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FAQs

What does a mortgage broker do?

A mortgage broker provides a professional service in the home loan industry. They will meet you, sit down and determine your needs and then gather information on the suitable products and present them to you. We will lodge you application to the lender and follow it thru to settlement. We will also assist you with all the government grants you may be access to. We are here to help our clients.

Brokers have access to a hundreds of different loans. This means your broker can find a loan that’s just right for you.

Isn’t it more expensive to use a Broker?

NO! Our service provided to the client is free as we are paid by the banks at settlement. Some broker do charge a brokerage fee but at CLS we do not.

How much can I borrow?

This is dependent on your individual financial situation. The lenders will take into account your income, debts, martial status and dependents when assessing your income. All lenders borrowing capacity vary.

Should I go fixed or variable?

This is dependent on your individual requirements. We will explain the advantage and disadvantages between the two loan types so you can make a informed decision.

Which lenders do you deal with?

As a broker we have access to many lenders – these include the major banks, second tier lenders and credit unions. We can source you a loan from the lender of your choice.

Who sets interest rates?

The Reserve Bank of Australia meet on the first Tuesday every month to determine the official cash rate for the country. The lenders then use this information to set their own rates. The broker does not set the interest rate.

Why should I use a mortgage broker if I can go with a bank?

If you go to your bank you will only be offered what products your bank has to offer which may not necessarily meets your requirements or you may also not meet that bank requirements. Your bank will not in turn recommend another bank therefore you may either not have access the best product which suits or worse case not be eligible for the finance as you may not meet their requirements. As a broker we do all the leg work for you, we know the banks products and policies. We will match the right bank and product for your needs. Let us put the pieces of the puzzle together.