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FAQs

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What is Lenders Mortgage Insurance

Depending on your lender’s requirements, Lenders Mortgage Insurance (LMI) allows you to borrow up to 95% of the purchase price of your home, with a lower deposit than is usually required. Traditionally, lenders require borrowers to have at least a 20% deposit.

What is the cost of Lenders Mortgage Insurance

LMI (Lenders Mortgage Insurance) is a once off payment for loans secured by a registered first mortgage on loans up to 95% of purchase price. Premiums vary from these specialist insurance companies, therefore we have included the following links to calculate an estimate:

www.genworth.com.au

www.qbelmi.com

How do I know that ASMM is an accredited broker of the MFAA and FBAA

Our membership numbers are shown on our front page, as per the regulations clearly noted in our agreements with both companies.

For further confirmation, please feel free in contacting;

MFAA on 1300 554 817

FBAA on (07) 3847 8119

How long will our loan take to be approved

A mortgage application will be processed through 3 core stages:

Pre Approval: The Pre Approval is issued once the application has been received by the Lender. Please note, this cannot be used for any purpose to purchase or refinance a property

Conditional Approval: This is issued once all relevant credit and employment checks have been completed by the Lender to ensure that the borrowers have the ability to service the loan.

Unconditional Approval: The all important approval we have been waiting for! The Lender would have completed their valuations and obtained LMI approval (if applicable) and Mortgage Documents have been produced.

How long will our loan take to settle

Typically, the average settlement time of a refinance is 4 weeks from final approval of the Lender. This may vary from Lender to Lender depending on the circumstances of the loan application. With regard to a purchase, this will be dictated by the settlement date on the Contract of Sale.

Is it possible to withdraw the application without incurring or minimising fees

Borrowers can cancel their application prior to Mortgage Documents being issued normally without incurring fees. In the event an application fee was paid up front, this would normally cover any valuation and administration costs borne by the Lender.

What information do I need to provide ASMM

ASMM will provide either by email, fax or mail, a complete checklist which we require to submit on application with our panel of Lenders.

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