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In most cases, no, and if a fee is necessary we will tell you upfront.
Banks normally pay us a commission for bringing new business, and we often negotiate better deals than if you went direct.
It’s a win-win!
Ah… the proverbial question! It can be possible to get into your new home with a deposit of 2% of your purchase price, plus a little extra to cover solicitor costs.
Or, if a parent or close family member is prepared to be your guarantor it is even less.
However, if you have a 20% deposit you could save on fees and get a better rate. We can discuss your options with you and help you make a plan that suits your circumstances.
You will need to pay a certain amount of your deposit to the real estate agent when you offer to purchase your new home, and this is held in a Trust account until the sale is completed, when it is released and paid towards the purchase. If your finance is declined the deposit is refunded. Typically this is around 1-5% of your purchase price and can be negotiated with the real estate agent.
If further deposit needs to be paid to complete the purchase then this is paid at settlement, which is the term used to describle when ownership changes to you. You will need to have evidence of the available deposit upfront when you apply for finance.
This is very much a case by case calculation that considers your income, expenses, existing loans and credit facilities and family size. Further, the calculation can vary significantly between lenders!
We know lender policies and have access to their assessment tools so that we can see how much they are likely to approve for you.
We start with a chat to develop an understanding of your situation, and can see fairly quickly if we can help you straight away or whether we need to do some preparation first.
In most cases we offer a video and phone based consultation service which means that we have additional availability to speak at a time that suits you!
This is very much on a case by case basis, and while it is possible to have an approval within a few days in most cases it can take one or two weeks after we have received the information needed from you for your loan application. After approval it normally then takes at least another couple of weeks before you can move into your new home. We can set more realistic expectations once we have an understanding of your situation.
This is essentially a risk fee charged through your lender when your loan is over 80% of your property value. Should you default on your loan and the bank sells your property, and shortfall on the sale is paid to the bank by the insurer. However, you are then liable to pay the insurer, so it protects the bank and not you! There are many ways this can be avoided, ask us how!
Settlement is the term used to describe the date when ownership of the property changes from the seller to the purchaser. This is when the money from your deposit and the loan is paid to the seller, and you get the keys and access to the house.
You will need to nominate a Settlement Agent to handle the legalities on your behalf and make sure all of the proper forms are completed and Authorities notified. We can recommend some good people in this space if you need them.