There are no silly questions
You ask – We will answer. Here are our most frequently asked questions:
1. What are the costs associated with buying a house?
There are several costs associated with buying a house. Your Time Home Loans Mortgage Adviser will go through this with you in detail. Different costs may apply and some are only relevant to particular state and territories.
2. What are your costs for assisting us?
We are paid commission by lenders which helps us to keep our service no cost to the client.
3. What are the time lines with getting finance approved?
This depends on your personal circumstances, equity for the transaction etc. In Queensland, it usually is 2 to 3 weeks for finance and another 2 weeks for settlement.
4. What are the refinance fees?
This differes from one lender to another. Most Lenders cannot charge exit fees anymore since July 2011. Be aware that Breaking costs on fix loans still apply and so does discharge fees.
5. Will I qualify for a better interest rate?
Time Home Loans spend the time to show you what savings you can have over the life of your loan when you move to a more competitive interest rate. It does not even have to be a better rate, sometime a better loan package will less fees and more benefits could save you heaps of money over the long run as well. Better rates usually apply if your risk profile has become stronger and you have more equity in your property, hence a lower loan to value ratio.
6. What is the interest rate I will be charge on the new loan?
A Time Home Loans advisor can assist you in sourcing the most competitive rates around. This will just be an estimation and will be formalised when the loan application settles.
7. What will my new monthly repayments be?
Your Time Home Loans adviser can confirm this for you, but your letter of offer from the Bank will confirm your monthly commitment as per your loan agreement.
8. Do I have to make my loan repayments monthly?
No, not at all. This will depend on your own situation. It has been proven that you save interest on your home loan if you make your repayments weekly, fortnightly rather than monthly. A Time Home Loans Adviser is happy to assist you in this regard and put you on the road of saving money.
9. What different types of refinance deals are available and how do they work?
Most Funders offer a wide range of products – this varies between variable rates, Fix Rates, Line of Credits etc. Ask your Time Home Loans Adviser to assist you in finding the right deal for you.
10.Do I need a Conveyancer and what do they do for the Buyer?
Attending to the transfer of a property may seem a simple process that takes little time. Nothing could be further from the truth! Conveyancing is a complex series of tasks that require knowledge and skill – which is the reason that conveyancers must hold special qualifications and be registered. Below is a list of tasks required to fulfil a conveyancer’s legal obligations to you where a mortgage is to be registered. Because this task list reflects the commonly accepted legal requirements for a conveyance, all fee estimates must be benchmarked against this list. Occasionally a transaction may involve more work than usual. Extra time may be required to advise a seller regarding dealing with an encumbrance/covenants, lease or contractual breach. In such cases, your conveyancer is entitled to charge an additional fee unless the work has been allowed or in any fee estimate.
Basic Tasks include:
• take initial instructions from buyer and advise buyer regarding insurance
• send letter of engagement to buyer for signature and return
• get copy of certificate of title and any other documents affecting the title as required
• carefully peruse the contract, any disclosure statement and ancillary documents
• obtain ACN and company search for any corporation
• check certificate of title for any items that need to be addressed at settlement
• provide copy of any encumbrance /covenants to buyer
• ensure buyer is getting the correct property e.g. client signed plan for land or body corporate plan
• ascertain if property to be owner occupied or for investment purposes
• consider if buyer needs GST or other tax, legal or professional advice and obtain instructions
• ascertain if there are any stamp duty concessions available to buyer
• ascertain the manner in which joint buyers are to hold the property
• ascertain the names in which the property is to be held and ensure it matches the names on the contract
• check contract against title to ensure contract been drawn correctly and meets clients needs
• diarise cooling off date (if applicable), date conditions due and the settlement date
• check/ensure the deposit is paid
• order any reports the buyer require
• send copy of transfer to financial institution for preparation of mortgage documents
• lodge transfer and stamp duty documents with Stamp Duty Office for assessment
• confirm outstanding amounts with rating authorities for payment
• confirm any outstanding amounts with body corporate (if applicable)
• advise buyer to arrange final readings in respect of utilities and telephone
• confirm amount of available funds from financial institution
• send settlement statement to bank setting out cheques required for settlement
• check search certificate of title immediately prior to settlement
• attend and complete settlement at Lands Titles Office
• send change of ownership letters to rating authorities and any body corporate
• prepare final account for fees and trust account statement and send to buyer
• check search certificate of title to confirm registration of transfer
11. How does Self Manage Super Fund Loans work?
These types of loans have high level of compliance and you need to ensure you understand all information at hand. We strongly recommend talking to our advisers upfront to ensure that you have tick all the boxes before you proceed with this type of lending.
12. What does it mean to purchase of the plan?
You have finances sorted for the full transaction and this will only settle when the building is completed. Bear in mind that formal approvals from most lenders are only valid for 3 months, and have to be re-approved again. Talk to our advisers to ensure you are on track for when that settlement day comes around.
13. Do Time Home loans only help with the finance process?
No, we set our clients up as clients for life; hence we look after you every step of the way and every time after that. We become your Broker for Life. We therefore look after any Equipment Finance, car loans etc that you may need. We also have our division that provide the necessary protection for you and your assets. Please talk to our friendly team if you need any assistance in this regard.
14. What is your Time Care Program?
This program has been created to provide help to our clients and new prospects that feel that they need guidance with not only their loan, but their finances as well. The care program is tailored individually to every client that seeks this service from us. Talk to one of our friendly advisers if this service will prove beneficial to you.