“New Home, New Adventure, New Memories” The Wilders
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We have prepared a range of frequently asked questions, however, if you have any further questions, please don’t hesitate to get in touch.
Brokers are paid directly from the Lenders that the loan is placed with. This amount does not affect the client or the submitted loan.
When a loan is settled, the Lender pays the Brokers through their representative. This payment is not charged to the client.
Many professional brokers charge engagement, commitment and/or other professional fees to cover the costs of administration and research much like solicitors, accountants and financial planners.
The balance of an interest only loan does not reduce whilst interest only repayments are being made. The amount of interest owed on the loan is calculated daily and charged once a month. No additional payment is required. Interest only is suited for investment loans due to the possible tax advantages you can get.
The balance of a principle and interest loan will reduce each month. The interest is calculated the same as above however the actual contracted repayment is more than just the interest so that the loan is paid off in the term agreed to (eg: 25 years).
A fixed rate is applied to a loan upon request (either when the loan is first taken out or can be requested during the life of the loan) for a period of 1-5 years. This means that the interest rate is ‘fixed’ and will not change for the period applied for. If the market rate changes, up or down, the fixed rate will remain the same.
There are both pros and cons to fixed rates. A pro is that the repayments are set and you know that they will not change until the fixed rate expires. A con is that you may be liable for hefty fees if you repay the loan during the fixed rate period ( eg if you sell your house during this time).
Stamp duty is a tax regulated by state government, so the amount will vary depending on property location and value. Some states offer first-home buyer stamp duty concessions and some charge different rates on investment properties.
* Stamp duty is a significant cost, so it’s important to get your calculations right. Contact us for a reliable estimate.