FAQ’s

A mortgage broker is a home loan expert who works on your behalf to help you find and apply for a home loan with a bank or lender. Mortgage broker’s work for you. They are the intermediary between you, and the bank or lender who provides the home loan.

Choosing and applying for a home loan can be complicated and involves lots of back and forth with different lenders. A mortgage broker will be able to recommend home loan solutions that suit your personal situation, taking into consideration what you want to achieve, interest rates, fees and charges. They will also provide you with relevant advice to help you get ahead financially.

It usually costs you nothing to use Keystone Home Loans to get your loan approved and settled. This is because we are paid by the lender with whom you have your home loan after your loan has settled (i.e. when you pick up the keys).

If a fee would ever apply to your situation, for example because it is really complex, we will discuss it with you upfront before anything goes ahead.

The amount you can borrow depends on a number of factors, including your income, expenses, credit score and the type of property and location you are purchasing. To get an accurate estimate, it is best to get in touch with us.

The best place to start is with a free, no-obligation phone call with Phillip, our mortgage broker. You can book online a time that suits you, or call 0490 151 888 and we can arrange a time. This is an opportunity for you to ask any burning questions you may have and get a feel for if you think we are the right fit for you.

Once you have spoken with us, the next step is to provide your personal and financial information for us to review, along with supporting paperwork like bank statements. We then carefully construct and present tailored loan options and recommend the most suitable one. From application to settlement, we manage the paperwork and keep you informed every step of the way.

This depends on the lender, how complex your loan is and how busy the banks are. We follow up with your lender regularly on your behalf to push your application along as quickly as possible and keep you updated.

The paperwork you supply needs to support the information you have provided in your online fact find. This includes bank statements, payslips, ID such as your driver’s license, Medicare card and passport.

You may be, if you are an Australian citizen or permanent resident buying or building your first home to live in. First home buyer grants and stamp duty concessions depend on your state and circumstances. In NSW they are administered by Revenue NSW. Phillip will check what you are eligible for.

If you are buying or building your first home, you may be eligible for a stamp duty concession or exemption. The rules depend on your state and circumstances. In NSW they are administered by Revenue NSW. Phillip will check what you are eligible for before you buy.

The main reasons for using mortgage brokers:

1. Have access to hundreds of different loans from over 50 different lenders and banks– This includes the main ones like CBA, ANZ as well as smaller ones you may not have heard of who often have good deals;

2. Provide expert home loan advice which gets you ahead financially – From which lender is the best fit for you, through to setting your loan up. Good brokers will also have plenty of experience dealing with real estate agents and builders so can advise on this through your journey. If you have spoken to us and a bank directly about a home loan, you will have noticed we provide you with a heap of good advice that you will never receive from a bank!

3. Saves you time – It’s no secret you’ll need to provide lots of paperwork to get a home loan and a good Mortgage Broker does a lot of this handling on your behalf.

Mortgage Brokers are paid by your lender once your loan has settled (ie when you pick up the keys). The payment is not out of your pocket.

Mortgage Brokers typically get paid in two ways:

• Upfront commission when your home loan settles; and
• Trail commission for every year you hold your loan with them.

Mortgage brokers are required by law to act in your best interests. We always look for the right loan solution for you, not the lender, and we are not owned by a bank.

Please note, if your situation is really complex, a fee may apply. We will always confirm this upfront before you get started.

Mortgage brokers are now a crucial part of the residential home loan industry. In fact, most residential home loans in Australia are now arranged through a mortgage broker.

Mortgage brokers do the following:

• Keep home loan interest rates and fees down – mortgage brokers negotiate with several banks on your behalf to get the best interest rate for their clients. Without mortgage brokers, expect loan interest rates to rise;
• Allow over 50 different banks and lenders to compete for your loan – most people go into bank branches to ask about home loans. Only the top 6 to 8 or so banks in Australia have a branch network. For the remaining banks and lenders (Macquarie Bank, ING, BankWest etc) they get most or all of their business through mortgage brokers. Without mortgage brokers, the big 6 to 8 banks will dominate. This means banks will raise their interest rates and fees as there is less competition;
• Provide extra advice on getting ready for and applying for a home loan – a bank branch is very unlikely to give you the level of quality advice in preparing for and getting your home loan application approved. Mortgage brokers (good ones) will spend this time with you.