Other options to an Offset loan

front on view of a standard Wollongong home

If not an Offset loan, what are my other loan options?

Other options will depend on what your needs are and also what benefits you see in each loan structure that is available to you.

Offset accounts can be beneficial, and sometimes they just are not viable.

Different home loan options could include:

Variable interest rate loan - with no offset.
Fixed interest rate loan.
Interest only loan – Usually for investment lending.
A split loan facility combining fixed and variable rate loans. The fixed rate provides stability in repayments – (most fixed rate loans do not allow unlimited repayments and normally restrict any redraw until the fixed rate period expires) . The variable rate loan therefore provides flexibility for redraw and paying extra.

It is important that you find out what will be most suitable for you - before applying for a loan.

Whether you are refinancing your home loan to a lower rate, or a property investor looking to buy that second or third property, we will have some ideas for you to consider.
If you are a first home buyer purchasing a new home, we can assist in advising the benefits of different loan structures that may assist you.
If you are wanting to renovate or do an extension to your existing home. there are some great deals available from the banks and lenders that we are accredited with.

Summary:

There is no “one loan fits all” scenario in home loans and an assessment must be done at our first point of contact with you, for us to understand your situation.
All information remains confidential of course, whether you decide to apply for finance or not.
We are very easy to talk to. We have been dealing with home loans since 1998. You can be sure that when you call us to discuss your needs that you will be speaking with a professional consultant, who will cover all aspects of your situation.

How can I apply?

These are your simple steps to apply for a loan.

Contact us on 02 4257 5626 to speak to a mortgage broker, or complete our online enquiry form.
You will speak with a broker who will take into account your needs by discussing not only your requirements, but also any concerns you have, and offer you some possible strategies and ideas that you may not have thought about.
Once we know what you require, we will offer you a proposal – this will usually consist of a few options that are easy to understand.
Once you have had a chance to look at what options are available, you can contact your broker or the broker will call you, to discuss the proposal.
You can then decide if you wish to proceed or you may just want to discuss more options.

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NOTE: This page is general advice in nature. They have not taken into account your specific needs and objectives and are therefore designed to provide general information only. Before acting on any of the information contained on our website please have your Mortgage Broker assist you in determining the right product for your individual needs.

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Frequently Asked Questions answered

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How can I get started?

Your journey with us begins by completing our contact form or reaching out to us directly by phone. Our team is ready to assist you through the process. Please note that an initial phone call is required for all applicants regardless. This allows your mortgage broker to understand your needs and objectives and determine how we can best assist you. This call is also a valuable opportunity for you to ask questions and gain a deeper understanding of the process.

Why should I use a mortgage broker instead of doing it myself?

You may be wondering why you should use a mortgage broker instead of going directly to a lender.
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The main benefit of using a mortgage broker is that they can provide you with a wider range of options. This means you can choose a loan that is cheaper, has a better structure, or is from a lender who is more likely to approve your application.

Not all lenders are the same, and some are better than others in certain areas. A mortgage broker can help you find the best lender and loan for your specific needs. And, since there are no fees to you for using a mortgage broker for a standard home loan, it makes sense to have someone on your side to guide you through the process.

How do mortgage brokers get paid?

We receive an upfront commission from lenders - only when a loan successfully settles. Additionally, we receive ongoing trail commissions for providing continued support to our clients.
To offer loans from a specific lender, we undergo lender accreditation training. This allows us to work directly with clients on the lender's behalf, completing the tasks that would typically be handled at a branch. We are responsible for sourcing our own clients and matching them with the lender that best suits their needs, and we also have a partnership with an aggregator as detailed below, which allows us to access dozens of lenders.

How does a Mortgage Broker access so many lenders?

We partner with an aggregation group (Aggregator), a company that aligns itself with dozens of lenders and banks. Illawarra Mortgage brokers Aggregator partner is Connective Mortgage Aggregator.

This aggregator gives us access to a wider range of lenders and advanced software, enabling us to serve our clients more effectively. The Aggregator receives a monthly payment taken directly from our commission income for each loan. Working with an Aggregator is standard practice for mortgage brokers and is a requirement in this industry.

What services do you offer?

We offer comprehensive mortgage broker services tailored to your specific needs. Whether you're looking for a home loan, a first home buyer loan, a loan for a second property or investment, an upgrade to your existing home, or refinancing options, we can help.

We also work with lenders who offer guarantor options, allowing parents to assist their children in purchasing a property. View our home loans.

What credentials and experience do our brokers have?

Illawarra Mortgage Brokers holds an Australian Credit License (ACL Number 385841)and maintains full membership with the Mortgage and Finance Association of Australia. Our brokers are required to complete 30 hours of professional development training each year to stay current on all lending practices.

The minimum qualification for our brokers – They must have a Certificate IV in Finance and Mortgage Broking and also have a Diploma in Finance and Mortgage Broking.

The business owner Peter Economos is our most senior broker. He became a mortgage broker in 1988. After working with another mortgage company for two years, he then established Illawarra Mortgage Brokers, in March 2000.
Illawarra Mortgage Brokers has also been the recipient of industry excellence awards, including the 2019 Connective Home Loans, Mortgage Broker of the Year for NSW.
We hope that this information provides you with the assurance of our professionalism and expertise.

What types of clients do we work with?

We assist a wide range of clients with their property finance needs. Whether you're looking to purchase a home or investment property, refinance an existing loan, or explore other property-related lending options, we are here to help.

We work with clients from all income backgrounds, including salary and wage earners, self-employed individuals, contractors, self-funded retirees, and more.

Please advise if you have any specific questions about our services. We would be happy to discuss your individual needs and circumstances.

What makes Illawarra Mortgage Brokers different from other brokers?

Our access to dozens of lenders allows us to offer you a wider range of lending options than brokers with smaller lender panels and therefore limited lender options. With over 25 years of experience, we can also provide expert guidance on loan structuring and interest-saving strategies designed to save you money.

Furthermore, we pride ourselves on our personalized approach, product expertise, and commitment to excellence. These qualities distinguish us from other mortgage brokers in the Illawarra.

Can you tell me if I will get a home loan approved?

During our initial conversation, we can usually determine your likelihood of being approved for a home loan. However, please note that only the lender you choose to apply with can grant final approval. Our role is to present you with options that offer the strongest possibility of securing your home loan.

How often will you meet your broker once the loan has settled?

Regarding our meeting frequency, we tailor that to your specific needs and preferences. We are always available to assist you, so please don't hesitate to reach out for any reason. Additionally, we do not charge any fees for ongoing support.

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