Frequently Asked Questions

Home Loans

• Pre-purchased approval?
• Can I change my mind?
• What about refinancing?
• How much can I borrow?
• How long do loan approvals take?
• What if I have an irregular income
• What can I do if I have a default?
• Who determines rates?
• Is Quest Home Loans cheaper than banks?

If you can't find what you are looking for, contact us and we will be delighted to assist you in any way that we can.

Pre-purchase approval?

Having a loan in place before you find your dream property means that you won’t miss out on the purchase if there are any delays with the process, and you know exactly how much you can afford to spend. Once a pre-approval is in place it typically lasts for three months and allows you to speed up the purchase process, and may even help in negotiating with the agent or owner.

Click here to contact Quest Home Loans.

Can I change my mind?

Yes. If you decide it’s not the right time to buy a home you can withdraw a loan application at any time prior to signing the loan contract. If you have a pre-approval in place and it takes you longer than three months to find a property, the bank will automatically withdraw the loan unless they are informed otherwise. Your Quest consultant will support you through this process, whichever decision you choose.

Click here to contact Quest Home Loans.

What about refinancing?

Refinancing, or restructuring your loans and credit facilities can be a good way to save, or release equity in your property for future investments, but is not always the right answer for everyone.

There are many things to consider, making sure you are getting into the correct structure which is affordable and creates the right end result for you. For example, if you’re planning to sell your property in a year’s time, you need to make sure you don’t enter into a loan with high early repayment fees. Quest can help you find the solution that fits your circumstances.

Click here to find out more about mortgage broking refinancing.

How much can I borrow?

Your borrowing capacity depends on many factors including your income, assets and other circumstances. The bank will require the property to be valued which will also indicate the percentage of the property valuation that you require. This also determines whether you may require Lender’s mortgage broking insurance, which will need to be incorporated into the calculations.

Click here to contact Quest Home Loans who can calculate your borrowing power today.

How long do loan approvals take?

The loan approval process is different for each lender, and also depends on the type of loan you apply for. The average loan takes between 2 – 3 working days after your complete application is received.

Click here to contact a Quest Home Loans mortgage broking Consultant for more information on approvals and timeframes.

I have an irregular income

Some lenders still have the option of low documentation loans (low doc). For borrowers whose financial statements may not be available for many different reasons e.g. Accountant hasn't completed their bookwork, or who have an unusual employment or savings history.

The lenders have made it more difficult to obtain low doc finance, but there are still many specialist lending solutions for all types of situations.

Click here to contact a Quest Home Loans Consultant to help you.

What can I do if I have a default?

Maintaining a clear credit file is important in obtaining finance. With your written consent, Quest Home Loans specialists will advise you of any blemishes you may have on your credit file, or you can obtain your own copy at Veda, Australia’s largest credit reporting agency www.mycreditfile.com.au or by calling (02) 9464 6000.

A default listing usually remains on your file for a period of five years so it’s important to clear up any current default listings and ensure you maintain a clean file thereafter.
Even if you have defaults listed on your file it does not necessarily mean you cannot obtain finance, and can sometimes help to consolidate a number of debts you may have to get you back on track with your financial situation.

Click here to contact a Quest Home Loans Consultant to help you find the best solution.

Who determines interest rates?

The Reserve Bank of Australia (RBA), on behalf of the Federal Government, are guided by the economy for interest rate pricing. When the economy is slow with lower consumer spending, the RBA will tend to reduce interest rates to stimulate the economy and encourage spending. When the economy is in a boom period the RBA will typically increase interest rates to limit inflation.

Mortgage Brokers, banks and other lenders then alter the interest rates on their products to reflect the RBA decision, usually within a week of the change.

Is Quest Home Loans cheaper than banks?

The most important consideration when choosing a home loan is to make sure you get the right one to suit your specific needs, now and looking forward to your future plans. While some banks may offer a lower interest rate, their fees may be higher, or they may have added criteria to be met. Some banks even offer what’s called an ‘Introductory Rate” where the first year is cheap but after this term the rate jumps over and above the standard variable rate so you end up paying more.

You don’t want to be paying any extra fees for facilities you don’t need while making sure you have the flexibility to do what you want. The advantage of using a Quest Home Loans expert is to filter through the multitude of products available and make sure you get the perfect loan for what you require, without you doing the hard work of visiting bank after bank and comparing each product yourself.

Click here to contact a Quest Home Loans Consultant to help you find the best solution.