Frequently Asked Questions

Click below to find the answers to our most frequently asked questions.

How much can I borrow?

Different lenders have different methods of calculating your borrowing capacity based on your financial position. For example, we have known one lender to lend $400,000 and another $280,000 based on the same customer profile. A phone call or email to us can quickly determine your maximum loan amount.

Do you lend me your own money?

No, NFMC does not provide funds. As a broker, we act as intermediaries between you and the lender.

What will it cost me?

Our services come at no cost to the borrowers. There is no fee for the specialist home loan broking service we provide for you. The lender you have chosen pays us a commission from its profit.

How long will it take to get finance through?

Depending on the lender and type of loan it can take between 10 and 40 working days. If you need funds urgently, we will limit your choice of lenders to those who have short turn around times.

Do I have to chase the Lender or do you do that?

We'll take the hassle out of the application process by managing it for you right through to settlement. We will help you with any questions that you may have and keep you updated at all times. If there are any problems we'll chase up the lender for you.

Can NFMC arrange a pre approval with a Bank?

Yes, we can arrange a written pre approval from a lender. You can then seek your ideal property with the confidence the funds are available.

What is Mortgage Insurance?

Mortgage Insurance protects the lender in the event of non repayment of the loan. It is a once off premium payable on settlement of the loan and is usually payable on loans where the borrower has less than 20% equity in the property.

Can I get a home loan if I don't have tax returns?

Yes, this is known as a low documentation loan (Lo Doc). We have access to lenders who do not require Tax Returns to be provided

Can I pay extra on my mortgage?

All the lenders on our panel allow you to make extra repayments on your variable rate mortgages. These extra repayments can also be redrawn from the loan should you need access to funds for investment or personal use.

Should I fix the interest rate on the mortgage?

Fixed rate mortgages offer certainty over the interest rate, but they take away some flexibility. Most lenders have restrictions on extra repayments and redraw is usually not available. Fixed rates also have break costs that need to be factored in.

It is difficult to predict the movement of interest rates and it's best to look at fixed rates as a protection strategy. For example, a Fixed Rate may be appropriate if you could not afford further interest rate rises on your current salary.

You could decide to split the mortgage between fixed and variable and it is part of our service to help you determine what will work best for you.

Why would I refinance?

Often we find that many borrowers are paying higher interest rates and fees than they should. Some may have started on a honeymoon or introductory rate, but are now coasting along on a standard variable rate when they should be doing much better.

Other clients may have a loan with all of the "whistles and bells" when a basic variable loan would save them thousands of dollars over the life of the loan.

With our software we can quickly identify if a refinance is suitable for you and arrange the necessary paperwork.