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Real estate, finance and insurance go hand-in-hand. Richardson & Wrench has streamlined the process, offering convenience with access to superior home loan products. R&W now provides fully integrated financial services through an exclusive partnership with Shore Financial. R&W clients have access to lower interest rates, faster loan approval times and all financial booking products through Shore Financial.
Every R&W client can now receive a free Financial Health Check to ensure maximum affordability on every property purchased.
What does Shore Financial do?
- Home loans
- Commercial loans
- Loans for Self-Managed Super Funds
- Business Loans secured by residential or commercial property
- Mortgage Insurance
Shore Financial negotiates between all the various lenders on your behalf to obtain the lowest interest rates and fees. Our mortgage broking service is 100% free for the borrower.
Our focus is to provide excellent service to R&W clients seeking the best possible loan to facilitate your home, investment or business purchase.
The Best Value Home Loan
Shore Financial has a panel of over 25 lenders including the major banks. At Shore Financial we negotiate with the lenders to get you the best possible rate and structure to make your property purchase more affordable. Eight times out of ten we are able to beat a clients current home loan interest rate and regularly we are able to secure a better deal than what a client can achieve going direct to their own banks.
Easy and Convenient
Shore Financial makes it easy by helping you compare a vast choice of finance products. We deal with the banks on your behalf from completing the paperwork to managing your loan through to settlement. Shore Financial monitors your loan to ensure it always remains competitive even after settlement.
We Don't Charge for Our Service
Our brokers are paid by the lender, not the borrower. The lender has fixed marketing costs in every loan and pays these monies to their own representatives, branches or brokers like us.
Frequently Asked Questions
What would my loan repayments be?
Deciding what property to purchase can be very dependant on what the loan repayments will be both now and potentially in the future if interest rates increase. It's always wise to use the Shore Financial loan calculators to ensure affordability and also calculate how much you can actually even borrow.
How does applying for a loan work?
Our Shore Financial mortgage brokers do all of the hard work. All you need to do is fill in a one page form with a summary of your financial and supply any relevant documentation. They will then complete a preliminary assessment and give you some options to choose from.
Once you know which lender you would like to proceed with then the broker will lodge the loan directly into their system for a quick approval. If you wish to learn more about the loan application process, please click here to watch a short video tutorial.
How much will I need to pay for a deposit?
This varies depending on your situation and whether you're wanting to purchase an investment or owner occupied property. the minimum you need is 5% of the purchase price plus stamp duty. Generally, this only applies when your income is sufficient to cover the loan repayments, you have stable employment and a good credit history with no defaults.
Lendor's mortgage insurance (LMI) applies for loans for more than 80% of the property value. If you would to avoid paying LMI, you will need a 20% deposit.
You will not pay any LMI and will not even need a deposit if you parents act as guarantors and guarantee your loan using their property as security. If you wish to learn more about how a guarantor loan works, please click here to watch a short video tutorial.
What is a guarantor?
A guarantor is a third party to a home loan, helping you get a loan by offering additional security as support. Guarantors are generally limited to spouses or immediate family members. Many lenders allow a family member to help you to buy your own home by providing additional security. The person providing this assistance is know as a guarantor. This is different to being a co-applicant or co-signer.
If you wish to learn more about how a guarantor loan works, please click here to watch a short video tutorial.
What is lenders mortgage insurance? (LMI)?
If you borrow more than 80% of the value of a property you usually have to pay Lender's Mortgage Insurance (LMI), which protects the lender if you default on your loan. Meaning, the bank's loss is covered by the insurer to which the LMI premium is paid. LMI can be a huge cost, particularly for first home buyers. Understanding how LMI works can potentially save you thousands. LMI premium rates also differ depending on the amount you borrow, as well as the lender and product you choose.
LMI can also be capitalised on top of the borrowed amount and is not a recurring insurance premium as such, just once off.
What is an offset account?
An offset account is essentially an account that offsets the balance in that account against the balance of your home loan. This means you pay less interest on your home loan. Over time these savings can really add up and also reduce the time it takes to pay off your loan.
If wish to learn more about how an offset account works, please click here to watch a short video tutorial.
Can I borrow stamp duty as well?
Stamp duty is a sizeable amount so most banks will only allow you to borrow to pay for the cost of stamp duty if your loan is backed by a guarantor.
There are also circumstances where stamp duty may not be applicable, such as for some first home buyers or if you are buying a new home. This varies across between the states and territories depending on the current government incentives and programs.