Lending Approach
Home Mortgages' clients typically have a reasonable income, some savings or personal equity, and are looking to purchase a property or consolidate their finances.
Working with First Mortgage Providers
Home Mortgages will often work with their client's first mortgage provider to identify the most appropriate ratio split of facilities, with the aim of providing your client with the maximum lend on the best possible terms.
It should be noted Home Mortgages is an underwriter and all loan approval decisions are made in house and not subject to mortgage insurer's criteria.
Loan Structure
We generally provide loans over a 7 year period.
This relatively short term approach ensures a rapid repayment profile is established that assists in creating equity in the property.
Profile Lending
Our emphasis is upon the character and affordability of our clients. On this basis, we consider ourselves profile lenders.
Servicing Criteria
We adopt an uncommitted monthly income (UMI) approach when assessing affordability.
Appetite
Generally, Home Mortgages extends a rather 'healthy' appetite for mortgage finance, and will often approve 10% on top of an existing first mortgage provider's maximum lending position (Max 90% LVR).
We like to consider all factors and aspects of a lending transaction. Please feel welcome to contact us to discuss the merits of any proposal prior to formal submission.
Turn Around
All loan applications will be responded to within 24 hours of receipt. If there is a pressing need to obtain an approval even quicker, simply contact us to pre-position the application.
SUMMARY
We are prepared to consider an additional +10% above a 'main Bank facility' to assist clients to purchase a residential property or undertake home improvements.
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