FAQ

You can contact us either by phone on 1300 135 456, by email at info@onlinehomeloans.com.au, chat with us on the website, or by filling in our contact us form. Or just message us from our Facebook page.

A mortgage broker has agreements and accreditations with a number of different lenders, which enables them to offer their clients a variety of different loan products while you deal with just one point of call.  It’s important to note that the broker has no ability to approve a loan – the lender chosen to meet your needs approves this; and no broker has access to all market lenders.

Our extensive panel of lenders ranges from the largest lenders in the country through to small specialist lenders. This means we can offer home loans that suit nearly all situations, including loans for new property purchases, refinancing of your current property, owner-occupiers or investment purposes. Product features available include fixed or variable rate loans, interest only, offset accounts, lines of credit, or combination loans.

The interest rate charged will vary depending on the lender and solution chosen to meet your needs.

We are paid a commission by the lender when the loan is settled. All commissions are declared in the documentation prepared by the lender and we do not charge any additional fees.

Absolutely. Contact us and we can help you through the process and find a home loan solution for you.

Yes we do. Contact us and we can work out a loan solution to meet you needs.

Yes, you can. We have an extensive panel of lenders to choose from to find the best investment loan for you.

Most lenders will require that you have been self-employed for a minimum of two years and have tax returns to show that you can afford the loan. In some situations, certain specialist lenders may approve loans for borrowers who have been in business for less than two years.

There are specialist lenders who may approve a loan even if you have a poor credit history. Contact us to discuss your individual situation and find out if we can help you.

Contact us and one of our consultants will assist you with completing all the relevant lender forms.

You will normally need a minimum deposit of 5% of the purchase price and up to an additional 5-6% for lender and government charges.

Lenders will require proof of insurance cover for any properties used as security for the loan. In addition, if the loan to value ratio for your loan exceeds 80%, then the lender may require that you take out Lenders Mortgage Insurance (LMI).

Lenders Mortgage Insurance (LMI) is an insurance policy that the lender may insist you take out if your loan to value ratio exceeds 80%. The policy protects the lender if a property is sold for a value less than the loan balance. The insurance doesn’t protect the borrower, however it does allow them to buy a property with a smaller deposit than would otherwise have been the case.

Documentation required will differ depending on your individual circumstances and the type of loan you are applying for.

For all loans you will need to substantiate your income and provide an acceptable level of personal identification. Income substantiation will vary depending on whether you are self-employed, or a salaried employee and can provide pay slips, income tax returns and PAYG summaries.

In addition, to purchase a new property you will need to provide a copy of the contract of sale and prove you have enough funds to complete the purchase on the day of settlement.

If you are refinancing a loan, you will need to provide statements for the debt being refinanced.

When purchasing a property, a lender will either take the contract price as the valuation of the property or require an independent valuation. For refinancing, the lender will almost certainly require an independent physical valuation.

Three key factors are taken into account by the lender when assessing and approving your loan:

– Serviceability – does the lender believe you can afford the loan?
– Valuation – does the proposed loan sit within the lender’s LVR rules, and is the security you can offer acceptable?
– Credit history – have you previously paid other debt owed (e.g. loans and credit cards) on time?