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Frequently Asked Questions
Do You Need a Mortgage Broker Or a Financial Adviser?
.Mortgage brokers are qualified and must be either licensed or appointed to act as loan advisers. They have in-depth knowledge of loans and options suitable for a range of different financial situations. They negotiate with lenders to arrange loans and help manage the process through to settlement.
Financial advisers, meanwhile, assist with anticipating and managing longstanding financial outlook. They help sort through and select options for investment and insurance, with attention paid to retirement planning, estate planning and investment analysis.
At Key Choice Group, we can be both. We make sure that in every booked meeting, we will give you not just a mortgage advice, but we go an extra mile with all the planning you need.
We have a highly trained team who are also experts in financial planning.
We also have partners across Melbourne that we would recommend to you as you loan money. Rest assured that you’ll receive a full credit report from us.
We, as an independent financial mortgage broker will help with the management of your wealth through our services.
Let us support you today.
What Business Vehicle are Covered By Finance Services?
Vehicles – Cars, utes, and vans.
Heavy Vehicles – Trucks, trailers and buses.
Agricultural Equipment – Tractors, trowels, cultivators and more.
Construction and access equipment – Excavators, loaders, forklifts, scissor lifts and more.
What is the latest Property and Financial News in Melbourne Today?
If you are looking for the latest property and financial news in Melbourne today, we got you covered.
We always suggest for you to subscribe to our newsletter here and you will receive a year round and ready to read update from us.
Our newsletter provides a comprehensive advisory, solutions, news, legit financial advice, wealth tips, business guides, and other Key Choice Group services related updates.
Don’t worry, we will not spam you. We will just send you the must ready news that you need.
Is Financial Planning important before applying for a home loan?
Yes. Without financila planning, you would end up feeling overwhelmed with all the expenses that you didn’t take into account, along with home loan payments.
Proper financial planning will not only help you manage your expenses better, but also help you make your dream of buying a home, come true.
Do you offer loan money management?
Loan money management is not part of our core services as of the moment but we fully give the support, especially for a business, through advice and money/wealth tips.
As an independent financial mortgage broker, we always go an extra mile when it comes on giving advice. Management of loan money are usually confidential in nature. Usually a bank recommend a financial advisor from their internal team to help with loan management.
However, we recommend though that you disclose to us as your independent mortgage broker all your current money status so that we could somehow help you with other financial planning and give you the financial advice that most bank experts don’t give.
Your wealth matters. Your wealth should be taken good care of. Your wealth will affect your present and future loans.
Allow our team to help you today.
What are the Mortgage Solutions that you offer?
We have list of mortgage and financial services / solutions here. We recommend that you check this out.
In a nutshell, our mortgage solutions usually depends on your current credit or wealth status. We as a mortgage broker always provides advice that are highly based on your current financial management. Our current financial partners will testify that over the years, our solutions perfectly matches our past clients’ buying, refinancing, and financila needs.
Our solutions or services our up to date and you can always check the latest Melbourne financial news to check some advisory whether our services are not outdated.
What is an Independent Financial Mortgage Broker?
An independent mortgage broker works as a middleman. Instead of you having to go to multiple lenders to shop for deals and look for the best rates and terms for your mortgage, they do it for you.
It can be time-consuming and overwhelming as a homebuyer to try to shop around for a mortgage.
A mortgage broker works with multiple lenders so they can find the best lender to match you as a borrower.
How Much Money Do You (Really) Need For A House Deposit?
In some scenarios, you can feasibly get away with borrowing 95% of the property value.
Perhaps a better question to ask is – ‘how much money should you have for a house deposit?’
Which actually has a more straightforward answer. Generally, banks and financial institutions will recommend you have a deposit of at least 20% of your prospective property’s purchase price.
As always, it’s up to you what will work best for your situation.
Really, when it comes to a long-term financial commitment like a home loan, it’s as much about your ongoing financial comfort as it is about having any specific set of money – even if you have that token $80,000, can you guarantee you’ll be able to make your repayments into the future?
Even if your interest rate changes? That’s what will really determine if you’re ready to buy a house.
(If you’re unsure if you can tackle your repayments, you may want to look at a Home Loan Calculator or book with us above.
Ultimately, as every person is different, so too is every person’s home, and home loan requirements. Think about what works for you.
It is my Retirement Year and I need Advice. Am I still qualified for a home loan or refinance?
During the retirement year, banks are rarely willing to help retirees have a loan or refinance a mortgage. However, we could support you refinance an existing bank mortgage.
Help us manage your loan finances. As your mortgage broker/financial adviser we will find ways how to make that possible.
What are the Types of Home Loans for Pensioners or Retirees?
For those who are in their retirement years, what are the available home loans?
Here are some retirement home loans available:
Bridging loan for Retirement
If you’re looking to downsize or move home, chances are you’ll want to buy your new home before you sell your existing one. That’s where a bridging loan – or bridging finance – can help.
A bridging loan gets its name because it bridges the gap that exists between when you buy and when you sell – or the period when you own two homes.
Bridging loans tend to come with a short term – just six months or until you sell your current home. During that time you don’t have to make any repayments. Instead, the interest that accrues on your bridging loan rolls over into a home loan against your new home. In some cases, you may even find you can pay off this amount from the proceeds of your sale.
Investment home loan for Retirement
In Melbourne, buying an investment property could be a good way to provide extra income in your retirement. And the good news is that there are two reasons you may find it easier to take out an investment loan than other types of home loan:
- when assessing your capacity to repay the loan, a lender will take into account the income you make on your property i.e. the rent you’re paid;
- that rent could also help you pay off your loan faster so you can apply for a shorter loan term.
Just be aware that if you do generate income through an investment property during retirement, it may affect your entitlement to the pension.
Always seek financial advice before you go down this route. Retirement investments are great when you have a great financial advice prior it.
Make your retirement years investment stress-free and planning is a big factor for this.
Seek for a financial advice Today.
How to get approved for a retirement home loan?
There are certain things you should do before you apply for a mortgage if you’re at retirement and receiving a pension. There are a lot of financial advisers out there offering financial planning services.
Here are some recommendations from us:
Understand what you want
Are you looking to relocate or downsize? Maybe you are planning to run a business even at your age, are you thinking of buying an investment property for this business? Simply getting to the bottom of why you need a loan can help focus your application and improve your chances of success.
Again this should be partnered with strict planning.
Get your finances in order
Most pensioner home loans are assessed the same way as other loans.
A lender will weigh up your wealth, income, expenses and assets. They’ll also look at your access to credit. Pay off any personal loans you have and look to pay down your credit card debt and even cancel credit cards you’re not using.
Past wealth management will be tracked here. So we always suggest that before your retirement years, strict financial planning of your wealth will be helpful.
Check your credit score
Because your earning capacity is reduced, your credit score could count for more, even if you’re retired or on a pension.
Get your hands on your credit report to make sure it’s accurate and reflects your real financial wealth history. Usually your financial adviser will give you strict financial advice on what to do next.
Do the maths
A mortgage calculator can often help you work out what your home loan repayments will be and what you can afford, especially if you’re taking out a traditional home loan. This will give you a big picture of your financial capabilities and even predict a possible financial stress in the future.
More than the calculator, a direct financial advice from professionals are more essential for your planning.
Speak to a mortgage broker
Mortgage Brokers have access to a panel of Lenders so will have a better understanding of which Lenders might best suit your requirements.
By speaking to a good broker like Key Choice Group, you could increase your chances of finding the right loan and getting approved for it.
We will help you manage your wealth and money as your independent mortgage broker. Our advice will be fully dependent to your retirement needs and capability to take take a home loan.
Ready to have a planning with us?