Why Choose Greenline Home Loans?

Interest Rates

Greenline Home Loans offers competitive rates and suitable terms for all our clients.

Intuitive Internet
Banking Platform

Secure access to your account to manage your loans, payments, statements and more.

Borrowing Capacity

Our lenders can provide you with up to 98% borrowing capacity.

Mortgage Brokers

Our professional brokers will find the best products to match your requirements.

8 Steps to
Your Property Goals

Let us take the stress out of the finance process for you! We‘ll do all the research and paperwork, and be with you from start to finishfrom application to postsettlement. You‘ll save time and money with us on your side! Learn more about our award winning 8 step process.

Reach Your Property
Goals Faster!

Learn How

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Frequently Asked Questions.

What Is The Role Of A Lender?

A lender is a business or financial institution that extends credit to companies and individuals, with the expectation that the full amount of the loan will be repaid. Lenders require borrowers to pay interest, which is charged on a certain percentage of the total amount of loan extended to the borrower.Before a borrower enters and applies for a loan, a lender must make reasonable enquiries so that they are satisfied that the contract will likely meet your needs and that you will be able to make your repayments without suffering substantial hardship.

Our lenders here at Greenline Home Loans will help you reach informed decisions, ensuring that you are pleased with various products that match your requirements.

What Is Required by a Lender When Applying For a Loan?

There are five common requirements that lenders look at when assessing loan applications.

1. Credit Score and History

An individual’s credit score is one of the most crucial factors that lenders consider when evaluating a loan application. Credit scores are based on one’s payment history, amount of outstanding debt and length of their credit history. Many lenders require loan applicants to have a minimum credit score, although, some lenders will lend to applicants without a credit score at all.

2. Income

Lenders appoint income requirements on borrowers to ensure that they have the ability to repay a loan. You may be required to provide evidence of your income in the form of bank statements, payslips and recent tax returns.

3. Debt-to-income Ratio

The debt-to-income ratio represents a portion of a borrower’s gross monthly income that goes towards their monthly debt service. Lenders use this ratio to forecast a prospective borrower’s ability to make payments on new and current debt.

4. Collateral

If you are intending to apply for a secured personal loan, your lender will make it necessary for you to guarantee assets as collateral. Secured personal loans can be collateralized by assets such as investment accounts, real estate or cash accounts. If you fall behind on payments, your lender can repossess the collateral to regain the remainder of the loan balance.

5. Origination Fee

Many lenders require borrowers to pay personal loan origination fees to cover the costs of processing applications, running credit checks and closing.

Is It Better to go to a Lender and Mortgage Broker Near Me or go Directly to a Bank?

Getting your loan from a lender or going directly to a bank ultimately depends on your personal preference. You may feel that a lender is a more convenient option for you as they will have more knowledge of the various loans available and may be able to suggest the one most suited to your situation. Lenders can also negotiate interest rates and other terms directly on your behalf. Also, in most cases, you will pay less to utilise the services of a lender rather than going directly to the bank.

What is a Home Loan Pre-Approval?

A pre-approval is where your lender gives you conditional approval to borrow money for your ideal property before you have even found it. At this stage, nothing is final, and the lender still has the ability to decline your final loan application.

A home loan pre-approval provides you with a precise amount that you can afford to spend on your future property. This is very helpful as it acts as a guide, narrows your search, and avoids wasting time searching for homes that are way beyond your budget.

Greenline Home Loans can help you with your home loan pre-approval. Get in contact with us today!

What is the Difference Between Fixed and Variable Rate Loans?

A variable rate loan is a loan that has interest rates that may change from time to time. Typically, the rate movements correlate with the Reserve Bank Australia (RBA) rate announcements, however, the change might not be the full rate cut or rate increase.

A fixed-rate loan is a loan that has an applicable interest rate that is determined at the time the loan is fixed and remains applicable for the term of the fixed-rate loan. Fixed-rate terms tend to vary between 1 and 5 years, and the fixed-rate offered may vary between the different loan terms, as it relates to the lender’s expectations for the RBA rate movements over the coming years.

Generally, the variable rate loans may offer more features, such as an offset account or a redraw facility and may allow for additional repayments, while fixed-rate loans tend to be less flexible and offer fewer features.

Clients can choose to split their loans and hold a portion of their lending as fixed-rate loans and a portion as a variable-rate loan. This enables you to benefit from both worlds.

To find out what is the optimal solution for your needs, speak to one of our experts at Greenline Home Loan today!

What is an ‘Offset Account’?

An offset account is a simple transaction account that enables you to utilise your surplus cash in order to offset against the interest applicable to your loan.

For example, if your home loan balance was $500,000 and you have $10,000 in your offset account, you would only be paying interest on $490,000. The cash sitting in your offset account is always available to you as it is not paid into the loan. As interest is calculated daily by the lenders, your offset account is a great place to have your salary paid into.

What is an ‘Interest-Only’ Loan?

An Interest-Only Loan, as the name entails, is a loan where the borrower is only required to repay the interest on the loan, making the monthly repayments lower as you are not required to add the principal portion of the repayment. This, in turn, means your loan amount is not reduced over time.

Interest-Only loans are typically sought after by investors who are looking to manage their cash flows on investment properties, as well as to maintain their loan balance for taxation reasons.

Lenders tend to offer Interest-Only terms for no more than 5 years, with the expectation that the loan will revert principal and interest repayments over the following 25 years of the loan.

Another important consideration for borrowers is that Interest-Only loans tend to attract higher interest rates than loans with principal and interest repayments. So, the decision on which loan type to proceed with must take several variables into consideration.

What is Negative Gearing?

Negative gearing is a term that applies to property investors. A negative gearing position happens when your property-related annual expenses are higher than your annual rental income. Accordingly, if your annual rental income is higher than your expenses, your position is referred to as ‘positively geared’.

The benefits of negative gearing are often related to taxation considerations, while the benefits of positive gearing often relate to cash flow management.

If you are considering an investment property purchase and would like to discuss the various gearing strategies applicable to you, contact us today!

What is Lenders Mortgage Insurance?

Lenders Mortgage Insurance (LMI) applies to lending exceeding 80% of the property value, based on the lender's property valuation. This cost relates to the increased risk taken by the lender when providing their loan. LMI can sometimes be capitalised into the loan, which means you do not need access to capital to afford this loan. At times, some lenders may waive this cost to certain professionals such as accountants, lawyers or engineers.

To find out what the LMI costs are associated with your potential purchase, contact Greenline Home Loans today!

What is a ‘Comparison Rate’?

Ever seen a “Comparison Rate” listed right next to the advertised rate? Have you stopped to ask yourself what that rate is?

The comparison rate is the applicable rate calculated considering all fees and charges applicable to the loan. The comparison rate is then calculated based on a loan of $150,000 and a loan term of 25 years.

When taking out a loan, you are advised to make sure you understand what all the fees and charges are applicable to the loan and understand the benefits of the loan features offered relating to the applicable fee.

Talk to us today so that our Greenline Home Loan specialists can find the optimal solution for you!

What’s The Difference Between A Mortgage Broker And A Mortgage Lender?

Mortgage brokers do not lend money to borrowers. The role of a broker is to help borrowers find the best lenders according to their circumstances. They work with many lenders and act as the middleman or matchmaker.

On the other hand, a mortgage lender provides mortgages - loans in which you use to purchase a property. Borrowers repay this money over time. You will need to obtain quotes from multiple lenders to explore all your borrowing options.

How Can I Apply for a Loan to Consolidate My Credit Cards or Personal Loan?

When applying for a loan, often you might be able to apply for additional borrowing in order to consolidate your credit card debt or personal loans. This can help you significantly reduce the interest rate applicable to your current debt and repay your debt much faster, saving you on interest charges.

Those who have an existing mortgage loan can consider a mortgage refinance and cash out strategy to help them consolidate debt.

To find out if you can save on interest and repay your debt quicker, contact Greenline Home Loans today!

Keep in Touch.

We’re here to help! Speak to one of our professional brokers today.