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    The Loan Arranger Guide
    The Loan Arranger Guide
    The Loan Arranger Guide
    Ebook150 pages2 hours

    The Loan Arranger Guide

    By Andrew Brien

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    About this ebook

    A no nonsense guide to understanding the lending process, products and features, so you the consumer, can get the best deal! Are you a first home buyer? Are you shopping around for a new home loan? Are you thinking of using a Mortgage Broker? Are you interested in understanding all of the different types of lenders and loans that are available? If you answered ‘yes’ to any of these questions, The Loan Arranger Guide is for you. This book is essential reading for all those wondering about borrowing money in Australia - how it all works and how to stay out of trouble. The Loan Arranger Guide is informative and user friendly and written in plain English. This book is easy to read and to navigate, so all the information you will need is at your fingertips, no matter where you open it. This book will simplify the home loan application process and could literally save you thousands over the course of your mortgage. It also provides information on managing your new home loan, including what to do when you miss a payment.

    LanguageEnglish
    PublisherAndrew Brien
    Release dateSep 11, 2014
    ISBN9781311727206
    The Loan Arranger Guide
    Author

    Andrew Brien

    The Australian home loan market is increasingly complex, Andrew Brien has an excellent understanding of this market and his first book; The Loan Arranger Guide provides much of this insider information.With his over eighteen years' experience in banking and finance in both Australia and New Zealand Andrew provides a wealth of useful information for anyone looking for a new home loan.He has held senior roles in banks (operations manager at ING Bank) and non-bank lenders (projects and product development manager at Australia's biggest non-bank residential lender). He is currently a business analyst with Westpac.

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      Book preview

      The Loan Arranger Guide - Andrew Brien

      The Loan Arranger Guide

      By Andrew Brien

      Copyright © 2014 Andrew Brien

      Smashwords Edition

      Smashwords Edition, License Notes

      This ebook is licensed for your personal enjoyment only. This ebook may not be re-sold or given away to other people. If you would like to share this book with another person, please purchase an additional copy for each recipient. If you’re reading this book and did not purchase it, or it was not purchased for your use only, then please return to Smashwords.com and purchase your own copy. Thank you for respecting the hard work of this author.

      Table of Contents

      Chapter 1 - Introduction

      Chapter 2 - Before you start looking for a new home loan

      Chapter 3 - Comparing lenders and key loan features

      Chapter 4 - Loan types

      Chapter 5 - Fees

      Chapter 6 - The lending life cycle stages

      Chapter 7 - The application

      Chapter 8 - Credit assessment and approval

      Chapter 9 - Settlement and loan management

      Chapter 10 - When you miss a payment

      Chapter 11 - Alternative ways to get onto the property ladder

      Chapter 12 - Online Tools and Apps

      Chapter 13 - Conclusion

      Chapter 14 - About the author

      Chapter 1 - Introduction

      Australia has one of the world’s most competitive lending industries, offering you genuine choice. The lending industry is wide-ranging, including major banks, branchless banks, regional banks, building societies, non-bank lenders, and credit unions, providing a massive number of different loans to individuals and businesses.

      This book is aimed at consumers. You don’t need to understand the lending industry to benefit from this book.

      Having an understanding about this complex industry can help you:

      • Save money by getting a better deal

      • Save time by not stumbling through the loan application process

      • Access better lending products that offer you the opportunity to build your wealth

      • Know what your legal rights are and what you should do if you find yourself in trouble

      • Understand mortgage brokers

      • Know what to expect after you take out a loan

      • Understand what loan features are available and what they offer you

      • Make sure you get the flexibility you need without paying for what you don’t need

      Getting and repaying a home loan is a major part of the average person’s life. Loan terms available now are generally thirty years or greater. It’s often the biggest financial commitment you will make; you will most likely still be repaying your home loan well into your working life, and in some cases after.

      Understanding the complex market is not easy; such a wide choice of different loan products can at times make a decision harder. This book has been developed to assist you in understanding, at a basic level, the process of getting a home loan.

      While the industry is complicated, the majority of lenders follow a similar path to approve a loan. There is a lot you can do to improve your chances of getting the best loan possible.

      A basic understanding of the application process will save you time and money when looking for a new loan. An understanding of the fees, both initial and ongoing, can assist in the decision-making process. The loan with the lowest interest rate may not be the best loan in the long term.

      It’s also a good idea to know what will happen after you get the loan. The costs and consequences of the choices you make now will have an impact in years to come. For example, will you be moving in two to three years? If you were to choose a five-year fixed rate, you may be faced with an expensive break rate fee.

      The Australian Bureau of Statistics estimates the total Australian residential lending market in 2008–09 at $1.75 trillion. Lending in Australia is big business! (Year Book Australia, 2009-10 – Lending by Financial Institutions).

      Getting the best deal may take some time, but it’s worth it. We strongly recommend that before you enter into any loan, you should seek independent financial and legal advice.

      If you have chosen to use the services of a mortgage broker, think about getting a second opinion from a different mortgage broker or your bank, and call the lender directly to see if you are getting the best deal.

      There are, of course, a few things that you should really understand, and throughout the book we will attempt to answer these key questions:

      1. Should you do a do-it-yourself (DIY) search or use a mortgage broker to find your next home loan?

      2. How do you get approved fast and without hassles?

      3. What loan should you get, including looking at variable rate vs. fixed rate options?

      Quick lessons, tips, and warnings used in this book

      To help you get the most out of this book, I’ve have attempted to provide you with quick lessons, such as pros and cons, tips, and warnings here and there to highlight important points. Here’s what each type aims to provide you with:

      WARNING: Pay extra attention when you see the word Warning. It means you may be about to do something or forget to do something that you will regret later.

      TIP: When you see the word Tip, I’m providing you with basic tips or lists to make the task discussed simpler to complete.

      PROS and CONS: A simple list of pros, reasons for doing the action; and cons, reasons for not doing the action.

      LEGAL ISSUES: When you see the words legal issues, we are providing information on the legal environment, including relevant acts of government. It’s important that you know your rights and any issues you may face.

      Chapter 2 - Before you start looking for a new home loan

      In this Chapter:

      DIY home loan searches

      Using a mortgage broker

      How much do you need to borrow?

      Is there any time when you should not refinance or apply for a new loan?

      Government grants and incentives

      Starting the Search

      So you need a new home loan. Have you found your dream home? Do you need to refinance your existing loan? Either way, you will need to search for a new loan and potentially a new lender. This can be time-consuming. There are thousands of loan products out there, from hundreds of lenders.

      Do you really know what you need? How will you find the right mix of interest rate and features? What are the latest trends? Which lenders are looking for your business and willing to make it worth your while to go with them?

      These are just some of the questions you are likely to have. But there is a simpler question you need to ask: do you want to do it yourself or go to a mortgage broker?

      Do you love to research stuff? Have you got a lot of time? Are you financially literate? If so, you may want to do a DIY search.

      Are you pressed for time? Do you just want someone to give you a range of options? Do you need to talk face-to-face with someone? Does going to a one-stop shop where you can see a selection of options interest you? If so, you should consider using a mortgage broker.

      DIY Home Loan Search

      Thankfully, today you don’t have to arrange a meeting during business hours at the lender’s office to discuss your home loan. Back in the 1980s, you almost had to go on your hands and knees when seeing the bank manager! Today you can surf the Net and get the basic information (interest rates, application fees, and ongoing fees) from almost any lender’s website. You can also use Finder.com.au to compare lenders and loans. Plus at Finder.com.au we have lost of information in the form of interview with lenders, articles and guides and tools to assist you in your search.

      However, to get an idea of the credit requirements you will need to contact the lender. This may be in person at a branch, or over the phone or Internet. A few lenders still have mobile managers who are able to visit you at your home or office.

      To really confirm how much a lender will allow you to borrow requires some basic information about your financial history and employment. The lender can then estimate the maximum loan amount they can give you and discuss products with you.

      WARNING: Don’t apply (complete an application form or agree to a credit check) at each lender, as each application will be recorded on your credit file. This can backfire on you, making it difficult to get a loan. Lenders don’t like to see a lot of enquiries on your credit report.

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