Pre-approval implies various things relying upon which bank you approach, however they all portray something almost identical.

Regardless of whether it is called a conditional endorsement, characteristic endorsement, or endorsement on a basic level, pre-approval affirms that your application accommodates your picked moneylender’s standards yet stays subject to conditions.

It’s nothing but an assurance of money.

Equity is the difference between the value of your property and the amount you still owe on your home loan. You can often access and use this equity to improve your lifestyle.
If you’ve paid down some or all of your loan, and/or your home has increased in value, you may be able to use your equity for:

• The maintenance of your home
• As a deposit for your next home or an investment property
• To invest in shares or managed funds
• To buy a new car or travel

One must be over 18 years to avail a loan in Australia. It’s not hard to get a loan in general, but some personal loans are much more difficult to get than others. Unsecured personal loans often require a credit score of 660+, and some are only available to people with scores of 700+

Yes! It’s possible to get a home loan with a bad credit rating or bad credit score. Traditional lenders such as the banks are unlikely to consider your application, even if you have a good reason for the blemishes on your credit file.

But without a tough set of requirements to weed out risky borrowers, short-term lenders need another way to protect their interests in case a borrower defaults. For this reason, short-term loans typically come with higher interest rates than long-term loans.

Your credit score can have an impact on your chance of approval, interest rate and deposit required. Understanding your score is important if you’re looking to get a home loan or refinance an existing home loan and wanting to improve your chance of approval, it may even help you negotiate a better rate.

You will need to have your driver’s licence and passport with you when you complete this process. Using your mobile phone, you will need to agree to provide access to the camera on your phone to take a:

• It can be done by seeing the original docs in person
• It can be done by video-conferencing with the client and having a look at the original docs and then verified.
• A selfie of you holding the original document

Home loan repayments are calculated based on a range of factors including the loan amount, interest rate, loan term and repayment type. For our client’s convenience, we have enlisted all the required calculators to find one’s serviceability, Emi calculations and amortization schedule etc.

The easiest way to pay off your home loan faster is by making additional or larger payments, depositing funds into your offset account, or by shopping around for a better deal. At Yes Mortgage Australia, we work for you to find the best bargain to help you maximise the money you save and pay down your loan as quickly as possible, allowing you to get ahead faster.

At Yes Mortgage Australia, we do not charge any application fee, monthly or annual fees for home loans. But there can be other third-party Government refinance costs which include title registration, discharge of mortgage, and title search fees. In some instances, Stamp Duty may also apply (usually only when transferring property into a new name). Your current lender may also charge you an exit or discharge fee when refinancing. Clients must make sure to check with current lender, especially if you are on a fixed rate and break fees may apply.