FAQ’s

A finance broker will act as an intermediary between you as a borrower and a number of lenders. The broker’s role is to assess your personal circumstances, find a suitable loan product for you and then negotiate the successful approval and settlement of the loan.

There is no fee for finding the right loan - it’s a free service to you. Financial Scope Melbourne receives a commission from the lender.

Financial Scope Melbourne offers competitive products and interest rates and will always strive to provide a positive and rewarding experience. Unlike a bank, we are independent and provide a personalised service where we can work together to achieve your desired goals and outcomes.

We have a lender panel of over 30 banks and financial institutions meaning we can tailor your loan to give you the best results whether you are buying a home for the first time, investing in property or buying via your SMSF.

Many:
• to buy a home
• to buy a residential investment property
• to refinance an existing home loan
• to refinance an existing loan and consolidate your other debts
• for investment purposes (other than property) where you provide enough equity in residential property as security
• for investment in commercial property
• to start your own business – franchise loan
• most other purposes (such as buying cars, holidays, weddings, school fees, equipment) secured by your home.

At Financial Scope Melbourne, we can assist you with residential home loans, investment loans, commercial property, refinancing, equipment finance and personal loans, where we have access to a broad variety of loan products through many different lenders. Determined by your circumstances, we use our unique expertise to provide you with the best financial solution.

This will depend upon your circumstances, what loan product you are looking for and the purpose of the loan. We commit to analysing and identifying your needs and then research, at length, for the best solutions tailored to your individual needs and circumstances.

Each lender has different rules about how much deposit you will need to have but as a general rule, you will now need at least 5% deposit in addition to other purchase costs.

In some cases a lender will ask you to show that you have saved the deposit yourself to demonstrate that you have the savings history. This acts as a good indicator that you will be able to afford your home loan repayments. If you offer less than a 20% deposit you will also be required to take out mortgage insurance to protect the lender.

Mortgage insurance covers the lender in the unlikely event that you default on your loan. It does not cover you, the borrower.

We will be able to advise you if you require mortgage insurance and the costs involved. We may be able to structure your loan to avoid, or minimise the need for mortgage insurance.

There is no simple answer to this, but some lenders tend to offer quicker service than others. It usually takes between two and three weeks for you to get your money from the date we receive your application. The speed of this process often depends on your personal situation and which lender is selected.

With a variable rate loan, the interest rate you pay can change at any time, either up or down, usually in line with official interest rates set by the Reserve Bank of Australia. Market circumstances and competition between lenders can also lead to interest rate changes, which can affect the interest rate of your loan.

The interest rate of a fixed rate loan is just that – fixed (or set). It remains unchanged, for a specified period, often a number of years, regardless of changes to interest rates generally.

This depends on whether you think interest rates will rise or fall in the coming years. If you think interest rates will rise in the coming years, you may want to fix your rate at today’s lower rate.

Be aware though, predicting future interest rate levels is very uncertain. You may fix a loan at today’s rate, only to see future interest rates fall – in which case having a variable rate loan, whose interest rate would also fall – would have proved to be the better option.

This is best answered by meeting with me and working together to achieve your outcomes. Through the website you will see there are many factors to consider which is best for your individual needs.

Financial Scope Melbourne recognises that people’s circumstances change, for this reason, we offer ongoing service to help make sure your home loan can change to meet your needs.

Sometimes however your financial circumstances can deteriorate (loss of income, loss of job, sickness etc) and you may need support through these difficult times. All lenders we deal with comply with the Uniform Consumer Credit Code (UCCC) which sets out various levels of protection to consumers and obligations on lenders, which includes conduct surrounding support through financial hardship. We can assist you if needed by being a conduit between you and the lender. You should also be aware that under the UCCC, protection is provided to make sure lenders deal with you fairly in times of hardship.