FAQ – Frequently Asked Questions
Please find below a list of frequently asked questions and our answers to each.
A broker is an objective, independent third party who will facilitate your home loan application. They will shop around on your behalf to find you a loan that caters to your specific financial needs. Your mortgage broker will manage the application process from start to settlement free of charge, saving you time, money ,and stress.
Legal Home Loans is Australia’s only mortgage broker that specialises in loans for lawyers. The security of a legal career is taken into consideration by banks when applying for a home loan, whichmeans there are certain benefits and exemptions available for lawyers with a legal practising certificate. Due to our specialty, we have access to bespoke credit policies with lenders that advantage your position as a lawyer. Additionally, we area platinum broker with major banks, which means we can provide you with priority service and improved processing times for loan applications you submit.
Every lender has their own credit policy i.e. the criteria they check you against to determine how much money you can borrow. Going through a mortgage broker offers you increased choice, whichmay result in a better interest rate, higher borrowing capacity and lower monthly repayments. A broker will shop around on your behalfto find you a loan based on your individual needs, facilitating the process from start to settlement free of charge.
We’ll need 15 minutes of your time on the phone to understand your goal and financial situation. We’ll then assess the best loan set up for you. If you’re happy with our proposal, we will request required documentation from you to prepare your loan application. From there, we will submit your application to the lender and manage through to settlement. We’ll keep checking in with you annually after you settle to see if you need any further help (i.e. renovations) or there is a better value offer you can refinance to.
Mortgage brokers are remunerated by the banks through commissions. By law, this fee cannot be built into consumer rates or loan fees, so a broker’s service is free for you as the client. Our lender partners all pay the same level of commission, meaning there is no bias towards a certain lender and we will present you with our objective solution.
No. We are an independent broking service.
As a legal professional with a current practising certificate, you could be eligible to borrow with a 10% deposit and have your Lenders Mortgage Insurance waived. Generally, you will require 20% of property value if you wish to avoid LMI. The security of a legal career is taken into consideration when you apply for a home loan meaning you can access exclusive benefits that other occupations may not.
If you have a legal practising certificate, you may be able to have your LMI waived. We will advise you based on your financial circumstances.
When taking out a mortgage, there are fees and expenses you need to account for in addition to the property cost including mortgage application fees, conveyancing fees, registration fee and many more. If you’d like to find out more information, check out our guide that summarises everything you need to know here.
90 days. If you are still house hunting as the 90 day mark approaches, simply let us know and we will re-apply on your behalf.
Yes. If you hold a current legal practising certificate, you’re still entitled to the same benefits as a couple.
Whether you’re completing major renovations, knocking down an existing property or re-building and starting fresh, we can organise a construction loan tailored to your unique situation. Your broking teamwill talk you through the process carefully and present you with a recommended solution.
No. We do not charge clients a fee for our service.
Both home loans setups offer unique advantages and what is better will depend on your situation + objectives. A major benefit of a fixed rate home loan is certainty. You’ll know exactly what repayments to expect and at what level of interest for a certain period. Typically, this is between 1 and 5 years. A variable rate home loan is a loan with an interest rate that may change over time. If you choose this type, you may be able to take advantage of any interest rate decreases over your loan’s term. You can check out our blog here for more information.
Yes, however, multiple applications over a short period of time can impact your credit score. It’s best to speak to your broker for the best advice.
Yes, we are able to assist however, your income will be taxed in Australia and banks will take a 20% shaving for being paid in a foreign currency. You will also be required to put a larger deposit of around 20%.
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