Frequently Asked Questions

How do I apply for a home loan?

Contact our office using the "Contact Us" information on this website. We will assist you in completing an application form and gathering information required to process your application.

The information required will vary depending upon the type of finance involved, the individual circumstances and the details of the application. As a general rule, we will require the following information to accompany your application:

  1. Signed and Completed Application Form
  2. 100 Points of ID (See page 5 of Loan Application)
  3. Council Rates Notice (if any part of loan is to be secured by existing owned property)
  4. Copy of Contract of Sale (if any part of loan is for a purchase)
  5. Latest 6 months of Savings Statements showing deposit saved (if any part of loan is for a new purchase)
  6. Latest 6 months Home Loan Statements on a Refinance Home Loan Application
  7. Latest 6 months Personal Loan/Credit Card/Store Card Statements on a Refinance Application
  8. First Home Owners Grant Form (if applicable), completed and signed with relevant attachments
  9. Up to date Rental Income Evidence (when rent is being used for Income Calculation), either a copy of Lease or Real Estate Letter
  10. Income Statements - please contact our office for specific requirements relevant to your loan application
Synergy Home Loans Consultants are available to assist with any queries you may have regarding the above information.
Email: support@synergyhomeloans.com.au
Telephone: (03) 6331 7474
Facsimile: (03) 6331 9909

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How is the application processed?

Stage 1: The Application

Once the application has been completed and approval is being processed, you will be asked to pay establishment and valuation fees.

A valuation will be ordered on the property to be held as security. The valuer will arrange a mutually convenient time with the current owner of the property, undertake the inspection, research his findings and compile a report.

Stage 2: Loan Approval

Once we have received formal loan approval, we will contact you to confirm loan is proceeding and, if required, contact your legal representatives so they can commence their paperwork.

Mortgage documents will be prepared.

Stage 3: Signing of Documents

When the mortgage documents are received from the lender we will contact you to arrange for collection.

It is recommended that these documents be discussed and then signed in the presence of your legal representatives.

Once signed the documents will be forwarded to the lender's Solicitor pending settlement.

Step 4: Settlement

When all the documents are in order, and in the case of property purchase, all associated documents are held, settlement will be arranged.

The lender will send you a confirmation letter after settlement, confirming your loan details, repayment amounts and repayment dates.

If after settlement you need any information or are unsure of what is required, please do not hesitate to contact us.

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What are the costs associated with my application?

Your application will attract an application (establishment) fee and loan settlement fee. Please refer to the rates and charges page of this website for current fees.

Valuation fee may be applicable if more than one property is offered as security for the loan.

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What other costs apply to my loan?

As a borrower you are responsible for paying your own out of pocket expenses for the transaction. These include mortgage registration fees, mortgage stamp duty, searches and enquiry fees (if any), mortgage insurance (if applicable) and professional fees to your legal representative. In the case of refinancing, a fee for discharging a mortgage may apply.

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Should I obtain legal advice?

The mortgage contains legal obligations and we recommend that borrowers and guarantors (if applicable) seek legal advice regarding the terms and conditions of their mortgage or guarantee.

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What security can I offer for a loan?

The mortgage must be secured over residential property whether owner occupied or investment. Some exceptions may apply - details can be obtained from our office.

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Will I receive an application fee refund if the loan does not proceed?

Yes. However, valuation fees are not refundable.

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What is Mortgage Insurance?

Lenders Mortgage Insurance covers the lender in the event of the borrower defaulting on their loan. If the property is subsequently sold, and the amount from the sale is insufficient to pay off the loan in full, this insurance will cover the lender for the shortfall. The Insurer may then exercise their legal right to recoup this shortfall from the borrower.

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What are Mortgage Managers?

Mortgage Managers are first mortgage specialists who organise funding for home buyers and property investors (residential, commercial, industrial, retail) from a variety of funding sources.

The Mortgage Manager is responsible for arranging the funds for your loan and the ongoing, prudent management through each phase of your loans life - from credit assessment to the monitoring of loan repayments, insurance renewals, interest rate adjustments and loan variations.

The mortgage management industry in Australia is poised for strong growth. It is worth pointing out that there are 22,000 non-banking organisations in the US providing more than 50 per cent of home mortgages.

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Are Mortgage Managers safe?

The answer is yes. Mortgage Managers do not lend their own money for home or investment loans - they source their funds from elsewhere - and this has significant benefits. Mortgage managers do not accept deposits. They are not banks.

Mortgage Managers arrange home and investment loans using funds from sources such as unit trusts, superannuation funds, securitised funds and even the banking sector itself. Indeed, banks without well-developed and costly branch networks are a common source of the funds used by Mortgage Managers, who then pass on their competitive rates to home buyers.

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Who is responsible for the mortgage?

The owner of the mortgage is not the Mortgage Manager, but the original provider of the funds, who works through a trustee.

The trustees job is to ensure your mortgage is properly and professionally managed on a day-to-day basis by the Mortgage Manager.

If your Mortgage Manager creased trading, the trustee would simply appoint another Mortgage Manager and your mortgage would carryon as before, but under new management.

Mortgage Managers have brought strong competition to the home loan market and are subject to competitive pressures, ensuring they offer attractive interest rates and personal service.

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How does the Mortgage Manager get paid?

Mortgage Managers receive payments from two main sources - application fees which help offset the costs of establishing your loan, and management fees paid by the providers of the funds for the ongoing management of the loan portfolio on their behalf.

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What is the difference between a mortgage broker and Mortgage Manager?

A mortgage broker introduces a borrower to a lender but has no ongoing involvement with the mortgage. The Mortgage Manager is responsible for the mortgage from the time it is provided by the funding institution until the borrowers payment of the final instalment of the loan.

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What happens if a loan repayment can't be made on time?

If you find yourself in financial difficulty, your Mortgage Manager will certainly help. Phone the Mortgage Manager straight away and talk it over.

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What authority supervises Mortgage Managers?

Mortgage Managers operate under each state and territories Consumer Credit Legislation.

Members of the Mortgage Industry Association of Australia also operate under a strict Code of Ethics covering confidentiality requirements and dispute resolution procedures if a problem with your loan arises.

With all these features, arranging your home or investment loan through a Mortgage Manager has real benefits. Not only will you have access to some of the lowest interest rates available, you will also be taking out a mortgage that is as safe as houses.

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What if I still need further information?

Don't leave your questions unanswered. At Synergy Home Loans our consultants can assist you with all your pre-loan queries and post- settlement service requirments. Our contact details are listed hereunder:

Telephone: (03) 6331 7474
Facsimile: (03) 6331 9909

Or click on the link below to send us an email:
support@synergyhomeloans.com.au

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