What our loans can help you with
Diverse lending options to better suit your exact needs
The journey is unique for everyone, however what remains constant is Bernie Lewis Home Loans dedication to your exact needs.
Choosing a home loan can be confusing. Beyond the wide choice of major banks, credit unions and other lenders, there’s also a multitude of loan products available.
At Bernie Lewis Home Loans we work closely with the lenders and their products to really understand the features of each product. By also understanding your individual needs and goals we can match the loan products and suitability to those needs, helping you to make an informed decision. You can check out our lending partners here. To learn more about the different types of loans follow the read more links above.
Stage 1. Understanding your goals
Speak with one of our expert brokers and make a time to discuss your lending needs. We get prepared by completing a fact find and gathering your financial information. Things like:
- Bank account details
- Evidence of employment and income
- An outline of your current assets and liabilities
- A summary of your usual household living expenses
- Documents to verify your personal identity
If you don’t have some of the above information don’t worry, your broker will still be able to help and guide you through. During the conversation your broker will listen carefully to the things that are important to you to determine the best way forward based on your specific requirements.
Stage 2. Our recommended solution
Your broker will perform their assessment based on your individual needs and consider your current financial situation. They’ll assist by ordering property valuations where necessary and present you with the most suitable options from the most competitive financial institutions available to match you and your circumstances.
From there you’ll be able to make your selection from your broker’s expert recommendations outlined in our written Statement of Credit Assistance before progressing to a lender application.
Stage 3. Getting approved
As a part of the application process, we’ll help guide you through the documents you’ll need to provide to the lender in support of your application. Your broker will then liaise with the lender to obtain conditional approval (also known as pre-approval in some cases), while resolving any conditions required to be granted with a formal or ‘unconditional’ loan approval.
Next we’ll move to the review and acceptance of the formal loan offer documents from your lender, then liaise with the necessary parties to effect settlement of the loan and make the funds available to you.
The standard variable rate loan comes with many options and the interest rate fluctuates depending on market conditions. You have flexibility of making additional repayments without penalty and the ability to redraw any additional repayments you have made at any time.
Many lenders offer a basic variable rate loan with a lower rate than the standard variable rate loan. These loans generally have many of the same features as their standard variable rate cousins, but often aren’t as flexible. For example, some of these loans may not allow you to redraw additional payments or you may incur fees if you do so.
You may consider a variable rate loan if:
- You want ultimate flexibility with your loan
- You want to be able to make large principal repayments on your loan
- You have the capacity to absorb increases in interest rates without undue hardship, and conversely, benefit from rate decreases
A fixed interest rate loan allows you to fix the interest rate for a period of time, generally between one and five years.
Some home loans have fixed terms of up to 5 years. After the fixed term the loan usually reverts to the standard variable rate on offer at that time, or you may choose to refix the loan for another term.
You may consider a fixed rate loan if:
- You are on a tight budget and need certainty of the repayment amount each month
- You are an investor looking to achieve a fixed return on your investment
- You believe interest rates may rise significantly in the future and can’t afford increased repayments
If you decide to sell your home or refinance your loan whilst on a fixed rate term you may incur a penalty.
Lending terminology explained
The following is a list of terms and their meanings that you may come across when purchasing a home and arranging a home loan.
This is the person who acts on your behalf for the purchase of the property. They will attend the settlement and ensure that you get clear and unencumbered title or ownership of the property. They may also conduct various searches of the title to ensure that everything is in order as well as collect and disburse all funds in the transaction and provide you with your detailed settlement statement. A solicitor can also perform this function.
When you sign a contract to purchase a property, you then have until midnight two clear business days later to cancel the contract without penalty. Any deposit paid will be refunded in full.
A property purchased at auction does not have cooling off rights. Cooling off rights can also be waived by signing the appropriate document prepared by a solicitor. This is generally done for a property going to auction and purchased prior to the auction.
The lender who is providing the loan and therefore holds the mortgage on the property.