Commercial Loans

Frequently Asked Questions

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  What does a mortgage/finance broker do?

  A mortgage/finance broker acts as an intermediary between borrowers and lenders. We assist individuals and businesses in finding and securing loans, particularly mortgages for purchasing property. Here’s a more detailed breakdown of our roles and responsibilities:

  Assessing borrower needs:

  • Understand the financial situation, goals, and needs of the borrower.
  • Evaluate the borrower’s credit history, income, and expenses to determine borrowing capacity.

  Research and comparison:

  • Compare various loan products from different lenders to find the most suitable options for the borrower.
  • Provide information on different loan features, interest rates, fees, and repayment options.

  Application process:

  • Assist borrowers in completing loan applications and gathering necessary documentation.
  • Submit the loan application to the selected lender on behalf of the borrower.

  Negotiation:

  • Negotiate with lenders to secure better terms and conditions for the borrower.
  • Advocate for the borrower to get the best possible interest rates and loan terms.

  Guidance and advice:

  • Provide expert advice on loan structuring and financial planning.
  • Help borrowers understand the implications of different loan options and choose the one that best fits their needs.

  Liaison:

  • Act as a liaison between the borrower and the lender throughout the loan approval process.
  • Communicate any additional requirements or information needed by the lender to the borrower.

  Settlement coordination:

  • Coordinate the loan settlement process, ensuring all paperwork is completed accurately and on time.
  • Work with solicitors, conveyancers, and real estate agents to facilitate a smooth settlement.

  Ongoing support:

  • Provide ongoing support to borrowers even after the loan is settled.
  • Assist with refinancing or renegotiating loan terms if needed in the future.

  Mortgage/finance brokers in Australia are regulated by the Australian Securities and Investments Commission (ASIC) and must hold an Australian Credit Licence or be an authorised representative of a licensee. They are also required to adhere to the National Consumer Credit Protection Act 2009, which ensures that they act in the best interests of their clients.

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  What are the benefits of using a mortgage / finance broker?

  Benefits include access to a wider range of loan products, expert advice, personalised service, potential cost savings, and assistance with paperwork and negotiation.

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  Can a mortgage broker help with refinancing?

  Yes, mortgage/finance brokers can assist with refinancing by evaluating your current loan and finding a new loan that better suits your needs or offers better terms.

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  Are there any other helpful websites that will assist me in learning about loans?

  Yes, a great website to review is beauroloan.

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  Can I get a home loan if I’m self-employed?

  Yes, self-employed individuals can get home loans, but they may need to provide additional documentation, such as tax returns and business financial statements, to verify their income.

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  How do I apply for a loan with florysh?

  Complete your details on our website and we’ll be in contact with you to help answer any questions you have and begin the loan process.

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  Can you help me understand my borrowing capacity?

  Your borrowing capacity is the maximum amount you can borrow from a lender for a home loan. Several factors influence this amount, including:

  1. Income: Your regular income, including salary, wages, bonuses, rental income, and any other earnings.
  2. Expenses: Your ongoing living expenses such as groceries, utilities, transport, and lifestyle costs.
  3. Debts: Any existing loans, credit card debt, and other financial commitments.
  4. Credit history: Your credit score and credit history, which indicate your reliability in repaying debts.
  5. Savings: Your savings and the amount you have for a deposit.
  6. Dependents: The number of dependents you have, as this affects your household expenses.
  7. Interest rates: Current interest rates, as they impact your monthly repayment amounts.
  8. Loan term: The length of the loan, which affects how much you repay each month.

  To get a precise estimate of your borrowing capacity, we’ll need to gather some detailed information about your financial situation. We’ll start by looking at your income and expenses, then factor in any debts and your credit history. With this information, I can use a borrowing capacity calculator to give you a more accurate figure.

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  How does a mortgage broker determine which loan is best for me?

  Brokers assess your financial situation, goals, and needs. They consider factors like your income, credit history, expenses, and the loan features you require to recommend the most suitable loan options.

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  What documents do I need to provide to a mortgage broker?

  Typically, you’ll need to provide identification, proof of income (pay slips, tax returns), bank statements, details of assets and liabilities, and information on the property you wish to buy.

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  What is the difference between a fixed and variable interest rate?

  A fixed interest rate remains unchanged for a set period, providing stability in repayments. A variable interest rate can fluctuate based on market conditions, potentially offering lower rates but with more uncertainty.

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  What is pre-approval?

  Pre-approval is an initial approval from a lender indicating how much you can borrow based on your financial situation. It provides an indication of your borrowing capacity and can make the home buying process smoother.

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  What is Lenders Mortgage Insurance (LMI)?

  LMI is insurance that protects the lender if the borrower defaults on the loan. It is typically required if the borrower has a deposit of less than 20% of the property value.