FAQ – About loans, mortgage brokers & Prohome Loan Solutions

What do you charge for your services?

Our services are completely FREE for borrowers – yes, that’s right, you don’t pay us a cent.

So, give us a call and talk to our experienced mortgage broker today about a loan – you’ve got nothing to lose and lots to gain!

How can you offer this service without charging any fees?

We are paid by the lender (the bank or financial provider) who provides your loan which means that you do not need to pay for our services.

Do you work for (or are you associated with) a particular bank or lender?

No, we are independent of any particular bank or lender work with a variety of lenders, including those shown in our lender panel, and our mortgage broker will find the best loan for your situation from amongst the range of lenders that we work with. Because we are not tied to a specific bank or lender, our mortgage broker can provide you with the best loan to meet your requirements and fit your situation, rather than trying to get the best deal for the bank or lender.

Which banks or lenders do you work with?

We work with a variety of banks and lenders, including those shown in our lender panel.

Are there additional costs associated with my loan?

We do not add any fees or charges ourselves but there may be fees or charges that the bank or even the government charges that you need to know about before you apply for a loan. Our mortgage broker will go through the details of these fees or charges with you so you will know what to expect.

These may include:

  • government stamp duty
  • conveyancing fees (solicitor’s fees)
  • loan application fees
  • valuation fees
  • building inspection fees
  • pest inspection fees
  • home insurance (building & contents)
  • removal costs

For low deposit loans, the lender may also require you to take out Lenders Mortgage Insurance (LMI), and in this case, the insurance premiums will add to your overall costs.

Why would I use a mortgage broker rather than going direct to a bank or lender?

Because we know the various loans and products offered by the different lenders (and this is constantly changing), and the policies and requirements of each lender, we can offer you the best possible loan for your situation and streamline the loan application process for you. We will compare multiple options and take into account your unique circumstances to get you the best loan and we may even be able to get you a better deal than you could achieve by going directly to the lender.

In addition, we can assist you with the application process, each step of the way.

What is a Home Equity Loan?

As your mortgage is paid off and the value of your home increases, this increased value, minus your loan balance, is called your home equity. Banks are able to lend you money using your home equity as collateral, or security, for the loan so that you can access that value to do other things.

What is a Low Doc Loan?

A low doc loan is the old name for what is now known as a Limited Document Loan. If you are self-employed, have a good credit rating and a current ABN, you are eligible to apply for a Limited Document Loan for a home or personal investment. The lenders understand that as a business owner, you may not have a record of salary earnings and other documents to prove your savings history.

What is a line of credit?

A line of credit is like an overdraft where you can draw upon a fixed amount of money and only pay interest on the amount of money you have withdrawn, not the total approved credit amount. It is a flexible option but the interest rate on a line of credit will usually be higher than a home loan interest rate so make sure you speak with an experienced mortgage broker before you make a decision as it may not be the optimal credit choice for your situation.

What are Interest Only Repayments?

Interest Only Repayments on a Home Loan cover only the interest being charged. If you never make any extra repayments, you’ll be paying off the loan for the full term. And banks will only allow a certain period of interest only payments before you will need to swop banks.

Making extra payments – even small ones – can help you to pay off your loan much sooner.

What is Lenders Mortgage Insurance (LMI)?

Lenders Mortgage Insurance (LMI) is …

What if I have a bad credit rating, can you help me get a loan?

If you currently have a bad credit rating then our mortgage broker may be able to help you work to clean up your credit rating before you apply for a loan.