Home Loans
Sunshine
Coast
Home Loans Sunshine Coast
When it comes to home loans, Sunshine Coast residents have a lot of questions:
- How can I find the best home loan rates?
- Are there any government grants that could help me secure a better deal on a home loan?
- What should I know about fixed vs variable home loans?
- Can I get a home loan with no deposit?
- Should I use a mortgage broker or my bank when applying for Sunshine Coast loans?
Why so many questions? Because applying for a home loan could be one of the most significant financial decisions you’ll ever make. Add to that the uncertainty surrounding interest rates and a booming Australian property market, and it’s easy to see why borrowers (both first home buyers and those with more experience) have so many questions.
Fortunately, finding the right home loan isn’t something you have to do by yourself. The experienced team of mortgage brokers at Sunshine Coast Financial Solutions can help clear the way so you can make an informed decision on the best home loan to suit your needs.
We have a quick and easy step-by-step approach that takes the hassle out of the lending process. With extensive industry experience and over 500 verified 5-star customer reviews, Sunshine Coast Financial Solutions is the ideal choice when it comes to Sunshine Coast home loans.
Your Preferred Mortgage Broker - Sunshine Coast Financial Solutions
Why are so many homebuyers choosing to work with a mortgage broker at Sunshine Coast Financial Solutions?
The team at SCF Solutions are committed to achieving the best outcome for the customer every time. To do this, we first of all need to understand the unique financial situation and future goals (both short- and long-term) of each client. We appreciate that this will take up more of our time – but we’re willing to put in all the time and effort necessary to ensure every client receives a competitive home loan that suits their needs.
If you need a mortgage broker, Sunshine Coast Financial Solutions can help with a wide range of home loans, including:
- Fixed interest loans
- Variable interest loans
- Refinanced home loans
- Line of credit loans
- Interest only loans
- Low doc home loans/light doc loans
It’s not just about getting the loan with the lowest interest rate – it’s about finding the right loan product to suit your needs. Book an appointment today to discuss the home loans Sunshine Coast Financial Solutions has available and to discover which loan structure will be best for you.
What You Need to Know About No Deposit Sunshine Coast Loans
With the rising cost of living, it’s becoming more difficult to save up a 20% deposit for a home loan. If you’re struggling to save up a sizable deposit, you might be wondering if there’s an alternative solution. Are there home loans Sunshine Coast residents can apply for that require minimal upfront commitment from the buyer?
The short answer is yes, low deposit (and even no deposit) home loans do exist! If you’re looking for low deposit Sunshine Coast loans, it may be worth considering the following options:
1. Use a Guarantor for a No Deposit Loan
Most lenders will charge Lenders Mortgage Insurance on home loans that have a deposit of less than 20% (since these are considered high-risk loans). However, if someone (usually a parent or close family member) is willing to guarantee the loan, then you may be able to secure a no deposit loan without having to pay LMI.
The best features of a guarantor loan include:
- It lets you borrow up to 105% of the purchase price.
- The loan can be used to cover stamp duty and other costs.
- Guarantor loans generally have lower interest rates (since the risk to the lender is reduced).
2. Apply for Low Deposit Government Initiatives
If you’re a first home buyer, you can take advantage of the following government initiatives to jumpstart your home buyer journey:
- First Home Guarantee Scheme: Previously known as the First Home Loan Deposit Scheme, with this initiative you will still have to pay a 5% deposit but you will be exempt from paying LMI.
- First Home Owner Grant: The grant provides eligible buyers with up to $30,000 to be used for buying a first home (you will still have to allow for other upfront costs, such as legal fees, moving expenses, etc).
- Family Home Guarantee: Eligible applicants can apply for a home loan with just a 2% deposit, with no LMI.
These nationwide programs have specific eligibility criteria that applicants will need to meet. To discuss what government initiatives you might be eligible for, contact the team at Sunshine Coast Financial Solutions for some free expert advice.
3. Use a Monetary Gift as a Deposit
While most lenders prefer “genuine savings”, you can also use an inheritance, lottery winnings and other forms of non-refundable monetary gifts as your deposit.
Some lenders may accept this type of deposit (funds you didn’t save up yourself) as long as you can prove with proper documentation that you’re not expected to pay the money back.
4. Use Your Super as a Deposit
There are two ways you can use your superannuation to buy a house. The first is through a Self-Managed Super Fund (SMSF). With an SMSF, you can borrow up to 80% of the purchase price when buying an investment property.
You won’t have to save up a cash deposit, as your superannuation will serve as your deposit. The caveat is that you cannot purchase your property in your own name and it can only be for investment purposes.
Alternatively, you can use the First Home Super Saver Scheme to help boost your savings for a house deposit.
5. Using Home Equity as a Deposit
There are lenders who will accept home equity as a deposit. If you already own a house and have built up enough equity, you can use that equity to apply for a home loan without having to supply a cash deposit.
You can access your equity by refinancing your existing loan or by applying for an equity loan. Lenders sometimes offer a cash rebate for equity deposit home loans on the Sunshine Coast, so ask a trusted broker for advice before applying.
Bank vs Broker: Which is Better for Sunshine Coast Home Loans?
When applying for Sunshine Coast home loans, who should you use? A bank, a non-bank lender or a mortgage broker?
A bank is what’s known as a direct lender. This means that they are a financial institution that originates, processes and funds loans themselves. Banks usually offer a range of products and services including everyday transaction accounts, savings accounts, personal loans, business accounts, business loans and credit cards.
A non-bank lender is a specialised mortgage lender that caters for special needs and circumstances. They are direct lenders, like banks, however, they generally do not offer other financial services like credit cards or savings accounts. This type of lender typically offers home purchase and refinance loans.
A mortgage broker is an accredited professional who works for the customer to find and secure the best home loan deal. They have a lending panel made up of multiple different banks and other financial institutions. They do not work for a bank or any particular lender and they generally do not charge the customer a fee for service.
Mortgage brokers offer expert financial advice and can provide access to a wide range of loan products from a panel of lenders. This allows them to compare all the available loans and then advise which product will provide the best fit for your unique financial circumstances.
Is It Easier to Apply for Sunshine Coast Loans Through Your Own Bank?
Borrowers often wonder if it is easier to just apply for a home loan with their existing bank (after all, they already have all your details on file).
For those refinancing a home loan, if your current lender is definitely offering the best possible deal, then yes, the process can be fairly straightforward if you stick with your existing bank.
But for a first-time home buyer, you will still have to go through the same application process to get a mortgage from your current bank. They will have your banking records on file, but you’ll need to supply all the other relevant information that is required for a typical home loan application.
The downside to applying through your bank is that they won’t tell you about other options available from different lenders, so you may miss out on a better deal elsewhere.
To compare your current bank’s mortgage offer with others, you’ll need to:
- Research the market.
- Find out what other lenders have available.
- Approach them for their products and best deals.
- Accurately compare all the available loan products, factoring in interest rates, loan fees, loan structures and loan features.
- Determine which loan will offer the most competitive deal while still being the best fit for your needs.
- Apply for your preferred home loan and hope that the lender approves your application.
If you think this sounds like a lot of time and effort for somewhat uncertain results, then you’d be right! However, there is a way to simplify the above process – talk to an experienced broker.
A Sunshine Coast mortgage broker will be able to handle all of the above steps for you (they’ll even submit the paperwork on your behalf). Working with a mortgage broker is simple, effective and the best way to ensure you’re getting a competitive deal.
What are the Benefits of Using a Mortgage Broker for Home Loans Sunshine Coast?
If you’re starting to think about home loans, Sunshine Coast Financial Solutions are here to help. When you work with the brokers at SCF Solutions you gain access to a fantastic range of benefits, including:
Expert Guidance
Our brokers can provide expert guidance through the complex process of applying for a home loan. By providing personal advice tailored to your financial situation and goals, we can ensure you make informed decisions every step of the way.
Wide Range
At SCF Solutions, we have access to a vast network of lenders, including banks, credit unions and private lenders. This makes it easier for us to compare a range of products and identify the best loan options with competitive interest rates and suitable terms.
Save Time
With advanced industry knowledge and connections, our brokers can streamline the loan application process, saving you valuable time. We’ll take care of all the paperwork and communication with your lender and handle any potential hurdles that may arise.
Custom Solutions
We’ll assess your unique financial circumstances and preferences to match you with the most suitable mortgage products. Whether you’re a first home buyer, self-employed or have specific credit needs, we’ll find the loan structure that’s right for you.
Negotiation Skills
Our brokers will leverage their negotiation skills and industry expertise to secure favourable terms on your behalf, potentially saving you thousands of dollars over the life of your loan (thanks to lower interest rates, reduced fees or waived charges).
Special Deals
We often have access to exclusive deals and limited promotions offered by lenders. This allows you to capitalise on special incentives such as discounted rates, cashback offers or waived application fees that may not be available to the general public.
Ongoing Support
We’ll be available to provide ongoing support and assistance even after your loan is approved. Your broker can help you navigate any changes in your financial situation and assist with refinancing the loan or borrowing again in the future.
Less Stress
By managing the complexities of the mortgage application process and acting as your advocate, our brokers can alleviate a lot of the stress and uncertainty associated with home loans. You’ll have peace of mind knowing that you’re in capable hands.
Should I Use a Mortgage Broker on the Sunshine Coast?
Many borrowers wonder if they should use a local mortgage broker on the Sunshine Coast when applying for a home loan. The short answer? Yes.
What are the benefits of using a local broker?
1. In-Depth Market Knowledge
Local mortgage brokers have a deep understanding of the regional real estate market, including local trends and property values, allowing them to provide tailored advice based on your specific location.
2. Personalised Service
A local broker can provide one-on-one consultations, taking the time to understand your unique needs and preferences.
3. Established Relationships
Local brokers often have established relationships with area lenders, real estate agents and other professionals involved in the home buying process.
4. Accessibility and Convenience
Being local means you can have face-to-face meetings, providing a level of convenience and accessibility that may not be possible with remote brokers, especially when discussing sensitive financial matters.
5. Community Connection
Local brokers are invested in the community and its residents, often participating in local events and supporting small businesses, fostering a sense of trust and accountability within the community.
6. Navigating Local Regulations
A local broker will be well-versed in any regulations and government programs that may impact your home buying journey, ensuring compliance and helping you take advantage of any available incentives or assistance programs.
What is the Best Interests Duty?
You can guarantee that your Sunshine Coast mortgage brokers will always act in your best interests. How? Because a broker is governed by Best Interests Duty Legislation.
The Best Interests Duty is a statutory obligation requiring mortgage brokers to work in the best interests of consumers (that’s you) and to prioritise your interests when providing you with credit assistance (this comes under our conflict policy rule).
It was put in place to ensure that the consumer’s expectations and interests are aligned with the interests of the mortgage broker helping with their finance.
To ensure compliance with these guidelines, we take the time to understand your personal circumstances, your finances and your ability to repay a home loan as well as your lifestyle goals. We then match you with a lender and home loan product that ticks all the right boxes for your situation.
What Does the Best Interests Duty Mean for You?
All qualified mortgage brokers operate under Best Interests Duty. However, this legislation does not apply to banks.
This means there is no legal requirement for a bank to work in your best interests when you approach them directly. They don’t have to legally assess your circumstances and ensure they are giving you the best option to suit your needs. They certainly don’t have to tell you if another lender is offering a better deal.
As trusted home loan brokers, we are legally bound to assess your finances and act in your best interests when we recommend a home loan solution to you. We have a large panel of lenders available in order to make the ideal match happen for you.
Thanks to Best Interests Duty, you can trust your mortgage broker to tell you the truth. You won’t have to worry about ulterior motives or wonder why they’re recommending a particular lender or loan product. You’ll have total peace of mind that they’re recommending the best home loans to suit your specific needs.
A Leading Mortgage Broker: Sunshine Coast Financial Solutions
If you’re researching home loans, Sunshine Coast Financial Solutions are here to help. Our talented mortgage brokers will assess your current and future financial plans to ensure you get the best loan possible for your unique situation.
We start by listening: listening to your needs, your goals and your concerns. We’ll take into account your preferred level of risk, as well as your future earnings and professional goals. All of these considerations are critical in securing a loan that not only allows you to acquire this home, but that also allows you to meet your financial obligations in the future without incurring additional fees, expenditures or restrictions.
You can chat with our brokers for help with all your home loan needs, including home buying, investing and refinancing. Ready to start applying for home loans on the Sunshine Coast? Contact Sunshine Coast Financial Solutions today for some expert advice.
