FinancialPlus is a mortgage broker based on the Gold Coast with access to a huge range of lenders. Using a mortgage broker such as Gold Coast based mortgage broker FinancialPlus allows you to make sure that you are increasing your chances of having your loan approved. We have the necessary software that allows us to compare the features and benefits of many lenders and thousands of loans and understand the impact of issues such as:

Credit Scoring

Some of the big lenders are now credit scoring applications as basically the only way of looking at any application but there is very little discretion on the part of these lenders. We have seen one client who was a lender of one of the big banks knocked back for an increase to his loan. The particularly frustrating aspect was that he had been with the bank for 23 years yet no one would even tell him why he was declined. He refinanced elsewhere and has now severed all ties with that lender. The good news is that some lenders still look at each application and judge it on its merits and this gives borrowers a greater chance of having a loan application approved. How you do know which ones credit score and which ones don’t? You don’t but a mortgage broker can help.

Rental Income

Some lenders will take only 75% of rental income into account when assessing a loan application but some will lend based on 100% of the rental income. This makes a huge difference when assessing a loan but how can you know which lender does what? Once again, this is something that a mortgage broker knows the answer to.

Loan Comparisons

Different lenders advertise different rates and what may seem like a good deal may not be the case when all fees and charges are taken into account. What may seem like a great interest rate may not be as attractive looking once the fees are taken into account.

Age

Some lenders are reluctant to lend to older people if they don’t have enough super to pay out or significantly reduce the home loan when they retire but others have no issue with this. So, as you get older (and we are talking about only being in your fifties), you might become more mature but you also might find that getting a loan gets tougher. Less of an issue if the finance is for an investment property but still something that you need to know.

Company Cars

Some lenders will increase your gross salary if you have a fully maintained company vehicle by amounts of up to $5,000 but others don’t take it into account at all. This can can a significant impact on borrowing capacity.