More information on...

• Which Bank - Struggling to find the right lender
• First Home Buyers- Are you looking for your first Home
• No or Low Deposit- Don't have enough deposit
• First time Investors - Do you have Equity or looking to move up the property ladder
• Long time Investors - looking to grow your portfolio
• Self Employed - Do you work for yourself and can't provide accounts
• Moving House - Do you need a better deal or more funds
• Refinancing - Are you wanting to work with a lender that will help you
• Debt Consolidation - Do you want to clean up your finances
• Bad Credit - Has your credit record gone awry
• Reverse Equity - would you like to be more comfortable in your retirement
• Business Finance - would some working capital help your business grow
• Commercial - looking to move into commercial property

FAQs

FORWARD SOLUTIONS-MORTGAGE BROKING

Following is a list of questions we often get asked. However if you have any other question flick us an email and we’ll try to give you an answer within 24 hours (if it’s not a weekend)!

• Are the loans you offer the same as those offered by the banks?
• If there is no difference why use a broker?
• Why do banks pay you a commission?
• What is a redraw facility?
• What is the purpose of having a portable loan?
• What is the purpose of an interest only loan?
• I have a bad credit record. Can I still get a home loan?
• What is Lender's Mortgage Insurance?
• What is a split facility?
  
  

Are the loans you offer the same as those offered by the banks?
A: Yes they are exactly the same. We simply use the banks. The accounts, interest rates and fees are identical. The difference is we use all banks.  
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If there is no difference why use a broker?
A: By using a broker to find your home loan you will receive a complete service. We can tell you which lenders you qualify for and find the best mortgage offered by those lenders. Once you choose a loan we help you complete the application and then send it to the bank. This means you won't have to wait on any bank telephone queues because we will do it for you. We work with you and the lender right through to settlement..
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Why do banks pay you a commission?
A: If brokers weren't writing loans for the banks then they would have to spend more money on advertising and on increasing their sales force, in order to attract customers. Individual mortgage brokers now incur the cost of finding clients and the banks pay us for doing so. So basically it all evens out.
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What is a redraw facility?
A: It allows you to redraw from the mortgage any extra funds you have paid back over and above the scheduled repayments. Many people use this facility to buy a new car or for a holiday as the funds are cheaper than taking out a personal loan.
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What is the purpose of having a portable loan?
A: This feature allows you to take your mortgage across to your next property purchase. This feature saves you the cost of paying a new establishment fee and other costs associated with setting up a new home loan. you may also be able to retain that low interest rate.
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What is the purpose of an interest only loan?
A: This is a loan used mainly by property investors. It allows the borrower to pay only interest instead of principal and interest (i.e. the principal balance remains the same during the interest only period). This maximises the investors tax deductions whilst also freeing up cash flow for other investing opportunities. 
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I have a bad credit record. Can I still get a home loan?
A: In a lot of cases yes. We deal with a number of lenders who will lend to people with defaults in their credit history and even to bankrupts.
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What is Lender's Mortgage Insurance?
A: This insures the lender against any loss incurred in the event they are forced to sell a property for less than the balance of the loan (i.e. if they lose money in a foreclosure). The insurance premium is paid by the borrower at settlement generally only on loans where the Loan to Valuation Ratio (LVR) is greater than 80%. The amount of the premium varies between banks but is based on the amount of the mortgage and the LVR.
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What is a split facility?
A: This is a feature commonly used with Lines of Credit and fixed rate mortgages. It allows the borrower to split the loan into a number of sub-accounts. The usual reason for doing this is to split fixed and variable rate portions of the loan. Another common use is to split the personal and investment portions of a mortgage in order to keep track of tax deductible and non tax deductible interest expenses.
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What is LVR?
A: LVR stands for Loan to Valuation Ratio. It is formulated by dividing the loan amount by the purchase price or valuation of the property. This is generally the amount a lender will allow you to borrow. Most banks are only going to 80% at the moment but there are still opportunities at 95%.
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