Everand Logo

Welcome to Everand!

  • Discover millions of ebooks, audiobooks, and so much more with a free trial

    From $11.99/month after trial. Cancel anytime.

    The Loan Arranger Guide
    The Loan Arranger Guide
    The Loan Arranger Guide
    Ebook150 pages2 hours

    The Loan Arranger Guide

    By Andrew Brien

    4.5/5

    ()

    Read preview

    About this ebook

    A no nonsense guide to understanding the lending process, products and features, so you the consumer, can get the best deal! Are you a first home buyer? Are you shopping around for a new home loan? Are you thinking of using a Mortgage Broker? Are you interested in understanding all of the different types of lenders and loans that are available? If you answered ‘yes’ to any of these questions, The Loan Arranger Guide is for you. This book is essential reading for all those wondering about borrowing money in Australia - how it all works and how to stay out of trouble. The Loan Arranger Guide is informative and user friendly and written in plain English. This book is easy to read and to navigate, so all the information you will need is at your fingertips, no matter where you open it. This book will simplify the home loan application process and could literally save you thousands over the course of your mortgage. It also provides information on managing your new home loan, including what to do when you miss a payment.

    LanguageEnglish
    PublisherAndrew Brien
    Release dateSep 11, 2014
    ISBN9781311727206
    The Loan Arranger Guide
    Author

    Andrew Brien

    The Australian home loan market is increasingly complex, Andrew Brien has an excellent understanding of this market and his first book; The Loan Arranger Guide provides much of this insider information.With his over eighteen years' experience in banking and finance in both Australia and New Zealand Andrew provides a wealth of useful information for anyone looking for a new home loan.He has held senior roles in banks (operations manager at ING Bank) and non-bank lenders (projects and product development manager at Australia's biggest non-bank residential lender). He is currently a business analyst with Westpac.

    Related to The Loan Arranger Guide

    Related ebooks

    Banks & Banking For You

    View More
    View More

    Related podcast episodes

    Related articles

    • UNLIMITED

      Fund a Home Business!

      Oct 18, 2019

      Fund a Home Business!
      9 min read

    • UNLIMITED

      Alternatives To Bank Financing

      Jun 4, 2020

      Alternatives To Bank Financing
      5 min read

    • UNLIMITED

      MONEY Talks

      Jan 20, 2020

      MONEY Talks
      3 min read

    • UNLIMITED

      How Credit Cards Work

      Feb 4, 2022

      How Credit Cards Work
      1 min read

    • UNLIMITED

      Flip For Fun And Profit

      Apr 1, 2020

      Flip For Fun And Profit
      8 min read

    • UNLIMITED

      HOW TO... Get Off A Blacklist

      Sep 23, 2019

      HOW TO... Get Off A Blacklist
      2 min read

    • UNLIMITED

      How To Cashflow Hack In 2022

      Jul 28, 2022

      How To Cashflow Hack In 2022
      2 min read

    • UNLIMITED

      Reverse Mortgages: 10 Things You Must Know

      Mar 26, 2021

      Get a large wad of cash! Never make a mortgage payment again! Stay in your home as long as you want! Sounds like a great deal, right? Well, for some older homeowners, a reverse mortgage can be.  For others, it's more perilous than promising. If you’r

      6 min read

    • UNLIMITED

      15 Best Foreclosure Sites for Finding Properties

      Jan 6, 2021

      You may remember that foreclosures were a big part of the Great Recession. As the economy cratered, foreclosure filings soared. In the first half of 2010 alone, 1.65 million U.S. homes spun into foreclosure, according to data from ATTOM Data Solution

      3 min read

    • UNLIMITED

      A Decade After The Bubble Burst, House Flipping Is On The Rise

      Apr 17, 2018

      House flipping is at an 11-year high in the U.S. New research shows borrowers with good credit like flippers, and not subprime borrowers, were mainly responsible for the crash. Is another bust coming?

      5 min read

    • UNLIMITED

      The Use Of Trusts For Business And Trading

      May 15, 2021

      BANKRUPTCIES in South Africa averaged 229 companies a month from 1980 until 2020. In August last year, an all-time high of 511 companies declared bankruptcy, compared to the record low of 63 companies in May 1988. The projected bankruptcies for 2021

      3 min read

    • UNLIMITED

      Build-to-rent Will Cost

      Jun 27, 2019

      Build-to-rent Will Cost
      2 min read

    • UNLIMITED

      What’s a DST? The Lowdown for Real Estate Investors

      May 22, 2022

      DSTs are unique real estate investment vehicles that allow a group of individual investors to purchase fractional interests in large commercial real estate assets that typically would be well beyond their financial reach as solo investors. DST invest

      3 min read

    • UNLIMITED

      Why I Love My Whole Life Insurance Policy

      Aug 2, 2018

      At any given family or social event, once someone knows I am a financial planner I always get pulled to the side to answer some burning personal finance question. I can sympathize with doctors. I usually get asked about the market or some stock, but

      3 min read

    • UNLIMITED

      Entrepreneurs Pay Too Much in Taxes Because They Don't Do This

      Mar 29, 2019

      As we head deeper into tax season, we're starting to hear from more and more Americans experiencing sticker shock as they file their returns. Gone is the comforting and often sizable refund check they've come to expect every year. Instead, they're fi

      2 min read

    • UNLIMITED

      Writers’ News

      Apr 1, 2021

      Writers’ News
      1 min read

    • UNLIMITED

      Beneficiary Designations: 5 Critical Mistakes to Avoid

      Apr 5, 2019

      Many people might not realize that their will does not control who inherits all of their assets when they die. Many assets pass by beneficiary designation -- which is the ability to fill out a form with the financial company holding the asset and na

      3 min read

    • UNLIMITED

      When Zombie Debt Collectors Chase Written-Off Debts

      Jan 4, 2019

      Chances are that you have never heard the terms Zombie Debt or Zombie Debt Collectors. Neither had former United States Marine Lt. Charles Lay until the first week of October 2018, when he received this phone call: "Superior Court calling, and we w

      5 min read

    • UNLIMITED

      Why ‘Rent vs. Buy’ Is the Wrong Question

      Aug 11, 2020

      In the world of personal finance, there are a handful of disputes that may never get resolved. There’s the question of whether credit cards are dangerous, or whether they’re valuable tools we can all benefit from. And I don’t know about you, but I’ve

      5 min read

    • UNLIMITED

      Real Estate Investing in 2021 Comes Down to 5 ‘Un’ Words

      Nov 10, 2020

      Unmatched. Unfortunate. Uncertain. Have you noticed a familiar pattern in some of 2020’s most-used words? When America’s content marketing leaders were recently surveyed for their most-unloved buzzwords of 2020, their top pick was “unprecedented.” Ca

      4 min read

    Related categories

    Reviews for The Loan Arranger Guide

    4.5/5

    2 ratings0 reviews

    What did you think?

    Tap to rate

    Review must be at least 10 words

      Book preview

      The Loan Arranger Guide - Andrew Brien

      The Loan Arranger Guide

      By Andrew Brien

      Copyright © 2014 Andrew Brien

      Smashwords Edition

      Smashwords Edition, License Notes

      This ebook is licensed for your personal enjoyment only. This ebook may not be re-sold or given away to other people. If you would like to share this book with another person, please purchase an additional copy for each recipient. If you’re reading this book and did not purchase it, or it was not purchased for your use only, then please return to Smashwords.com and purchase your own copy. Thank you for respecting the hard work of this author.

      Table of Contents

      Chapter 1 - Introduction

      Chapter 2 - Before you start looking for a new home loan

      Chapter 3 - Comparing lenders and key loan features

      Chapter 4 - Loan types

      Chapter 5 - Fees

      Chapter 6 - The lending life cycle stages

      Chapter 7 - The application

      Chapter 8 - Credit assessment and approval

      Chapter 9 - Settlement and loan management

      Chapter 10 - When you miss a payment

      Chapter 11 - Alternative ways to get onto the property ladder

      Chapter 12 - Online Tools and Apps

      Chapter 13 - Conclusion

      Chapter 14 - About the author

      Chapter 1 - Introduction

      Australia has one of the world’s most competitive lending industries, offering you genuine choice. The lending industry is wide-ranging, including major banks, branchless banks, regional banks, building societies, non-bank lenders, and credit unions, providing a massive number of different loans to individuals and businesses.

      This book is aimed at consumers. You don’t need to understand the lending industry to benefit from this book.

      Having an understanding about this complex industry can help you:

      • Save money by getting a better deal

      • Save time by not stumbling through the loan application process

      • Access better lending products that offer you the opportunity to build your wealth

      • Know what your legal rights are and what you should do if you find yourself in trouble

      • Understand mortgage brokers

      • Know what to expect after you take out a loan

      • Understand what loan features are available and what they offer you

      • Make sure you get the flexibility you need without paying for what you don’t need

      Getting and repaying a home loan is a major part of the average person’s life. Loan terms available now are generally thirty years or greater. It’s often the biggest financial commitment you will make; you will most likely still be repaying your home loan well into your working life, and in some cases after.

      Understanding the complex market is not easy; such a wide choice of different loan products can at times make a decision harder. This book has been developed to assist you in understanding, at a basic level, the process of getting a home loan.

      While the industry is complicated, the majority of lenders follow a similar path to approve a loan. There is a lot you can do to improve your chances of getting the best loan possible.

      A basic understanding of the application process will save you time and money when looking for a new loan. An understanding of the fees, both initial and ongoing, can assist in the decision-making process. The loan with the lowest interest rate may not be the best loan in the long term.

      It’s also a good idea to know what will happen after you get the loan. The costs and consequences of the choices you make now will have an impact in years to come. For example, will you be moving in two to three years? If you were to choose a five-year fixed rate, you may be faced with an expensive break rate fee.

      The Australian Bureau of Statistics estimates the total Australian residential lending market in 2008–09 at $1.75 trillion. Lending in Australia is big business! (Year Book Australia, 2009-10 – Lending by Financial Institutions).

      Getting the best deal may take some time, but it’s worth it. We strongly recommend that before you enter into any loan, you should seek independent financial and legal advice.

      If you have chosen to use the services of a mortgage broker, think about getting a second opinion from a different mortgage broker or your bank, and call the lender directly to see if you are getting the best deal.

      There are, of course, a few things that you should really understand, and throughout the book we will attempt to answer these key questions:

      1. Should you do a do-it-yourself (DIY) search or use a mortgage broker to find your next home loan?

      2. How do you get approved fast and without hassles?

      3. What loan should you get, including looking at variable rate vs. fixed rate options?

      Quick lessons, tips, and warnings used in this book

      To help you get the most out of this book, I’ve have attempted to provide you with quick lessons, such as pros and cons, tips, and warnings here and there to highlight important points. Here’s what each type aims to provide you with:

      WARNING: Pay extra attention when you see the word Warning. It means you may be about to do something or forget to do something that you will regret later.

      TIP: When you see the word Tip, I’m providing you with basic tips or lists to make the task discussed simpler to complete.

      PROS and CONS: A simple list of pros, reasons for doing the action; and cons, reasons for not doing the action.

      LEGAL ISSUES: When you see the words legal issues, we are providing information on the legal environment, including relevant acts of government. It’s important that you know your rights and any issues you may face.

      Chapter 2 - Before you start looking for a new home loan

      In this Chapter:

      DIY home loan searches

      Using a mortgage broker

      How much do you need to borrow?

      Is there any time when you should not refinance or apply for a new loan?

      Government grants and incentives

      Starting the Search

      So you need a new home loan. Have you found your dream home? Do you need to refinance your existing loan? Either way, you will need to search for a new loan and potentially a new lender. This can be time-consuming. There are thousands of loan products out there, from hundreds of lenders.

      Do you really know what you need? How will you find the right mix of interest rate and features? What are the latest trends? Which lenders are looking for your business and willing to make it worth your while to go with them?

      These are just some of the questions you are likely to have. But there is a simpler question you need to ask: do you want to do it yourself or go to a mortgage broker?

      Do you love to research stuff? Have you got a lot of time? Are you financially literate? If so, you may want to do a DIY search.

      Are you pressed for time? Do you just want someone to give you a range of options? Do you need to talk face-to-face with someone? Does going to a one-stop shop where you can see a selection of options interest you? If so, you should consider using a mortgage broker.

      DIY Home Loan Search

      Thankfully, today you don’t have to arrange a meeting during business hours at the lender’s office to discuss your home loan. Back in the 1980s, you almost had to go on your hands and knees when seeing the bank manager! Today you can surf the Net and get the basic information (interest rates, application fees, and ongoing fees) from almost any lender’s website. You can also use Finder.com.au to compare lenders and loans. Plus at Finder.com.au we have lost of information in the form of interview with lenders, articles and guides and tools to assist you in your search.

      However, to get an idea of the credit requirements you will need to contact the lender. This may be in person at a branch, or over the phone or Internet. A few lenders still have mobile managers who are able to visit you at your home or office.

      To really confirm how much a lender will allow you to borrow requires some basic information about your financial history and employment. The lender can then estimate the maximum loan amount they can give you and discuss products with you.

      WARNING: Don’t apply (complete an application form or agree to a credit check) at each lender, as each application will be recorded on your credit file. This can backfire on you, making it difficult to get a loan. Lenders don’t like to see a lot of enquiries on your credit report.

      Comparing different

      Enjoying the preview?
      Page 1 of 1