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FAQs
1What is broker?
Finance broker/Mortgage broker plays a middle-man role between borrower and lender.
The role of a broker is to assist customers to apply for loan with banks and other lenders. Loan application service requires brokers to conduct a research towards a wide range of loan products among the loan market and find customers a loan product suits them based on the financial situation and goals.
The role of a broker is to assist customers to apply for loan with banks and other lenders. Loan application service requires brokers to conduct a research towards a wide range of loan products among the loan market and find customers a loan product suits them based on the financial situation and goals.
2What does a broker do?
- Customers requirement analysis
- Loan capacity calculation
- Loan products comparison
- Professional advice provision
- Process loan documents
- Apply for pre-approval to the lender
- Strive for better deal
- Generally no service fee charged
3What’s the relationship between a Broker and a Bank?
Banks partially outsource the loan application process to Brokers to reduce enormous work load in banking system. Also, banks promote same or better loan products than the current ones in the market to Brokers in order to reduce marketing and advertising costs. Brokers provides customers with suitable loan products and loan application service and get commission from a bank. This is a ‘win-win-win’ solution.
4Why Broker not bank?
Banks work for themselves, brokers work for customers. A specific bank only offer loan products from their own bank, while a broker help to find the suitable loan products among the loan market.
Choosing a broker means saving time and energy and having customer service with high quality.
Choosing a broker means saving time and energy and having customer service with high quality.
5What is Interest Only Repayment?
Interest Only Repayment is a payment method when you repay the loan. You can just repay interests during a specific period shows in the loan contract. During interest only repayment period, the balance of the principal is unchanged. This method is suitable for investors and first home buyers to alleviate financial pressure.
6What is Principal and Interest Repayment?
Principal and Interest Repayment is another method of loan repayment. When you repay by Principal and Interest, you pay interests and also repay the principal. This repayment method is more common.
7Benefits of Interest Only Repayment
Low monthly repayment to alleviate financial pressure
Enable investors to have spare capital to invest other plans
Interest part can be tax deductible
Enable investors to have spare capital to invest other plans
Interest part can be tax deductible
8Risks of Interest Only Repayment
More repayment after Interest-only period
High interest rate
High interest rate
9What is Offset account?
The offset account generally is your transaction account which is set up to link to your loan. The money in this account can offset the amount of your loan and the interests of the amount can be deducted.
10How much can I borrow?
Several factors can affect your borrow capacity, which are your income, living expenses, property deposit, value of prospective property, loan type, your assets and your credit history.
