Q: How much can I borrow?

Providing an answer to this question is not straight forward, as the calculation for what an individual can borrow is effected by numerous factors. To help you understand how involved this question is to answer, below is a list of items that effect how much you can borrow;

As you can see the list of potential variables is extensive and not limited to those above. However with a short 3-5 minute conversation we can give you an accurate indication. Please feel free to contact one of our professional mortgage advisers at your leisure to get a precise figure on how much you can borrow.

Q: What is LVR?

LVR stands for Loan to Value Ratio. It is the ratio of the Loan Amount to the Purchase price or Valuation Price. For example, if your new property has been valued at $200,000 and you are borrowing $150,000 then the LVR is 150,000/200,000 which is 75%.

The maximum LVR differs from lender to lender and is also affected by a number of factors. These factors can include but are not limited to the amount you are borrowing, location of the property, whether you are borrowing for investment purposes or for your own home.

Q: Why should I deal with Total Home Loan Service?

This is a question we are rarely asked at Total Home loan service due to the fact that the majority of our business is referral based. Our customers come to us after hearing great things about the way we do business. However for those few customers that are not referred to us please see the testimonial section on this website with letters from our existing clients. We would much rather have this question answered for you by them. The original's of all these letters are kept on the coffee table in the reception of our office.

Q: What is a redraw facility?

If you have a variable rate loan, your redraw facility allows you to make extra loan repayments when you can, and then withdraw these funds if you need them. It's a good idea to put any spare money into your home loan, as it helps you pay your loan off sooner. Even if you redraw some of the money, you will have reduced your interest payments for the time the extra money sat in your loan account.

Q: Can I switch between variable and fixed interest rates?

This very much depends on the loan product that you select. If this is an option you would like to have available on your mortgage, then you need to mention this to your mortgage adviser during your appointment as it may affect the product selection process. Switching from a variable to a fixed rate is normally available, and generally attracts no cost. Switching from a fixed to a variable rate is not so simple. Costs may apply if you break your fixed contract before the end of the fixed term. These costs will depend on current market rates, your loan balance and the portion of the fixed term remaining at the time you wish to switch. Our Mortgage advisers will help you fully understand the implications involved.

Q: How is interest calculated?

Interest is calculated on your outstanding balance on a daily basis and charged to your loan account once a month. As the number of days in each month varies, the amount of interest charged each month may also vary. The formula for interest calculation is - Balance x interest rate %. Divided by 365 days in a year x number of days in the current month.

Q: Which Loan is best for me?

This is a question that can not be answered in any general fashion. The needs of one person to another can vary tremendously and the best loan for your situation can not be determined without looking at your whole financial situation. This is why we custom tailor mortgages to fit the unique scenario that every customer is in. We don't attempt to force fit you into an "off the rack" mortgage. Basically because of the way we structure finances for each customer individually, it is impossible to give an answer to this question without discussion with our customers first. Please feel free to contact one of our professional mortgage advisers at your leisure.

Q: Can I make fortnightly or weekly repayments?
Q: Can I make additional repayments?
Q: Can I redraw?
Q: Can I pay my salary directly into the loan?
Q: What costs are involved?
Q: Can I have a credit card linked to the facility?
Q: Principle and Interest, or Interest only, what is best for me?
Q: What is the interest rate?
Q: What are the repayments?

Once again, the answers to the above questions will change depending on loan purpose, borrowed amount, loan product, lending institution and the list goes on. So as you can probably imagine, answering these questions is really not that easy without first having a discussion about your individual situation and needs. Once again this all relates to the way we at Total Home loan service Structure a mortgage around you, rather than making you fit into a mortgage. Please feel free to contact one of our professional mortgage advisers at your leisure.

Q: How many lending institutions does Total Home Loans Represent?

Total Home loan service currently has access to loans from over 50 different lending institutions and this continues to grow. As a part of our ongoing commitment to serving our customers it is our responsibility to ensure we remain at the frontline of new funders entering the market. This guarantees we are completely up to date with new loan products becoming available, from which we can pass on any savings to our customers.