Do you charge any fees, or are there any hidden costs?
Not at all. Our service is free and transparent, with no hidden charges. When you receive a loan from us, it is the same as if you went directly to the lender. The lender pays us a commission, but it does not impact your home loan in any way.
Your borrowing capacity can vary with each Lender. All lenders have their individual serviceability calculators to assess how much you can borrow with them. At Total Loans we have access to most lenders calculators and can provide you with information on how much you can borrow with each lender. Some of the factors that lenders consider when assessing how much you can borrow include length of employment, deposit, guarantors, suitable security, previous repayment history, current debts ie personal loans, credit card/store cards.
How does Total Loans ensure a professional service?
As a Licensed Finance Brokerage, with our own Australian Credit License Number: 388425. We are required to always operate with a strict code of ethics and act with honesty and integrity, comply with all the laws and regulations relating to the Mortgage Industry and maintain confidentiality in all dealings. Total Loans has membership of several major industry and governing bodies to ensure that staff keep up to date with industry standards and changes. These include: Australian Finance Group, Australia's largest mortgage wholesaler (AFG)
Mortgage and Finance Association of Australia (MFAA)
Australian Financial Complaints Authority (AFCA)
How long does it take to get finance approval?
All Lenders have different turnaround times. The Lender you choose will depend on your situation and the urgency of your loan requirements. We will determine the loan that is right for you during our strategy session.
Why do you need a Mortgage Broker to help you?
Did you know that over 70% of loans in Australia are submitted through a Mortgage Broker? Navigating the countless mortgage products on the market can be confusing and overwhelming. A Mortgage Broker plays a pivotal role in guiding borrowers through the maze of options, explaining product features, and aiding in selecting the ideal loan for you. Beyond purchase assistance, at Total Loans we provide ongoing support, ensuring you always have access to the best financing options available.
Why don't I just go directly to my bank?
Mortgage brokers are often able to offer better rates by negotiating with multiple lenders, while banks only present their own offers. We provide a detailed comparison report so that you can compare the features, rates and fees of the products of various lenders, without going to each bank directly, saving you time and money. We also have access to promotions through the broker network, such as discounted, application fees and interest rates.