What does 101 Mortgage do ?
101 Mortgage provides a personalised solution for all your finance needs
There is a broad range of loan products and features in the marketplace that may seem overwhelming to you and you can talk to a fully accredited Mortgage Broker who,
Will be able to:
- Assess your financial circumstances
- Find a suitable loan for your situation
- Manage the application process
- Provide advice at every step
The industry of mortgage broking has been changing. In early 2010, the National Consumer Credit Protection Act, was established to protect borrowers and ensure ethical and professional standards in the finance industry A key protection for consumers under the NCCP, are the responsible lending obligations on mortgage brokers. The objective of these obligations is to ensure that the credit contract or lease is ‘not unsuitable’ for you, the consumer. The responsible lending obligations require us as mortgage brokers to:
- make reasonable inquiries of the consumer about their financial situation, their requirements and objectives in relation to the credit contract;
- based upon these inquiries, assess whether the credit product is unsuitable for the consumer and only proceed if the credit product is not unsuitable; and
- give the consumer a copy of the assessment if requested.
Assess your financial circumstances
We will take the time to discuss your needs and circumstances with you. This gives us the opportunity to determine which type of loan is most suitable. To make it easier for you, you will need to provide documents to support your identity and financial situation. These documents will include a 100 point check list for identification, personal bank statements to demonstrate savings (if applicable), tax returns, payslips, outstanding loans, statements, etc.
We will advise you of what you need for your particular situation. Once we have an understanding of your objectives and financial position, we will discuss the various loan products available. And we will provide you with product comparisons and inform you of proposed mortgage repayments and any upfront and ongoing fees.
Find a suitable loan for your situation
After assessing your objectives and financial needs, we will search our database containing hundreds of loan products from many different lenders, including major banks, smaller banks, credit unions and other lenders. This database is constantly updated and has details of the latest deals from the lenders. Sometimes, we may have access to some exclusive loan products which are not available elsewhere.
We will only recommend a product or products which will suit your needs. You may also be provided with a copy of the lenders comparison rate. Comparison rates include both the interest rate and fees and charges relating to a loan. It is a tool to help you identify the true cost of a loan. A sort of an “apples with apples” yardstick to help you compare loan packages easier.
Manage the process
If you wish to proceed, then we will help you to complete the necessary paperwork and liaise with the lender on your behalf. This will include the completion and submission of your home loan application and the on-going communication between all parties until your home loan is approved and settled.
We are also required to inform you of our complaints process. This is called an Internal Dispute Resolution procedure.
Provide advice at every step
There are many steps in the loan process and as professional mortgage brokers will help you from your initial steps, such as getting loan pre-approval (where your loan is “approved” based on certain conditions such as loan value) right through to settlement. We can also provide a home loan health check further down the track. After the ‘health check’ as mortgage brokers we may be able to help you reduce your repayments, unlock the equity in your home, or consolidate debt.
We can also assist with your refinancing needs should your objectives or financial circumstances change.
The earlier you contact us the better it is for you!