FAQ'S
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What will your service cost me? |
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Our service is free.
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What does the term ‘mortgage originator'
mean? |
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A mortgage originator offers a service to you, a
prospective property purchaser of assisting you in
securing a homeloan.
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How do you make your money ? |
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We usually have contracts in place with the 4 major
banks from whom we receive a fee. |
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Does the ‘fee' earned by originators mean we
will incur ‘hidden costs'? |
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Absolutely not. The costs payable to the banks and
attorneys are the same whether you use the service
of an originator or not. |
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What are the benefits of using an
originator? |
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By using the service of one
property finance consultant, you avoid the
unnecessary hassle of completing repetitive
paperwork as well as the inconvenience of going from
one bank to another. The originator basically does
all the legwork on your behalf, including sourcing
the best rate from all major banks. |
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Is there any obligation to accept a homeloan
sourced by an originator? |
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No, there is absolutely no obligation.
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How will I be able to track down my
application status ? |
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Your property finance consultant will keep you
informed of the progress of your application and is
always available at your convenience. |
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Who will see my application? |
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Only the parties involved in processing your
application. |
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What is the difference between an ‘approval
in principle' and a ‘final grant'? |
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The ‘approval in principle' is based on your
financial credibility/worthiness and the supporting
documents submitted with your application. The final
approval is based on and given once the property has
been valued. |
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How long does an approval usually take? |
Usually about 2 - 3 working days.
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What is the National Credit Act? |
The National Credit Act (NCA) essentially protects
your rights as a consumer by regulating the granting
of loans or credit. In short, it makes responsible
lending the responsibility of both the client and
the credit provider.
By making credit/loan applications transparent, fair
and easy to understand, it gives you the power to
manage your debt effectively and pay it back
comfortably.
The Act reminds you that you have both the right and
responsibility to understand and question how your
credit agreements are structured; what repayments you
will be required to make and what the terms and
conditions involve.
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