As soon as you are set to meet with a lending specialist regarding a mortgage, it is critical to be ready for your Mortgage Interview.
You will be expected to produce documentation to support your loan application during the Mortgage Interview process. As a result, you must have all of the necessary documentation on hand when your Lending Specialist arrives for the appointment.
You will be asked questions, and your answers will be documented in the Application Form:
You should expect the following questions during your mortgage interview:
General Living Expenses such as groceries, shopping, and school fees
Assets and liabilities
Citizenship or Permanent Residency
Address
Email address
Employment Details and income
Whether or not you have completed your probationary period
Details and value of the property being purchased
Age
Credit History
Before the Mortgage Interview, it is recommended that you evaluate your general living expenses as well as your assets and liabilities.
Please keep in mind that further questions may be asked. The questions may differ based on the applicant’s situation.
You will always have to go through a mortgage interview, whether you apply for a mortgage directly with the lender or through a mortgage broker. This will help the bank or building society assess your credibility, your ability to repay the mortgage, and the flexibility of the deal they can make for you.
Remember that a successful mortgage interview could result in you saving thousands of dollars.
Guidelines for a Successful Application
The Lending Professional will ask you various questions regarding your current financial situation and needs during your Mortgage Interview.
It is vital to be exact while presenting the information. For example, the Lender may do a credit check on you, and if you haven’t declared all of your liabilities, the Lender may consider this unreported debt and may deny your loan.
FAQs
Got questions? Find answers to some of the most commonly asked questions about our financial solutions, processes, and services to help you make informed decisions.
LMI is a third-party insurance premium payable by you as the borrower, to protect the lender against the potential loss of money if the borrower is unable to repay the home loan. Generally, an application with a Loan-to-Value Ratio (LVR) of 80% or more may result in the borrower having to pay Lender’s Mortgage Insurance.
Extra payment is an excellent feature of a good mortgage deal. Here, your lender lets you make lump-sum additional payments along with your regular monthly payment. Making extra payments allows you to shorten the length of time you are paying your mortgage. Since your balance is being paid off faster, you will also have fewer total payments to make, thus lowering your interest. At Reliiance Financial Solutions, we can help you find the most suitable mortgage deal for you. We have a range of lenders that allow you to make as many extra repayments as you want, whenever you want, without attracting any penalties.
Stamp Duty is a government tax imposed on contracts, with the amount usually calculated as a percentage of the contract value. In layman’s terms, it is the tax charged for your legal documents to be ‘stamped’.
If you are planning to buy a property, it’s crucial to factor your State’s Stamp Duty into your budget.Chances are, based on your circumstances and state of domicile, you might be able to obtain a stamp duty exemption, or concessions (discount) against the purchase of your first home. Stamp duty laws get changed often, so be sure to check your State Government’s website for the most up-to-date information.
Did you know that some lenders would allow you to cash out any extra repayment you made whenever you need the money? You read that right. This useful mortgage feature is called “redraw facility”. You can withdraw any extra repayments or lump sum payments you make over the life of the loan. At Reliiance Financial Solutions, we will explain all mortgage products to you, including those which allow you to the redraw option.
Testimonials
Discover how we’ve helped our clients navigate their financial journeys with personalized solutions. Read their stories of success and empowerment below.
A 5-STAR RATED FINANCIAL SOLUTIONS PROVIDER BY OUR CLIENTS
At Reliiance Financial Solutions, we have been privileged to have worked with hundreds of remarkable individuals and families.
Very few things come close to receiving their genuine appreciation of our services. All we can say in return is – the pleasure was all ours.
It is also our pleasure to share some client testimonials with you. Please click on Video Testimonials to view them all. Use the buttons at the bottom of the screen to navigate through the videos.
