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Home Loans FAQs

All our finance specialists are registered credit representatives of Better Choice Mortgage Services. They are also all accredited with Mortgage & Finance Association of Australia (MFAA) and Australian Finance Group (AFG).

All BC’s finance specialists have to also undergo accreditation courses with each lender to familiarise themselves with the various loan products.

All of them also have either prior experience in the banking/finance industry or relevant tertiary qualifications.

You can be assured that our finance specialists know what they are talking about!

Better Choice Mortgage Services has been established since 2000, first located in Claremont and now in Balcatta.

Whilst Better Choice was established in 2000, our Directors have been in Finance for longer than this.

Vic Giannakis, a CPA qualified Accountant, started in the industry in 1994.

Sebastian Scurria entered the finance industry in 1992

For more information about the company, please click here.

Better Choice Mortgage Services has won an Australian Finance Group (AFG) Western Australia’s Champion Business Award from 2008-2015. Our brokers also provide a free service that’s available 7 days a week!

We offer you 1000’s of home loans options

We have access to over 35 different banks, building societies and non bank-lenders to give you the best possible finance solution. Our brokers are continually informed on each product from each lender. Don’t go straight to the bank as you will be limited to the bank’s own loan products; contact us for a full product suitability assessment today.

Our service will save you time

The never-ending paperwork, continual researching to compare the best loan products can all cause unnecessary stress on an already stressful situation. Our brokers deal with lenders everyday and can take all the stress away in getting your loan approved.

Our client is our number 1 priority

Finding the most suitable loan for each client is our number 1 priority. No matter if you are a first home buyer, investor or self employed, whatever the case may be we can help you find a loan that is right for you.

There are a myriad of associated cost in purchasing a home! Outlined below are some of the costs that a borrower may need to pay.

  1. Stamp duty on the transfer of the title of the home or block of land into your name.  In a number of Australian States, First Home Buyers and or/owner occupiers may get some stamp duty relief. For example, in West Australia, First home buyers may qualify for the following stamp duty relief, i.e.
    • House up to $430,000 purchase price the purchaser pays $0 stamp duty
    • Land up to $300,000 purchase price the purchaser pays $0 stamp duty.
  2. Settlement Agent Fees are another fee that the borrower will encounter. Settlement agents will manage the conveyancing of the property through to settlement. There is a standard schedule of fees depending on the price of the property, but the fees are negotiable due to the competitive nature of the industry. 
  3. Transfer Registration Fees is a Government fee a borrower must pay to register the “Transfer of Land”.
  4. Water and Shire rates are payable in advance and they generally come due July/August each year. Hence, you are paying rates for the forthcoming year. Depending upon what time of the year you buy will dictate how much you reimburse the vendor of the property.
  5. You should always leave a little aside for miscellaneous expenses such as insurance (home and contents), moving expenses (if required), getting the telephone connected (if required) plus any other little expenses that may pop up.
  6. Lender Application Fee may be charged to you. If the lender of your choice does charge a fee it would cover such expenses as:
    • Lender Establishment Fee
    • Valuation Fees
    • Documentation Preparation Fee

Due to the competitive nature of the industry, many lenders do not have an application fee

  1. Mortgage insurance is another fee that you may pay. Generally, insurance is required on your loan if the lender advances you greater than 80% of the purchase price. The insurance policy protects the bank should the borrower default on the loan and the lender cannot recoup enough from the sale to payout the loan. The insurer will payout the shortfall from the sale of the property to lender and then attempt to recoup that shortfall from you the borrower.

Before you start scouring the net or papers for your dream home, Better Choice highly recommends that you approach your Broker and get a preapproval loan application underway.

A pre-approval application seeks an “approval in principle”.  That is, subject to you contracting on a property of similar value to what was specified in the preapproval application, the Lender will work towards upgrading the pre-approval to a formal approval

Preapprovals are clearly only available for residential property.

  1. If your pre-approval expires and you have decided not to purchase a property, neither Better Choice Mortgage Services nor the lender will charge you a fee.
  2. Pre-approvals do not obligate you to purchase a property.
  3. With pre-approved finance, once you find a property, the time frame in settling the property can be shortened considerably.
  4. Having pre approved finance may enhance your bargaining position when negotiating on the purchase of a property. Especially, in the case where there are other purchasers who are also interested in the same property as yourself.
  5. Vendors and Real Estate Agents love dealing with purchasers who have pre-approved finance
  6. There is no cost to you! Neither the lender or Better Choice Mortgage Services charge a fee to arrange pre-approvals.   
  7. Pre-approvals last 3-6 months
  8. Your financial situation is assessed and any issues that may arise are sorted out prior to you contracting to buy a property. 

One of the major things that people forget to consider is Asset Protection.

Take a minute to imagine how your loved ones would cope if you were to pass away or have an unfortunate accident and not be able to work for an extended period of time!

How would they be able to make the repayments on the mortgage? How would you feel if they had to sell the house and rent? You can avoid these questions by covering your family with life and disability protection.

At Better Choice, we must ensure you are aware of the need to protect yourself and your family from possible financial hardship caused by events out of your control. As an additional service to you, we can offer a free consultation with a qualified Financial Planner who can discuss with you the best way to protect yourself and your family.

Please contact us for more information.

Other services you may require in the process of acquiring your property include:

  • Pest inspection
  • Building structural inspection
  • Settlement agents/Conveyancers
  • Depreciation Reports
  • Legal services

For more information about such associated services, please click here.

If you would like to pursue a career as a Better Choice Mortgage Broker, please send through a resume to bdm@betterchoice.net.au, indicating your interest.

Alternatively, you can also ring the office at (08) 92401 2001 ext 7715 to inquire for more information.

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