FAQLighthouse Frequently Asked Questions
Firstly, how can Lighthouse help us?
Lighthouse can help by providing recommendations based on the requirements of each prospective borrower. We are able to shop around for the most appropriate loan to suit your individual circumstances. We have accreditation with all major lenders as well as regional banks and non-bank. We are able to save you time and effort by looking at all the options. We interpret loan products and technical jargon and provide simple and easy to understand explanations.
What's the cost of your service?
Our service is at no cost to all prospective borrowers. Our fee is remunerated by the lender you choose for the introduction of your business. The commission paid by the lender to us does not impact on the fees or interest charged by the lender to you.
Which type of loan is best for me?
There is no simple answer to this most frequently asked question. The answer is dependent upon your individual and financial circumstances. However once one of our consultants has spent some time with you gathering relevant information we will be able to compare loan options and advise you which loan will be the best matched to your needs.
What deposit do I need?
Generally, you will need a minimum of 5% of the purchase price saved over a 6 month period for an owner-occupied property, plus the transaction costs (mainly stamp duty). This deposit amount increases depending on the size and purpose of the loan. Investment property loans normally require a minimum 10% deposit, however if you have equity in an existing property, this may be used to effectively fund the entire purchase price plus costs.
What is lenders mortgage insurance?
Where the loan generally represents more than 80% of the value of the property, most lenders require mortgage insurance. This insurance is a one off premium based on the loan amount and the Loan to Valuation Ratio. The cost of this insurance is generally paid for by the borrower, but can be added to the loan. This type of insurance only protects the lender, not the borrower in the event of a default.
Book a consultation with us
We can meet you at a time & place that suits you, or you’re welcome to visit our office in Lindfield.