Author: Xavier Quenon

Residential property investors remain confident about the long-term prospects of the Australian property market, despite the impact of lending restrictions and the continued debate over negative gearing and apartment oversupply.

More and more Australians are moving back in with their parents or in-laws to save money for a house deposit, a new survey has revealed.

The consumer survey, conducted by non-bank lender Homeloans Ltd, showed that more than three quarters of respondents had moved in with their parents or in-laws in a bid to save money. Most of those who used this method to get a foot on the housing ladder were in the age when many start to think about settling down – 25 to 34.

BUT WHY? when you can get into your own home with ‘NO Deposit’ required and no genuine savings*

We can show you how – just click on the

button at the top of our Web page an follow the prompt

A non-conforming home loan is simply a term used for home loans that don’t typically conform to the major banks’ standard loan criteria. It is the opposite of what’s called a ‘prime’ home loan.

This may include situations where the applicant has a poor credit history, or who may not have been employed long enough to show a history of earning an income.

Non-conforming loans may exceed 80 per cent of the security’s value and the interest rate is based on the severity of the credit history. If you have any concerns about non conforming loans call us here at Go Mortgage on 1300 855 244.

Do I need a Non Conforming or Specialist Loan?

Non-conforming isn’t a commonly used term. But if you’ve ever been declined for a home loan, you may have been given this as an explanation by your lender or bank. You may also hear it referred to as a ‘specialist’ home loan product.

When you’re labelled as ‘non-conforming’, it’s understandable you may feel help might be hard to find. But not to worry.Go Mortgage adopts a more flexible and holistic approach that has helped provide non-conforming home loans to borrowers for over 10 years. And that has translated to helping borrowers just like you achieve home loan finance, all with their own circumstance, even if you:

• Are Self-employed
• Recently started a business or a new job
• Don’t have a perfect credit history
• Been previously bankrupt
• Have an ATO debt you need to payout
• Have a solid income, but not much of a deposit
• Have a deposit but it’s an inheritance or a gift
• Work means you regularly change jobs, it looks like there’s no stability but it’s just the nature of the industry
• Need to consolidate a few other debts such as personal loans, credit cards or business debt
• Nearing retirement and the major lenders won’t have a bar of you
• New Australian resident, and therefore can’t verify previous credit history.

If any of the above applies to you give us a call on 1300 855 244.

John’s Story

“It made me feel like I was getting my life back together.”

“I wasn’t discharged from Bankruptcy for long, probably about a month or so.

Before applying with Go Mortgage, I enquired with the big banks but I couldn’t apply, because I was a discharged bankrupt they rejected me straight away. The big banks were saying something like five years or something I’d have to wait before I would have any chance of getting a loan again!

So I thought I didn’t really have much choice then. I could understand, but I just wanted to get on with my life, get back on my feet. I thought I had done my time and my situation was now pretty good and should be considered fairly.

Luckily I found & got in touch with Go Mortgage. They listened and we worked out a plan. Before too long we applied for a loanand it went pretty smoothly from there. The best thing was it made me feel like I was getting my life back together. You feel like you’re somebody again you know. I went through some pretty hard times, and sometimes you feel like you just vanished.

I would just say that Go Mortgage have been good to deal with. If you want to go for a mortgage, give them a try I wouldn’t hesitate in saying to someone, ‘Give them a go… No pun intended.”

– John, Warehouse Manager, Archerfield QLD –

Bankruptcy can stay on your credit file for up to seven years, but this doesn’t have to stop you from getting a home loan

Bankruptcy can happen for many reasons, many of which might not be your fault.

Unfortunately, your credit file doesn’t list the reasons behind your bankruptcy, meaning you could find it very difficult to get any sort of home loan even once you’re discharged.

Because these listings stay on your credit file for seven years, this can put your dreams of owning a home on hold.

Luckily, there are now a range of specialist lenders willing to offer home loans, some of which will consider borrowers who have been discharged from bankruptcy for as little as one day. While these can come with higher rates and fees, they’re an option to help you get into a home or refinance an existing loan without having to wait so long.

Discharged bankrupt? Don’t apply for another home loan until you’ve spoken to us on 1300 855 244

The number of young first home buyers entering the property market is nosediving, an online property agency has warned.

According to them the number of first home buyers aged 25-35 years fell from 55% of the sector at the end of the 2015 fiscal year to 40% by 30 June 2016.

Using a mortgage broker to help you choose a home loan can save you considerable time and could result in huge savings. However, before you decide on a broker, you need to make sure they’re going to meet your needs.

Knowing the right questions to ask a mortgage broker makes that much easier. Below are ten questions to ask your mortgage broker at your first meeting, along with the kind of answer a good broker should give.

1. How long have you been a mortgage broker?

Knowing your broker is experienced and has a solid track record can make you more comfortable with your decision. This question tells you how long they’ve been broking and what sort of lending they’re involved in. Also ask for client testimonials or reviews.

Answer to expect: a clear number of years, the types of loans they handle most often and examples of clients in situations like yours.

2. Are you licensed and a member of an industry body?

It’s important to check a broker’s qualifications and credentials. Brokers must complete at least a Certificate IV in Finance and Mortgage Broking and either hold an Australian Credit Licence or be authorised under a licensed aggregator or lender. They should also belong to the Mortgage & Finance Association of Australia (MFAA) or the Finance Brokers Association of Australia (FBAA).

Answer to expect: their licence or credit representative number and the industry body they belong to, without hesitation.

3. How many lenders do you have access to?

The broker you choose should be able to offer loans from a large number of Australian lenders. Ask how many they work with and whether they can provide a full list.

Answer to expect: a specific number, a mix of major banks and smaller lenders, and a willingness to share their panel.

4. How do you determine the best lender?

Your broker’s primary job is to source the right home loan for your specific needs. A low interest rate is key, but a broker should also assess your requirements, present a number of product options and show how they compared them.

Answer to expect: a shortlist of two or three loans, with reasons each one suits you.

5. What fees and commissions are you entitled to?

This question may seem blunt, but brokers earn income from every loan they arrange, so it’s good to understand how they’re paid and how that may affect you. Your broker must disclose all payments and commissions they receive.

Answer to expect: a plain explanation of upfront and trail commissions, plus any fees you might pay, set out in a credit guide.

6. How much can I borrow?

A broker should give you an idea of how much you can borrow based on your deposit, income, assets and liabilities. This helps you understand what type of property you can afford.

Answer to expect: a realistic range, not just the maximum a lender might approve, and what your repayments would look like.

7. What grants or schemes am I eligible for?

First home buyers may be entitled to government grants, stamp duty concessions and low-deposit schemes. Your broker should know what’s available in your state or territory and help with the paperwork.

Answer to expect: the specific schemes you qualify for and how they affect your deposit.

8. What’s the best loan structure for me?

A good broker should advise on which loan structure makes the most sense for you. Ask whether a variable rate is best, or a split loan with variable and fixed portions. Also ask whether it includes an offset account or redraw facility, and whether you should pay principal and interest, or interest only.

Answer to expect: a recommendation tied to your goals, such as paying the loan off faster or keeping repayments flexible.

9. What are the next steps?

Ask about the process for getting your application underway, including the information and documents you need to provide. A good broker should be able to give you a checklist.

Answer to expect: a written document checklist and a clear outline of each stage.

10. How long will it take?

This determines how quickly you can start shopping around. Ask your broker to estimate when you should get pre-approval and how long full approval and settlement should take.

Answer to expect: an honest timeframe for pre-approval and settlement, plus what could cause delays.

Questions to ask based on your situation

Ready to dive deeper?

Frequently asked questions

A home loan is generally a long-term proposition, but in some situations it can make sense to refinance your mortgage. Read this guide to the refinancing process, and speak to your broker, before deciding whether it’s right for you.

Refinancing involves taking out a new mortgage and using those funds to pay off your existing mortgage. Doing so can save money and result in significant financial gains over time.