Choosing the right loan

Confused with looking for a loan? It's not surprising. There are so many lenders with so many products and opinions it's easy to become overwhelmed with the entire process. You may find that you fit the loan approval criteria of many lenders and many products, or find that you cannot get a loan with any of the major lenders or you have an unusual financial situation and are not sure where to start. At Loans Australia we use the 'funnel process' to determine the right loan for you.

Loans Australia takes you through the 'funnel process' to:

• Ultimately arrive at the product/s that meet your needs
• Ensure you understand the features of the products and how they benefit you
• Determine that you have complete confidence in the product chosen and that it is the right tool to meet your financial goals.

The Funnel Process

• Determine your finance goals both short term and long term. We use the 'know your client' needs analysis to understand your individual needs and circumstances and how this may affect your borrowing potential.
• Establish your 'must haves' 'must nots' or 'indifference' to lenders and available mortgage products.
• Clarify your current financial situation, the loans process and timeframe.
• Determine your borrowing capacity.
• Compare and contrast the top 5 lenders that meet your needs and requirements, have competitive interest rates, the lowest fees and charges, and who will lend you the amount required. In addition Loans Australia will provide you with an approximate costing of the loan costs eg stamp duty, application fees, mortgage registration, valuations etc. Your solicitor will determine the final exact costs closer to settlement.

The Loans Australia 'compare and contrast' method incorporates state of the art software - however it takes more than a computer to work out the best and most appropriate home loans for you. Your financial situation is unique to you and we advise that you use a mortgage company that looks beyond a computer printout when offering you options.  

• Only when you are completely satisfied with the product chosen do we complete and forward an application to the chosen lender.

To find more about what happens when the application is submitted to the lender see our Loan Transition System and What We Do For You .

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