Frequently Asked Question

How much can I borrow?
This is the question everyone asks. Calculating the maximum amount you can afford to borrow is arrived at by taking into consideration your annual income, your employment status, number of dependents, the value of the property you are borrowing against and any existing credit commitments you currently have.

Lenders (whether banks, building societies, credit unions or mortgage managers) use their own calculation software and formula to arrive at a maximum loan amount.

*Any software calculator would only represent some of the lender’s guidelines. Calculations using different software in some instances can vary by as much as tens of thousands of dollars!

At Club Financial Services we have software to narrow your search for the best loan. We also have software calculators from lending institutions to enable us to ensure that you meet their guidelines. For a personal assessment of your borrowing capacity please call Club Financial Services on 02 9629 1888.

How do I go about finding the best loan for me?
In today’s home loan market, there are dozens of financial institutions offering thousands of different home loan products. At Club Financial Services we constantly monitor over 2000 loan products from over 100 lending institutions to bring you the best available loan.

What is the difference between Club Financial Services and the bank?
We are here to assist you in choosing the right loan product for you while the bank is there to “sell” you their loan product. At Club Financial Services we don’t have an alliance to any one bank or non-bank lender. We monitor the interest rates and loan products of dozens of different lending institutions and use that information to help you select exactly the right loan product for you.

Make sure you program our number into your mobile phone. With Club Financial Services you’ll only ever need one phone number. From application to settlement we look after the whole process.

What are your fees?
At Club Financial Services our service to you is absolutely FREE. We receive a commission from the bank or lender to process your application and service you as a customer.

What is a Comparison Rate?
For a detailed discussion look at our page on Comparison Rates.

Where and when can I make an appointment to see a loan specialist?
We understand that you are a very busy person and we are more than happy to make an appointment at a time and place to suit you.

During work hours – We can meet in your office meeting room or go down to the local coffee shop if you prefer.
After hours – We are happy make an appointment in the evening or over the weekend.
Milk and sugar? – Have you ever been to the local coffee shop before work and seen the local businessmen “doing deals” over a cappuccino? The early hours of the day can be a great time to get the ball rolling on your dream home.
Your place or ours – We are happy to meet at any place that’s convenient to you. Alternatively, we are happy for you to visit us in our office.

I’m self-employed and may not have all the paperwork required to secure a home loan.
Being self-employed should not stand in the way of you getting a home loan. We have a range of “Low Doc” home loans to suit your needs. If you are concerned about your ability to qualify for a home loan we would be more than happy to meet with you and discuss your options.

I already have a home loan. Can Club Financial Services help me?
Yes. Many people are in the situation where they are paying too much interest on their loan because their loan is not structured correctly. People fear moving to another lender because they imagine the cost to be high. Call us today and we can show you how easily you can move to a better home loan for little or no cost.

Why do I need to review my current Home Loan?
Every year we receive a renewal notice for our car and home insurance and many of us take the opportunity to ‘shop around’ to make sure we’re getting the best deal.

We think nothing of switching to another Telephone carrier or Electricity supplier to save $15 a month on our bill. Every year the average household pays out $15,000 to $20,000 towards their home loan yet very few people actually spend just 1 hour to make sure they are getting the deal they deserve.

How often should I review my home loan?
Just like your insurance and other services you utilise, we recommend you should review your home loan annually. The good news is that Club Financial Services will automatically review your loan every 12 months at absolutely no cost to you.

I’m on a variable interest rate. Does that mean I automatically get the best rate available?
As you will discover during your 1-hour home loan review, there is more to a home loan than a low interest rate. Having the right structure to your loan is far more important. Variable or fixed interest rates, line of credit, interest only or principle and interest……the possibilities are endless.

Remember…a low interest rate is important but the structure of your loan and how you use it allows you to own your home in half the time.

Is it expensive to refinance my home loan? I remember when I purchased my home I seemed to spend a lot in fees.
Refinancing a home loan costs very little. There are no solicitor’s fees and you don’t pay additional stamp duty unless you increase the amount you borrow. There may be a modest application fee and this can be rolled into total loan so there are no out of pocket expenses to you.

Let Club Financial Services show you how much interest you will save and how much quicker you can become dept free.

What happens if I’m already on the best deal available?
Our mission is to make sure you have the best home loan available to you today. If, after your Mortgage Bureau review, we find your current home loan is meeting all your needs then the answer is easy….there is no need to do anything at all.