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Mortgage loans FAQ:Frequently asked questions about Australian Mortgage Exchange, and our mortgage home loan solutionsBelow are frequently asked questions about Australian Mortgage Exchange or mortgage home loans in general. For more FAQs on home loans click here. For more info on Mortgage refinancing click here. For Australia's best Home Loan click here now.
Who Are Australian Mortgage Exchange?Australian Mortgage Exchange is a mortgage originator and mortgage service provider that offers Prime, Lo Doc and Non-Conforming and bad credit home loans at competitive rates direct to the Public. Our focus is doing whatever it takes to set you a great home loan. We can help most people to “Lower their bills” because that’s exactly what you want and that’s exactly what we do for you and your home loan. So when you think " I need to lower my bills" you will instantly think of Australian Mortgage Exchange. To contact Australian Mortgage exchange. To check out Australia's best home loan click here now! What type of mortgage home finance do you do?We originate home loans for a wide variety of residential real estate including:
To contact Australian Mortgage Exchange™ To check out Australia's best home loan click here now! How is your FlexiFree® Home Loan Solution a better loan for me?FlexiFree® is our Registered Trademark. The FlexiFree home solutions have more free service inclusions and are more flexible than most other loans available. Features include:
To contact Australian Mortgage exchange. To check out Australia's best home loan click here now! What other types of finance besides home loans do you do?We specialise in residential home loans for any worthwhile purpose. That is all we do. But it can include debt consolidation of other high interest loans including:
As you can imaging this can dramatically lower your bills. To contact Australian Mortgage exchange. To check out Australia's best home loan click here now! What purposes do you lend on?All our loans are against residential real estate security. However the purpose for a home loan can include:
To contact Australian Mortgage exchange. To check out Australia's best home loan click here now! What are the criteria for qualifying for mortgage home loan finance with bad credit?Things are changing. One thing that is happening is that younger people are being exposed to more credit and the fall out of this is more people with impaired credit. People were then restricted in getting a home loan. Also in the past it was impossible for people that had just gone into business to get a home loan. If the business hits a speed bump, the business cashflow can suffer. The exact wrong time to ask you bank for a loan. These two examples are like trying to drive a car with your gaze solely on the rear view mirror. We think that is unfair, so in addition to the traditional home loans we also originate loans for the self employed and loans for people with bad credit. This was termed "Character" by the tradition bank guidelines. We realise that there are other reasons besides bad payment tendencies. That many people who would repay the loan have genuine reasons to miss payments. These include:
With this in mind we mainly look at building a case to originate the loan for the client, rather than look for an excuse not to lend. The major factors in qualifying for a bad credit loan are:
To contact Australian Mortgage exchange. To check out Australia's best home loan click here now! Why the difference between a saved and non saved deposit?Saved deposits demonstrate the following:
Non saved deposits in the form of gifts from parents tend to suggest reliance on others and a lack of real commitment to own property. For this reason mortgage insurers want a bigger safety margin built in the mortgage. To contact Australian Mortgage exchange. To check out Australia's best home loan click here now! I've been declined by first bank. Can you set a home loan for me?Being declined will show on your credit file. This is why you should never apply at several lenders at once. They all show on your credit file. We can get a loan through by repackaging the application and presenting it in a manner than will be accepted. However we can't help people who trash their credit report by constantly shooting off applications. If you want it done properly, let us handle it for you. To contact Australian Mortgage exchange. To check out Australia's best home loan click here now! I got into financial difficulties a while back. But now am over it. Can Australian Mortgage Exchange get me a home loan at a competitive rate.This would depend on all the factors. Once you are back on your feet we can often get prime loans for people. Other will have to a take a sub-prime loan till we get their credit profile improved then move them to a lower interest rate. To contact Australian Mortgage exchange. To check out Australia's best home loan click here now! How does my credit rating affect my loan chances.Of course. The worst the file the less chance of getting prime rate loans and the higher the interest rate is likely to be. We will try to get you the lowest rate we can, or move you to a lower rate as soon as we can. To contact Australian Mortgage exchange. To check out Australia's best home loan click here now! I want to refinance away from my current lender. Do you do Mortgage refinance?Yes. We specialise in mortgage finance and lowering people credit bills. To contact Australian Mortgage exchange. To check out Australia's best home loan click here now! I want to consolidate several other high interest debts [debt consolidation] and refinance my mortgage to make one easy repayment. Is this what Australian Mortgage Exchange does?Debt consolidation is part of what we specialise in. Its the easiest fastest way to have more money to spend, or pay out the debts sooner. To contact Australian Mortgage exchange. To check out Australia's best home loan click here now! I want to lower my monthly repayments on my mortgage home loan and to take the pressure off. Can Australian Mortgage Exchange do this?Yes. We can lower your monthly repayments, your bank fees and charges and your other repayments. To contact Australian Mortgage exchange. To check out Australia's best home loan click here now! I want to reduce the term of my mortgage and pay my home off sooner. Can Australian Mortgage Exchange help do this?Yes. When you refinance and consolidate your other debts, you substantially reduce your monthly credit bills. By applying this to your mortgage, or even part of it will dramatically reduce the term and interest you would pay on your existing arrangement. To contact Australian Mortgage exchange. To check out Australia's best home loan click here now! I want to invest in property using the equity in my home as the deposit. Can Australian Mortgage Exchange do this?Yes. We have several options that you can consider. The best time to invest in property is when nobody else is, and when a lot are getting out, as this reduces the price. To contact Australian Mortgage exchange. To check out Australia's best home loan click here now! I want to do a home improvement. Can I refinance with Australian Mortgage Exchange and get extra to spend?Yes. Our home equity programs will allow you to use the equity in your home to fund your home improvement. To contact Australian Mortgage exchange. To check out Australia's best home loan click here now! I want to buy a new car using the equity in my home. Can you do it and is it a good idea?Yes we can. We don't recommend that you buy cars in this way, unless you intend to pay down the mortgage as if you were paying off the car with extra repayments. This will reduce your mortgage faster. To contact Australian Mortgage exchange. To check out Australia's best home loan click here now! Which Loan is best for Me?You certainly have a lot to choose from. Fixed or variable? Principle and interest or Interest only or Line of credit Which Loan is best for you depends on a number of factors, including what you would like to see happen. Do you want to pay off the loan sooner, use the credit to buy investments, help with seasonal cashflow fluctuations, cater for emergencies, see the kids through their education, go on holidays, assist in growing a business. No matter what you want to achieve, their is a Australian Mortgage Exchange with a solution. To contact Australian Mortgage exchange. To check out Australia's best home loan click here now! What's an LVR?L.V.R. is an abbreviation of Loan to Value Ratio. This is a ratio, expressed as a percentage, of the size of the loan in dollars required compared to the value of the property that you are contemplating to buy. The value of the property is not what you think its worth, or what the market says its worth, or what a real estate agent says its worth. It is the value that a registered valuer says its worth for the purpose of obtaining a loan from a credit provider. To calculate the loan to value ratio you divide the loan value by the value of the property, and multiply the result by 100 to obtain the percentage. To contact Australian Mortgage exchange. To check out Australia's best home loan click here now! What is a D.S.R.?A D.S.R. is the abbreviation for debt to service ratio. This is ratio expressed as a percentage to determine an applicants ability to repay the loan requested. All Banks and lenders have different methods and formulas to calculate this calculation, but as a rule of thumb your total debt repayment should not exceed 35% of your gross income, for a single income, or 30% where two incomes are taken into consideration. Also as another rule of thumb, your total debt should not be more than three times your income. To contact Australian Mortgage exchange. To check out Australia's best home loan click here now! What are honeymoon rates?This term is seldom used these days. Honeymoon rates are introductory rates set artificially low to attract first time clients. We suggest that you understand all the implications of these, especially when it comes to early exists, before you say its a good deal for you. Sometimes honeymoon rates are only 6 months long. When you take a 25 year mortgage that means you have 24 years and six months at a higher rate! To contact Australian Mortgage exchange. To check out Australia's best home loan click here now! What is Mortgage Insurance?Mortgage Insurance is a single premium insurance policy to protect the lender in the event that you don't meet your repayments due to unforeseen circumstances. The borrower has to pay this premium. Some lenders will waive this requirement if the LVR is less than 80%. The higher the loan LVR, the higher the rate to cover for the added risk of sustaining a loss by the Insurer. To contact Australian Mortgage exchange. To check out Australia's best home loan click here now! How do I get out of my mortgage sooner?There are only 7 ways that I know that will work.
To contact Australian Mortgage exchange. To check out Australia's best home loan click here now! I have bad credit. Can I still get a loan?You may have to get a loan with higher interest rates for a year to 3 years to rebuild your credit rating. You are then in a position to get a more favourable loan once this happens. The best rule is don't put yourself in a position that will cause the bad credit rating in the first place. Easier said than done wouldn't you say? To contact Australian Mortgage exchange. To check out Australia's best home loan click here now! Where do Australian Mortgage Exchange Associates get the money from?Australian Mortgage Exchange associates have a variety of banks and lenders who they work with including:
To contact Australian Mortgage exchange. To check out Australia's best home loan click here now! Why choose us?Because our associates work on your behalf, not the Bank's or other credit providers that we source funds from. With a Australian Mortgage Exchange associate, our customers come first.
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