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At Lend.ex, we understand the significance of maintaining a healthy credit score. Initially, we will not hit your credit file, in the assessment of your financial situation and in providing preliminary recommendations.

The process has a few steps: Interview, Loan Application, Lender assessing application, Conditional Approval, Valuation, Formal Approval, Mortgage Documents and Settlement. Read below to get more details on each step. Interview: During your initial meeting with KRIA Mortgage Managers, we will listen to your requirements and will explain the features and benefits of loans that may work with your situation. They will discuss and provide you with numerous options available to suit your needs. Once you are happy with your selection of the loan product, the loan process will commence. Loan Application: We will work with you through several documents including a Client Recommendation and proposal, Credit Quote & Proposal, and the lenders application. We will also explain what is required in relation to the necessary supporting documentation required so your home loan application can be lodged. Lender Assessing Application: The Bank/ Lender will assess your application to determine whether you meet their credit requirements. This process includes confirmation of your income, employment, and a credit reference check. Your supporting documentation is also assessed at this time. If the credit assessor requires any additional information, they will send through a request to us. Timeframe: Depending on the Lender - between 24 hours and 14 days. Conditional Approval: We will receive a communication on your behalf, from the Lender in the form of a conditional approval. Within the approval, the Lender will outline any matters that need to be addressed before they can issue an unconditional approval. We will advise you when we receive this approval. Valuation: The most common condition of an approval is valuation of the security being provided. The lender will order the valuation which could take up to 3-4 days to complete. The valuation is often included in an application fee if there is one applicable. Formal Approval: When a home loan application is formally approved (also known as unconditionally approved) it means that all conditions and criteria required to assess the application have been supplied, assessed, and approved. It is only when formally approved that the borrower can feel comfortable, they can obtain a home loan. We will be notified of formal approval and will then notify you. A formal Letter of Offer will be issued by the Lender. Mortgage documents will be prepared and sent directly to the applicant/s or their solicitor, depending on what was requested. Mortgage Documents: Documentation provided to you by the Lender includes the letter of offer; transfer document; terms and conditions of the loan and any other documents that are pertinent to the Lender’s own guidelines. If a purchase is involved, then it is highly recommended that you go through the paperwork with your conveyancer/ solicitor and for the conveyancer /solicitor to liaise with the Lender to schedule a settlement date. If the loan is just a refinance or a ‘top up’ it is recommended you sit down and go through these documents with us, if you have opted not to use a conveyancer. Settlement: After the mortgage documents are signed, witnessed and sent back to the lender, then settlement is arranged via your solicitor/conveyancer or if there is not a necessity for a conveyancer then we will be involved to ensure settlement is completed.

This home loan feature is operated in concurrence with your home loan account. They function the same way as a regular savings or transaction account meaning you have immediate access to your funds and on many you can earn interest comparable to a standard savings account. The interest earned is then deposited into your home loan account which reduces the account balance and in effect then reduces the interest you pay. In addition the interest earned is not taxable.

A redraw facility allows you to deposit extra money (above your regular repayments) directly into your home loan account. You can then redraw those extra funds if and when you want to. In respect to saving interest, a redraw facility has a very similar effect to a 100% offset account.

So if redraw facilities and 100% offset accounts have very similar savings, which one is best for your needs? As offset accounts operate in a similar fashion to a savings account your funds are usually easily accessible. Some offsets even come with credit cards, EFTPOS and cheques for ease of use. Depending on the Lender it may not be as easy to access your funds with a redraw account as some lenders will limit the redraws you can have per year, may have a minimum redraw amount and may charge you a redraw fee. However some people may prefer a redraw facility as the excess funds are not necessarily as easy to access. What is important is to find out exactly how a Lender’s offset account or redraw facility operates before you choose a Lender or one of these facilities because they are definitely not all the same.

This is a loan where the borrower is only required to pay the interest on the loan rather than principal. These loans tend to be popular mainly with investors who wish to make minimum repayments whilst the property hopefully grows in value or for negative gearing purposes. Repayment savings do lessen the financial pressure in the short term however there are risks in taking a loan that does not pay off any principal. One major disadvantage is that even though you are making repayments every month you are not reducing your mortgage. So if the property does not increase in value, it means you are not accumulating equity. Advantages of Interest Only Loans – Savings on repayments can be utilised for other expenses or investments Extra repayments can be made to pay off the principal (fixed loans may be limited) Financial flexibility (lesser loan repayments when you need them) Lower monthly repayments May assist maximising tax deductions (seek advice from your accountant) Disadvantages – Very few Lenders offer interest only to owner occupiers During the interest only period equity is not increasing in the property unless the value increases Once the interest only period is complete the loan will revert to principal and interest over the remaining term meaning repayments will become higher • Clients could be tempted to spend more money than they actually have.

Absolutely. We specialise in catering to a variety of financial structures. Whether your finances are organised within a company, trust, or as a sole trader, we have a diverse panel of lenders who can offer tailored mortgage products to fit your unique needs. Our extensive network allows us to find the right mortgage solution for everyone, ensuring that even those with complex financials can secure the funding they require.

At lend.ex, we are passionate about simplifying the mortgage process for our clients! We can help you identify the government schemes that best suit your needs, whether it's first-time homebuyer programs, or other beneficial initiatives. Our team will guide you through every step of the process, from gathering the necessary documents to explaining how and where to sign them. With our expertise and enthusiastic support, being a first-home buyer has never been easier!