you go to bank directly, you will only have access to the loan products they offer, and you won’t know whether you are able to get a better interest rate or not. You will also need to take care of all the paperwork such as First Home Owners Grant (FHOG) requirements yourself.