- Loans for First Home Owners
- Home, Land, Investment property purchase
- Refinance
- Low Doc – Self Employed and PAYG
- Construction Loans
- Non Conforming Loans
- Equity Finance Mortgages
- Commercial lending, Small business finance
- Consumer Personal and Car loans
Best Loan Rates We have got experience and established relationship with Individual Lenders and are able to negotiate higher than normal interest rate discounts and secure all available fee waivers that might not be offered to an individual customer.
Fast Loan Processing Times. We have detailed knowledge and experience in lending institutions policies and procedures which allows us to minimise loan processing times and guarantee clients the fastest possible loan approvals
First Home Buyers We’ll lead you through the entire process and assist with all the required paperwork including First Home Owners Grant application
Property research We will generate detailed property reports using RPDATA and PriceFinder property database to provide you with the realistic price range and additional information about the property
Refinancing We will assist our clients to achieve better financial position by lowering loan repayments, getting access to build up equity or to consolidate debt
We are associated with EWM Accountants and Business Advisers and have experience in arranging loans for small businesses as well as large commercial loans for big companies and different types of trusts. We can help structure your debt and property ownership in the most tax effective way for : Investors Self Employed Small Business & Commercial Companies/Enterprises
Savings Most lenders require a deposit before loan is provided. They also need to know customer is capable of making regular home loan repayments. This is called Genuine saving requirement. The best way to prove this is to start putting a regular amount of money aside each month, before you apply for a home loan. The bigger your deposit, the smaller your loan will be and the less you’ll pay in interest over time. Our recommendation is that you save as much as you can, if possible – 20% of the property price . To apply for a home loan, you need to show evidence of regular savings over a period of at least three months. This can include evidence of your regular rental repayments, savings through Term Deposits, mixture of cash, shares, equity in an existing property, an inheritance or gifts. If your deposit is less than 20% Purchase Price of the property, most likely you might need to obtain Lenders’ Mortgage Insurance (LMI). LMI will protect lender in the event of you default on repayments. LMI can either be paid upfront or capitalised into the loan.
Employment Ability to show consistent employment history will help with home loan application. Majority of lenders would like to see you in your current job for a minimum of 3-6 months. The longer you have worked in the same industry , the more steady and reliable your income, the more likely the chance of the loan approval.
For self-employed scenario, as proof of consistent and reliable income, most lenders will require you to produce two years’ worth of tax returns from your business. If this documentation is not available, do not despair, as we have large selection of Lenders who provide low doc loans , that require less in the way of business financials.
Other credit commitments Prior your loan application, minimise your other debt commitments, such as Personal loans, credit cards, car loans, interest free purchases. When you apply for a loan, Lender will assess your serviceability , which is ability to cope with all of your repayments, not just the home loan, but for all other liabilities and expenses. Every debt you have reduces your total borrowing capacity.
Mimimise mortgage applications Every time you apply for a credit (home loan, personal loan, credit card, car loan, interest free purchase), this application is recorded on your credit file. When lenders assesses you application your credit file is checked and loan approval might be affected. Your credit file might contain:
– overdue debts and defaults on loans – previous applications for credit made by you – number of credit enquiries and the types of credit you have made in the last five years – the names of lenders who have provided you with credit.
It is very important to engage services of a professional fiance broker. We work with different lenders on the everyday basis and will know their qualification requirements. We will make sure that application for credit is made once and the lender most likely provide their approval.
Contact us to have one of EWM mortgage consultants call you back within 24 hours. They’ll assess your current situation, explain the mortgage application process in detail and help you to select particular lender which are most likely to approve your loan application.
EWM Finance Mortgage Consultant will make the loan process application as simple as possible for clients. Below is the loan process application major milestones explained:
Stage 1: Review and Understand client’s needs During our first meeting we will analyse your current financial situation, borrowing capacity , understand what are your short and long term goals and what would like to achieve from your next purchase.
Factors that will determine your borrowing capacity are:
- Amount and Type of income (Full Time, Self Employed, Part Time, Casual, Contract)
- Length of Employment
- LVR – loan to value ration ($ amount of loan compared to property value)
- Number of dependents and their situation
- Living expenses
- Deposits , existing assets (cars,super, contents,gift)
- Liabilities (personal loan,credit cars, other loans)
We will help you to choose the loan product and the lender which best suits your needs. We will determine the loan amount, required deposit and purchase cost and calculate ongoing repayments.
Purchasing cost typically will include:
- Stamp duty and other statutory government charges
- Loan application fees
- Valuation fees
- Conveyancing and legal fees
- Lenders Mortgage Insurance (LMI) if customer does not have 20% deposit and borrowing is more than 80% of the property value (in order to avoid paying LMI cost, we will demonstrate to client other option available such as, accessing and using equity in other assets as the deposit, guarantor options etc)
As as final step in our interview with the client we will use our computer software which will take into consideration client’s individual financial situation and borrowing capacity and allows us to directly access and compare over 2000 loan products on the market from more than 27 lenders.
EWM Finance consultant will compare rates, fees and charges and the most important loan features for the client and will provide recommendation on the most suitable loan products to suit your needs.
Stage 2 Loan Application Lodgement
Once the right loan product is determined EWM Finance Loan Consultant will generate loan application and will lodge with the lender within 24 hours from receipt of the all the required support documents, such as:
- Driver’s licence, medicare, passport
- Payslips, group certificate, Tax returns, tax assessment notice to identify income of the applicants
- Rental agreement, rental contract
- Rates notices
- Bank account, loan, credit card statemetns
Step 3: Conditional Approval and Evaluation
Once application is received and reviewed by the Lender, client’s conditional approval will be issued directly to EWM Finance specifying all outstanding details required to obtain Unconditional (Full) Loan Approval. At the same time , if required, Lender will order property evaluation to determine value of the security.
Step 4: Full Approval
Full Unconditional Approval will be received by EWM Finance once Lender receives satisfactory evaluation
A formal Pre-approval process is identical to formal loan application, except security details are not provided. The lender will assess borrowing capacity of the client through income, expenses, assets and liabilities requirements and will issue formal pre-approval to client for the Loan amount as determined through loan application process. EWM Finance Loan Consultant we’ll advise the client once formal pre-approval is received so they can begin start property search with confidence of having finance approved (subject to Lender’s Property Evaluation) Step 5: Loan Finalisation & Production Of Mortgage Documents
When an offer is accepted , client will forward contract of sale to EWM Finance and we will finalise the loan by providing additional documentation to the chosen lender. The lender will assess the application is if unconditionally approved will send a formal Letter of Offer and Mortgage Documents for the client to sign.
Once documents are signed and returned back to the Lender, the settlement is booked. EWM Finance Loan Consultant will liaise with the client’s solicitor/conveyancer and lender who schedule the settlement date.
- For New Property Purchase , solicitor/conveyancer will liase directly with the Lender to schedule the settlement day
- For Refinance, the New Lender will liase directly with your existing Lender to arrange the settlement day
Usually , the first loan repayment will be due one month after settlement.
Contact us to have one of EWM mortgage consultants call you back within 24 hours. During the Loan application process, EWM Finance consultant we’ll keep the client informed of progress at every stage. We will support and guide you all the way to make sure the loan process is as smooth as possible.
There are so many Loan options available on the market. Following is the basic summary of various loan types you’re likely to find when selecting your home loan:
Basic Home Loan Basic variable rate loans usually feature low interest rates. The trade-off with these types of products is that they are limited on features. Mortgage offset, Redraw facility, Loan Split, additional repayments are usually not available
Standard Variable Rate Home Loans Standard variable rate loans are known for their flexibility and features. Partly fixing loan amounts, loan split account, offset account, ability to make additional repayments and redraw funds are usually standard with this type of product. Due to availability of these features Standard Variable Rates are higher than Basic Variable Rates.
Fixed Rate Home Loans With a fixed rate loan, you pay the same interest rate for a given period of time. You can plan forward and know exactly how much you’ll be spending on your mortgage each month.
The Advantages are:
Even if the Reserve Bank increases the official interest rate, your rate will remain the same.
The Drawbacks are:
- if the Reserve Bank lowers official rates, your rate remains the same
- Loan break cost. There are usually loan break cost for ending the loan before the fixed rate period ends
- Fixed Loan is not flexible. Normally , you can not make extra payments, have offset account or redraw facility
Split Home Loans Split loans allow borrowers to spilt their home loan into a partly fixed and partly variable portions. Borrowers have the flexibility of a variable rate product and at the same time pragmatism and added certainty of a fixed rate loan. Split Loans are flexible. Because part of your loan is on a variable rate, extra payments can be made to the variable portion of the loan and then these funds can be used as a redraw facility.
Line of Credit Line of credit loans allow borrowers to access the equity in their properties for a certain purpose such as investment, renovation, motor vehicles etc. These types of products provide a low cost alternative to other forms of personal lending. Clients have access to all the equity in their home, and only pay interest on the funds which are drawn down.
Low-Doc Loans If the borrower is not able to show full income details, Low-doc loans could be an option to secure required funding provided the borrowers can afford the loan repayments. Self employed applicants with irregular income stream can take advantage of Low-doc loans. However, clients need to be aware that interest rates for Low-Doc Loans are usually higher than for Full Doc products.
Non Conforming If the borrower does not meet mainstream lender credit rule due to reasons such as impaired credit history, the option to secure the required finance can be through the Non conforming loan products. Provided the borrowers can afford the loan repayments and impaired credit history was due to a one-off situation such as short term unemployment, illness, divorce, Non conforming loan products could be an option. Once again, the borrowers must be aware that Non conforming loans attract higher interest rates, due to higher risk profile of the client.
