1800 725 852

info@richmanhomeloans.com.au

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See below for any questions or enquires you may have. Otherwise, give us a call now to speak to an expert and claim your free one-time assessment.

Call Us On 1800-725-852 

Our experts are happy to provide you with a free no-obligation consulation.

 

1. Starting out

It only takes 10 minutes to get started, you can call us to speak with a home loan specialist in Sydney.

2. Staying informed

As your application progresses, we keep you updated with our exception communication and customer service. 

3. Getting a hand

For questions and any assistance, our home loan specialists are here for you from application to settlement.

Questions and Answers

How much of a deposit do I need?

Generally speaking, a lender will want you to have a deposit of at least 5 – 10% of the purchase price. That said, the bigger the deposit, the better. The more money you have in savings, the better placed you will be to argue for greater home loan discounts. If your deposit in less than 20%, you may be required to pay Lenders Mortgage Insurance.

Do I need a pre-approval?

Pre-approvals are not mandatory when it comes to buying a property, but there are several benefits to having one. They establish your financial position and let you know how much money you can borrow and what you can afford to buy.

Can I still apply for a home loan if I'm expecting a child?

If you are expecting a child, you are still eligible to apply for a home loan, but it may affect how much money you will be able to borrow.

How much money can I borrow for a home loan?

How much money you can borrow for a home loan will depend on a number of factors including your employment status, your income, the size of your deposit, and various other factors. A general rule of thumb is to multiply your income by 5, however, this is just an approximation. For a more accurate number, contact our team on 1800-752-852.

What is Lender’s Mortgage Insurance (LMI)?

Lender’s Mortgage Insurance (LMI) is an insurance policy, which protects your bank if you default on the loan (i.e. stop paying your loan). While the bank takes out the policy, you pay the premium.

How can a Mortgage Broker help?

A Mortgage Broker can help you compare many mortgages from a range of lenders, whether you’re applying for a first home loan, or simply seeking to switch lenders for a better deal.

Also, if you’re unsure about your borrowing power, a Broker can help you choose a home loan you can realistically afford. If you have any questions about your financial situation, it’s wise to seek advice from a professional finance specialist.

What does a lender look at when you apply for a loan?

Lenders Look at More Than Just Your Credit Score. When applying for a loan, expect to share your full financial profile, including credit history, income and assets. 

Why invest in property?

Investment properties have many benefits when building long-term wealth. If you take the time and select your investment properties well, property can deliver good returns for long-term investors.

Will an investment loan be any different to my existing loan?

There are few differences between what you need to do to borrow for a property you’ll live in and for one you’ll rent out. Some lenders charge a higher interest rate for investment properties because their risk may be higher. But this may not necessarily be the case.

If you’re unsure how an investment loan would potentially impact your financial circumstances, contact Richman Home Loans on 1800-752-852.

Can I use the equity in my home as a deposit?

If you’ve owned your own home for a few years, you could have built up quite a bit of equity in your property. Equity is the value of an asset not subject to any lender’s interest. For example, a property worth $500,000 with a mortgage loan of $150,000 has equity of $350,000. Instead of finding a cash deposit to buy an investment property, you could use this equity as the deposit.

What does a lender look at when you apply for a loan?

Lenders Look at More Than Just Your Credit Score. When applying for a loan, expect to share your full financial profile, including credit history, income and assets. 

What’s negative gearing?

A property is negatively geared when the costs of owning it – interest on the loan, bank charges, maintenance, repairs, and capital depreciation – exceed the income it produces. Simply put, your investment must make a loss before you can claim a tax benefit.

What’s positive gearing?

You can also positively gear a property. This occurs when the investment income exceeds your interest expense (and other possible deductions). Note that you may be subject to additional tax on any income derived from a positively geared investment

How long does the home loan application process take?

Generally speaking, it takes four to six weeks from submitting your application to a lender to reaching a settlement on your property, depending on which state you live in.

Get The Best Home Loan and Get Approved.

 Over 20 Years of Experience with some of the best home loan agents that support you throughout your home loan journey.

 

Harish has helped me get one of the best home loan deals that i didn’t think i could. He was very transparent and supportive, working with me from the start to the end. 

Diana Davis

Happy Buyer

I like the honest and transparent approach, Richman Home Loan was very proactive and open with communication and making sure i was comfortable and happy.

Jessica Bowen

Happy Renter

Quick and Easy Approval Process.

We specialise in home loans, so you don’t have to.

No Hidden Fees

With a firm belief in transparency and communication, there are no hidden fees ever.

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EXPERT CONSULTATIONS

Our experts provide quick and easy assessments to get you approved as quickly as possible.

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we get you the best

Our consultants are not tied to any single bank and as a result, we can provide you an unbiased assessment.

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