Answering Your Important Questions About Mortgages

A mortgage broker acts as an intermediary between you and lenders, using their expertise to help secure a suitable home loan. They guide you through the process, compare loan options, and manage the application from start to settlement, ensuring it aligns with your financial goals.

Mortgage brokers offer access to a wide range of loan products and personalised advice. We save you time by navigating complex processes and may secure better rates or terms than going directly to a bank. Unlike banks, we are not aligned to any lender or product and always act in our clients’ best interests.

In almost all cases, we don’t charge you for our services. We are paid a commission by the lender once your loan is settled. This doesn’t affect your loan terms or rates.

Did you Know? Far from a mortgage broker’s commission being ‘passed on’ to clients, Industry research has shown that the competition brokers have brought about has actually led to a significant reduction of average interest rates.

At Three Capes Finance, we fully disclose any commissions and ensure our recommendations prioritise your needs.

We start with a quick call to ensure we understand your goals, how we can help you and what we might need to get your loan approved.

From there, you can quickly upload information and supporting documents the lenders will require to assess your loan.

Your broker then researches the most suitable loans for you and schedules a meeting to clearly explain their credit advice and answer any questions you might have.

We take care of all of the next steps with the lender until we have your loan approved.

Yes!

As a first home buyer, you may be eligible for various government schemes like the First Home Owner Grant (FHOG), stamp duty concessions, or waivers.

These incentives can significantly reduce upfront costs. We’ll help you navigate and access these programs.

Absolutely!

Given Jim’s long career in Capital Markets for investment banks, this is an area of specialisation for us.

Navigating these loans can be more complicated but the good news is there are a lot of options out there.

Reach out today for a free consultation to find out what you can borrow.

Eligible medical professionals, such as doctors, dentists, and specialists, can often borrow up to 95% of the property value without paying lenders’ mortgage insurance (LMI).

We can guide you through accessing these exclusive benefits.

Typically, you’ll need ID, proof of income, details of your assets, liabilities, expenses, and your credit history.

We will guide you through the specific requirements to streamline the process.

Most lenders require at least a 5% deposit. However, a 20% deposit can help you avoid lenders’ mortgage insurance and reduce your interest costs over time.

Government schemes like the Home Guarantee Scheme (HGS) may also assist eligible buyers in purchasing a property with a smaller deposit.

If you’re working with a smaller deposit, reach out for a free consultation and we will let you know what is available to you.

LMI protects lenders when loans exceed 80% (usually) of the property value. It’s a one-off cost, and we can help you explore options to avoid it, like using a guarantor.

We can also help you get Lenders Mortgage Insurance refunds if your property equity has grown and we refinance you within the first 2 years. Reach out to find out more.

LVR is the loan amount divided by the property’s value, expressed as a percentage. A lower LVR can help you secure better rates and avoid LMI.

A fixed rate remains constant for a set term, offering predictable repayments. A variable rate fluctuates with market changes, potentially saving you money when rates drop or costing you more if rates rise.

A pre-approval indicates a lender’s initial agreement to provide a loan, subject to conditions like valuation and employment checks.

Importantly, a pre-approval does not constitue formal approval.

Once you have found a property, we will work with the lender to satisfy any outstanding requirements to ensure a speedy progression to formal approval.

Pre-approvals typically last 90 days.

After signing a contract, we finalise your loan approval by managing lender requirements, such as valuation. We liaise with your conveyancer to ensure a smooth settlement process.

You sit back, enjoy your new property, and expect to hear from us for a complimentary loan review meeting each year.

Many people aren’t aware that their banks are offering new customers better rates than they have.

Luckily, for clients of Three Capes Finance, this is not something they need to worry about.

We are always looking at our customers rates to ensure they are getting the best deal possible at all times.

We negotiate with the lenders on your behalf and if they don’t want to treat you fairly, we will research other options for you.

We recommend reviewing your loan every year to ensure it remains competitive and meets your needs.

As part of our complimentary service, we proactively assess your mortgage annually, comparing it with other products and negotiating better rates where possible.

Yes, self-employed borrowers can qualify, though additional documentation may be required. We help streamline the process to ensure success.

Common costs include government fees, stamp duty, and conveyancing. Refinancing may involve discharge and registration fees, but we’ll help minimise these expenses an will always advise you when it doesn’t make financial sense to move lenders.

Negative gearing occurs when rental income doesn’t cover property expenses like loan interest repayments, depreciation and some other expenses, potentially creating tax benefits.

It is important to always seek professional advice for tailored tax guidance.

Debt recycling is a financial strategy where you convert non-deductible debt, like a home loan, into tax-deductible debt by investing in income-producing assets.

This typically involves using equity in your property to borrow funds for investments while repaying your home loan.

Over time, this approach can help reduce non-deductible debt and build wealth.

However, debt recycling involves risks and requires careful planning, so it’s essential to seek professional financial advice tailored to your circumstances.

A guarantor loan allows a family member, usually a parent, to use the equity in their property as additional security for your home loan.

This can help you borrow more, reduce or avoid lenders’ mortgage insurance (LMI), and secure a loan with a smaller deposit.

The guarantor isn’t required to make repayments unless you default, but they do take on financial risk.

We guide both you and your guarantor through the process, ensuring all responsibilities are clearly understood.