Mortgage Helpers Australia - FAQ's

Who are Mortgage Helpers? 

Mortgage Helpers is a Mortgage Broker that specialises in mortgage applications for those clients who do not meet the traditional criteria of the banks and other financial institutions. There are a hand full of lenders in Australia that lend money to people with unique financial circumstances that have been overlooked by other lenders. Mortgage Helpers is accredited to deal with all of these specialised lenders plus more that the average mortgage broker would be unaware of. 

Why won’t my current lender or bank help me?

The mortgage market is divided up into three segments:

  1. There are your traditional banks who are quite stuffy. They only want applications from people with good credit history, long term employment, strong equity and a proven track record. They may bend the rules a little bit only if you are borrowing a relatively small amount of money compared to the value of your property.
  2. There are your mortgage originators such as Wizard, RAMS and Aussie who all use a process called Mortgage Insurance which effectively means that if the mortgage insurer won’t approve the loan the lender certainly won’t. Mortgage Insurers are the most conservative.
  3.  Then there is the non-conforming market which is what Mortgage Helpers specialize in. The lenders we deal with do not use mortgage insurers and do not have the restrictive credit policies of the banks. This is why we can assist most people in getting an approved mortgage application. If you need to borrow considerable money compared to the value of their property, or if you have poor credit, no financials and government income such as pensions, parenting payments etc. we can most likely still assist you. 

What is the process involved in obtaining the money?

  1. Firstly we need to take the application accompanied by all of your relevant documentation and submit it to the lender for a conditional approval.
  2. Once the loan is conditionally approved an independent property valuer will be sent to the relevant property to confirm the value and condition of the property.
  3. Once the lender receives the property report assuming it is acceptable your loan will be formally approved and solicitors will be appointed to prepare your mortgage documents.
  4. Once you receive your mortgage document you need to sign them and return them to the solicitor so that settlement can be affected as soon as possible.
  5. As you can see we are relying on you, the lender, the solicitor and the valuer to work together to make this happen as quickly as possible. Depending on the nature of the application this can take anywhere between 3 to 6 weeks until the loan is settled.