Frequently Asked Questions
At Specialised Mortgage Solutions, we are often asked questions such as ‘What is a mortgage broker?’ or ‘How do I know if I can afford a loan?’.
On this page, we’ve answered some of these frequently asked questions.
What is a mortgage broker?
A mortgage broker is a financial intermediary that has access to a range of lenders such as banks and other finance companies. They aim to find a loan with the lowest rates possible that suits their client’s individual finance needs. This can save the client time and money. Specialised Mortgage Solutions is a mortgage broker company located in Orange NSW with access to over 25 lenders combined with 25 years of industry experience.
How much do our services cost?
Sure we can save you time and money on your home loan, but we probably charge you through the roof to do so, right? Not Specialised Mortgage Solutions. We are paid a commission by the lender in return for processing your loan application.
This means we don’t generally charge the client anything at all for our services. However, if a fee is to be paid to us at any stage it will be outlined in a quote document beforehand that we are obliged to provide by law.
Specialised Mortgage Solutions does all of the work, finds you a great loan deal from over 25 lenders that will suit your financial needs, and will help you from start to finish so you can get the money you need as quickly as possible. Why would you go anywhere else?
How do I know if I can afford a loan?
Deciding whether you can afford a loan can be a difficult and often confusing task as it depends on a range of factors such as your annual income, living expenses, mortgage and debt repayments and so on, not to mention the value of the loan itself. There will also be other costs that you do not have when renting such as council rates and home insurance. At SMS, we’ve made this decision easy for you by providing access to the official MFAA budget planner on our website. You can use this planner at any time, free of charge and it will allow you to gain a better idea of whether or not you can afford a loan, as well as where you may need to reduce expenses to achieve this.
What is the best loan type for me?
There are so many different loan options available…
• Fixed or variable.
• Principal and interest or interest only?
• Lines of credit
• Self-Managed SuperFund Loans.
• Construction loans.
…but which one is right for you?
Unfortunately, there is no easy answer. It really depends on your situation. At Specialised Mortgage Solutions, we look carefully at your situation and come up with great options that will fulfil your individual finance needs. Don’t get the wrong loan. Talk to someone who has the ‘experience you can rely on’.
Should I go to my own bank first?
Here are some questions you should ask:
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How much experience does the bank staff member you will be dealing with have? Can they compete with Barry’s 25+ years in the finance industry?
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Will your bank tell you if another bank has a better deal? I think you know the answer to this one.
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Will your bank see you after hours in the convenience of your own home? Barry can come to you at a time that suits you so you don’t have to try to organise time off work, or a babysitter for the kids.
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Will your bank take your phone call anytime night or day or on weekends? We will. Ask about our $50 callback guarantee!
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If you get the loan through your bank and you want to change something five years down the track will that staff member still be there? We’ve been here since 2003 and we’re here to stay.
So you can always go to your bank first. But last question…why would you?
Can I buy an investment property?
So you’ve built up some additional equity and are feeling more financially comfortable than when you first took out a mortgage on your home. You are also thinking about building some wealth for retirement.
What’s next? Perhaps an investment property? But where do you buy? What do you buy? How do you finance it?
At SMS we have access to a property research and purchasing service that can take the hard work out of all those decisions and make the process simple. We can help with the financing and guide you through decisions such as:
• Interest only loans
• How much deposit is required
• Costs involved
With interest rates so low you could be surprised how little you need to contribute after the rental to purchase an investment property. That’s why before you commit to anything talk to the friendly team at Specialised Mortgage Solutions. We have the experience you can rely on.