BOND ORIGINATION
EASY STEPS TO GETTING A HOMELOAN
Does one application to all the leading banks for quotes, at no cost, and the lowest interest rate negotiated for you sound good? These are just a few of the benefits of using BetterBond who will help you with every step of the process, allowing you to choose the best mortgage offer, saving you money.
We want the absolute best for our clients, and when it comes to getting the best bond - well their name says it all. They really are Better. To help and aid in understanding, we've listed some of the most commonly asked questions around bond origination and how to go about getting the best bond for your unique needs.
If you need advice on mortgage choice or what you qualify for, please call your local agent or complete the pre-approved form below and let BetterBond make you an even better Buyer!
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FREQUENTLY ASKED QUESTIONS
By using the Bond originators services, will I be able to obtain a lower rate?
We apply to all the major banks for our clients (including the client's own bank) and negotiate to get them a better interest rate. So yes, it is in fact highly likely that we do get our clients a better rate than they would get on their own. Although the banks decide on the rate, they typically offer a lower rate if the application comes through us as they know they are competing against the other banks. We can then also negotiate with the banks for an ever better rate.
Does the fee earned by the originator for getting my home loan mean that there are additional hidden
No - it actually doesn't. There are no hidden costs. The fees that you pay the bank & the transfer attorneys or bond attorneys remain the same regardless of whether you use BetterBond Home Loans mortgage origination services or not.
Do I follow up my application with the bank or the originator?
The bond origination company tracks applications on your behalf; so they are the point of contact post submission of the home loan application for you. In this way bond origination companies are able to save you a lot of time and effort by chasing things up with the bank for you.
Once the mortgage application is submitted, how long does it take for approval?
Normally, you will receive confirmation within 48 to 72 hours, but due to ever changing bank criteria around home loans in today's market, it does sometimes take longer. However, should this process take longer they will track the application and keep you informed.
What documents will I need to provide for a Bond Originator?
It makes sense to be prepared and there are many variants when it comes to Applicants and if you are buying in your personal capacity or as a company or trust. See our page on Home Loan Supporting Documents for details.
What do mortgage origination companies actually do?
The Mortgage Originator offers a service to Chas Everitt home buyers in which they assist you in your application for a home loan.
As a group, Chas Everitt's preferred originator, BetterBond Home Loans, has contracts with most of the leading banks offering home loans. These banks will tender a fee to BetterBond Home Loans for their origination services.
What's the difference between an "approval" and a "final bond grant"?
The granting Bank or financial institution will "approve" your home loan based on your supporting documentation submitted and on your credit history. A "Final Grant" is awarded only once the formal property valuation has been completed. The onus is on you to supply the bank with the necessary details for the valuator to perform the property valuation. Incorrect or incomplete details delay your bond application.
What will the Bond originators service cost me?
The service provided by BetterBond home Loans as your chosen origination company is free of charge.
Why do I need to sign so many documents at the transfer attorneys?
Transferring property and the granting of home loans is a convoluted and complex process. In terms of the home loan documents, you are entering into a legal agreement with the bank for a significant period of time - anything up to thirty years, which means that all parties need to ensure that relevant terms of the loan are recorded and acknowledged, and comply with legislation. [Click on the link for more information on the property transfer process]
Will non-payment of my home loan impact on my credit rating?
Any non-payment of your monthly home loan installment may adversely affect your credit rating and your ability to obtain credit in the future. It is extremely important to stay up to date with your monthly repayments to the bank.