Mortgage brokers are typically paid for introducing home loans to banks and mortgage lenders. In most cases a broker will be paid an upfront remuneration of between 0.5% to 0.75% of the loan amount. This is usually paid thirty to sixty days after the loan settles. In addition to this brokers are usually also paid (but not always) a trailing commission of between 0.1 to 0.4% of the loan amount, whilst the loan remains in place with the lender. This is usually paid on a monthly basis. For example, on a $400,000 loan, a broker may receive an upfront payment of 0.6%, which would equate to $2,400 and trailing remuneration of 0.25%, which would be $83 per month. There are no additional fees for borrowers to pay to cover this remuneration and as such they are not disadvantaged by engaging a broker as opposed to dealing direct with a bank.
In most circumstances you will require the following documents to obtain finance approval
An offset account is an everyday bank account that sits next to your home loan and reduces the amount of interest you pay on your home loan, by the amount sitting in your offset account. For example if your home loan balance was $500,000 and you had $10,000 in your offset account, you would only pay interest on $490,000. If you removed $5,000 from your offset account, and your balance was now $5,000, you would pay interest on $495,000. Because interest is calculated daily, everyday you can leave funds in your offset account, will reduce the amount of interest you pay and assist you with paying off your home loan faster.
Getting pre approval on your finance involves the bank assessing your borrowing power and how much you can afford to borrow and repay each month. Once submitted, pre-approval is usually received in 3 to 5 business days
Just as it sounds, a fixed rate home loan involves locking in a certain interest rate for a fixed period of time, usually 1 to 5 years. The advantages of a fixed rate are
Mortgage insurance is cover taking out by the lender/bank when they are approving a client who has less than 20% of the purchase price of the property. Typically this can be added onto the loan.
Typically your first repayment will be one month after settlement of your property. Your repayments will then be weekly, fortnightly or monthly depending on what you have chosen in your loan documents.
Typically if you have your bank/broker organize the forms the funds will be paid on settlement of your property
Quite simply by looking at your income vs your expenses. Income can include items such as wages, rental income from investment properties, dividends from shares, family allowance and various forms of pensions.
Thank you for Richard and his team, Robyn and Tracy, for helping us get our new property!
Nothing was an issue – even helping us out with a home visit to sign off the final documents.
Definitely recommend them and we will use your services in the future.Karen & William
We have been customers of Richard and the team from Newbridge Financial Services since 2013. During this time we have purchased three properties and refinanced an existing property. Richard always goes above and beyond to assist us.
His financial knowledge and advice is what sets him apart from his competitors. He is relational and each time we meet with him it’s as though we’re meeting with a friend. He takes the time to explain things in detail, answers every question and always finds the best products to suit our needs.
His relationships with lenders is second to none and this is one of the reasons we will continue to use Newbridge in the future. Richard’s team is always willing to go the extra mile and have ensured our applications are successful. They are professional, diligent and great communicators.
We have recommended Richard and the Newbridge team to so many of our family and friends and will continue to do so in the future.
Thank you Richard and the Newbridge Team.Nathan & Susan
Thanks to the Newbridge Financial Services (formerly Lion Financial) team for your help and support through the purchase of the property.
Big thanks to Robyn for answering all my questions, regardless of how silly they were. Really appreciate it.David
Richard was professional and very helpful throughout this process. He kept us informed and helped to smooth over issues that arose.
Richard has followed through and helped us to navigate through changing banks and setting up accounts. After being with the one bank for 37 years we would never have undertaken this without his expert help. We would have no hesitation in recommending Richard to family and friends.Annette and Matthew
Thanks for the help.Ben
We would like to add, that our advisor Richard Jefferies has been of great value.
He has shown us interest and kindness with all our dealings with him over many years and have no qualms in referring him to friend and colleagues, he is one great and trustworthy advisor and we think greatly of him.Marie and Stephen
Hi Richard and Robyn. We are really grateful for the hard work and responsibilities taken over by your team during our mortgage process.
We also highly recommended Newbridge Financial Services (formerly Lion Financial) to our friends and families. We will contact you all for our future financial interactions. Thanking you.Shibu and Celine
Richard was fantastic to deal with, explained and answered all of our questions to our understanding.
Robyn was lovely, very helpful especially when it came to settlement day and we had a few minor issues with the bank. Great service, highly recommended.Monique and Josh
Once again, we were very happy with the service.
The whole process was made hassle free thanks to Robyn and Richard. We will continue spreading the word to everyone we know.Jacinta and Greg
We would like to thank everyone involved in this transaction and their hard work and communication throughout the whole process.Phil and Helen
Richard Jefferies and Robyn Yould have been great.
We have trusted them along the way and they have provided great service. As new home owners we appreciate the service we received. Richard was always available to attend to our requests and questions. We are recommending Newbridge Financial Services (formerly Lion Financial) to friends and family.Fatima and Ehsan
A very big thank you to Newbridge Financial Services (formerly Lion Financial) especially Richard J. for organising our loan finance and doing all the hard work
which we would never have done without him, despite plenty drawbacks obstructing our finance, he finally made it happened. Thanks Richard and his team again, highly recommended.Sashi and Raj
Richard Jefferies was very courteous, professional and efficient throughout the transaction.
Wouldn’t hesitate to refer family and friends to him as he did a great job.Ronnie and Fiona
It was a pleasure dealing with Richard Jefferies
and I would definitely recommend his business to othersLorraine
All in all, both Kristy and I couldn’t be happier with the service that was and is provided.
I will have no hesitations recommending Richard’s services to any friends or family. Thank you for your support and I look forward to the next level of financial assistance we receive from you.Shayne
Was a struggle at times (and frustrating) but I knew that wasn’t Richard’s fault so overall, I am happy.
I am in my new home and that’s all that matters. I would definitely go through Newbridge again for my next loan.Aimee
I would like to take this opportunity to say a big thanks for Richard
for making an effort to see us at our home throughout the loan application.Chan
Thanks Richard! All in all you did a great job and were very contactable at any time of the day
and on weekends when I was stressing about finance for properties. You made the whole process very smooth and easy.Paul
We found the level of communication from your representative to be of a very high level of professional
and very helpful throughout the process. Nothing was a problem. A very good experience overall. Thank you.Meg and Stewart
Richard, you have been fabulous as you could see, this was way out of my field and I so, so much appreciate your hard work.
No doubt I was one of your more “awkward” clients. Thank you for setting me up, setting me straight, and organising the part of my life I didn’t want to handle. Love your work.Helen
All your help has been much appreciated.Kate and Kane
Richard met and exceeded all expectations
would highly recommend him, and we are grateful and happy in our new home. Thankyou Richard.Marcus and Ruth
Our consultant was Richard Jefferies, and his service was fantastic.
He was very professional and supportive considering the length and complexity of our finance application. We look forward to dealing with Richard again in the future, and will be referring friends and family to Newbridge Financial Services (formerly Lion Financial).Jenna and David
Richard provided an excellent service
making his self-available outside normal hours to ease our angst.Ed
We were extremely impressed with the service that Richard Jefferies provided to us.
Helping us gather the right information we required for our home loan. He went out of his way many a time to make sure we have everything signed and we had all the right documents required. Overall outstanding service.Carols and Sharon
The whole experience was stress free and efficient.
Richard is very pleasant to conduct business with.Karen
Richard thank you for coming to see me at 8:30pm to help set up a loan.
You were very professional and helpful. Great communication skills and follow up service, have a great rest of year.Miriam and Brian
We would like to thank Richard for the professional help he has extended to us.
Even though the process was a bit stressful, he was able to acquire a loan for us and we were able to buy the property that we wanted, which is what matters most.Nelson and Johanna
Thank you for your help in setting up our home loan
and your willingness to make yourself available at all times.Dallas and Kirsty
My husband and I recently engaged Richard and his team at Newbridge Financial Services (formerly Lion Financial) to help us find a home loan.
I had my concerns about our eligibility for a home loan with me being self employed for less than two years. I had enquired with two other mortgage brokers who both told me it would be impossible. Richards attitude was completely different. He did everything he could to find a product that suited us and our situation and was completely open and honest throughout the process. His communication was second to none and he ensured the process was as stress free and convenient for us as possible. We ended up being able to buy a house that we absolutely love, which never would have been possible had we not asked Richard for help. I can’t recommend Richard and his team highly enough!Libby
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