Frequently Asked Questions

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WHAT IS A MORTGAGE BROKER?

Mortgage brokers are qualified finance industry professionals. They work with you to determine your borrowing needs and objectives, and to help you determine how much you can borrow. At Funding Lab, brokers help to ensure that you don’t take out a loan that is not right for you. Like your solicitor, accountant or financial planner, we are specialists in what we do and will provide you with a suitable finance solution to help you achieve your goals. With a mortgage broker, you can expect a more personalised level of service than you would usually receive directly from a lender. Additionally, our brokers have access to finance products from a wide variety of lenders, helping them find one suitable for you.

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DOES A MORTGAGE BROKER CHARGE FEES?

Some mortgage brokers charge a fee for their services and some don’t. When you take out a loan via a mortgage broker, it does not cost you more in loan repayments. Brokers get paid a commission by the lender for bringing new business to them, but this does not impact your interest rate.Some brokers charge a fee for their service. They must disclose this fee upfront to you so that you know what it will cost if you engage their services.

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HOW DOES A BROKER GET PAID?

Brokers generally get paid by the banks. Brokers can also charge a fee for their service, which they must disclose to you. These fees do not affect the costs of the loan to you. These costs depend on the loan and lender you choose. Tell us you priorities and we can locate loan products from the lenders with the lowest fees and charges.

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HOW MUCH CAN I BORROW?

Specific factors that need to be considered when determining how much a customer can borrow, include income, employment position, deposit saved, living expenses and liabilities. Our borrowing calculator can give you a rough idea of how much you may be able to borrow. For a more accurate assessment, please give us a call and we can discuss the options available to you.

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WHICH LENDERS DO YOU DEAL WITH?

We are Connective Brokers and we have access to many lenders. This means we can source you a loan from different lenders to provide you with a variety of options that are suitable for you and your situation.

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WHAT ARE THE BENEFITS OF USING A MORTGAGE BROKER?

Lenders will only sell you their own products. Each bank (or lender) has a variety of loan products on offer – low doc, package loans, loans with re-draw facilities, plant and equipment loans, fixed rate loans, interest only, interested in advance, variable, introductory variable… and so on. The issue you face as a consumer is ‘which loan is right for me?’ And that is where your mortgage broker becomes an invaluable resource!

We know the ins and outs of the industry and what we can negotiate. As your mortgage broker, we do all the leg work to find the right loan for your needs across the market. Our focus is your personal financial circumstances and goals.

Contact

0428 212 144

info@fundinglab.com.au

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Funding Lab Pty Ltd Credit Representative 503656 is authorised under Australian Credit Licence Number: 389328 | ABN: 71616154940
Your full financial situation and requirements need to be considered prior to any offer and acceptance of a loan product.