Expert Mortgage Broker Scarborough

We are Scarborough’s expert Mortgage Brokers, specialising in helping you secure finance for properties in this sought-after suburb. So whether you’re buying your dream home or investing in Scarborough’s thriving real estate, we’re here to help you.

Here’s why you should work with us as your Scarborough Mortgage Broker to secure finance:

  • Proven track record: We’ve helped countless clients successfully secure finance for their dream homes and investment properties in Scarborough.
  • Extensive market knowledge: We’ll offer insights and advice that are invaluable in securing finance for your Scarborough property.

  • Relationships with local Real Estate agents: We have strong relationships with local Scarborough agents, meaning we can connect you to the right contacts to find your dream property.

  • Connections to Settlement Agents: Meaning we can connect you to the right professionals to ensure a smooth & stress-free settlement.

  • Access to free property reports: See a property you like in Scarborough? As our client, we’ll send you free property reports for as many properties you like. These reports include estimated value, comparable sales in the area and more.

  • We work for you, not the bank: This means more choice for you, as we have access to a variety of banks. This is advantageous to you, as you’re not limited to one banks products & policies. As your Scarborough mortgage broker, we’ll present you the most competitive interest rates & loan terms to suit your needs.

Scarborough Pool, Perth - Mortgage Brokers Scarborough
Sunset photo of Scarborough coastline, Perth - Mortgage Brokers Scarborough

Life in Scarborough — Why is it such a popular suburb?

Scarborough is one of Perth’s most sought-after suburbs, with demand for property at an all-time high. Nestled along Perth’s pristine coastline, Scarborough offers a perfect blend of relaxed coastal living and urban convenience.

At the heart of Scarborough is the Scarborough Beach precinct. It houses a hotel, public pool, restaurants, bars, gyms, a skate park, seasonal markets, a magnificent coastline and more.

There are several parks, such as Abbett Park, which provides locals with sporting facilities for football, tennis, cricket and more. There are also two primary schools, a library and a community centre.

Scarborough is an ideal location for families, professionals and savvy investors alike. With stunning beaches, vibrant local amenities and a strong sense of community, it’s no wonder it’s in such high demand. Choose us as your dedicated Mortgage Brokers for finance solutions that help you move into your dream suburb faster.

Mortgage Broker Scarborough — How can we help you?

Our role is to guide you through the entire home loan process. We work closely with you to understand your financial situation and present loan options that suit your needs. Unlike the banks, we have a duty to act in your best interest. So rest assured, our recommendations as your dedicated Scarborough Mortgage Broker are always tailored to you.

In addition to this, our role involves working directly with the bank on your behalf to arrange your home loan. From collecting relevant documentation required by the bank, submitting and managing your finance application to approval, right through settlement. Think of us as the intermediary between yourself and your chosen bank.

Want to know more about us? Click here to meet the faces behind Achievement Finance.

Aerial view of Scarborough coastline, Perth - Mortgage Brokers Scarborough

Ready to secure your property in Scarborough?

Let us take care of the finance.

Broker vs. Bank — Who should you choose?

You can choose to approach a bank directly, instead of working with a Scarborough Mortgage Broker. However, this limits you to the specific loan products, interest rates and policies of that bank!

This may result in missed opportunities for potentially lower interest rates or products available from other banks. It also means limited flexibility in customising the loan to meet your specific needs.

We present you with tailored loan options from a range of different banks, rather than favoring any single bank’s interests or products. You then choose your preferred bank and we lodge the finance application with them on your behalf. Don’t worry, as your trusted Scarborough Mortgage Brokers, we’ll provide guidance and recommendations to help you make this decision!

Questions?

We have answers.

A mortgage broker (also known as a finance broker) is a licensed professional who serves as an intermediary between borrowers and lenders. They assess the financial circumstances of borrowers and connect them with suitable mortgage products offered by various lenders. Brokers facilitate the mortgage application process, offering personalised guidance and assistance to help clients secure competitive loan terms tailored to their needs.

Definitely! Contacting a mortgage broker before you begin house hunting is recommended! Doing so allows you to gain valuable insights into your borrowing capacity and the mortgage options available to you. By understanding your financial situation, you can establish a realistic budget and confidently explore properties within your price range. This proactive approach not only streamlines the homebuying process but also puts you in a stronger negotiating position when making offers on properties.

$0. Our services come at no cost to you – This is because we are paid a commission by the bank of your choice once your loan has settled. This means you benefit from our expertise and support without an additional out-of-pocket expense.

In the (very) rare event that a fee-for-service is required, we will notify you upfront.

The amount of deposit required to buy a home typically depends on several factors, including the purchase price of the property and the lender’s requirements. Generally, most lenders require a deposit of at least 20% of the purchase price. However, there are options available for borrowers with smaller deposits, such as utilizing lender’s mortgage insurance (LMI). It’s essential to consult with a mortgage broker to determine the deposit amount needed based on your individual circumstances and to explore available options tailored to your needs

A very brief overview (just so you get the gist).

  1. Financial preparation: Assess your finances, including saving for a deposit and speak to a Mortgage Broker
  2. Property search: Identify your preferences and criteria for a home, then research properties that meet your needs.
  3. Property inspections: Attend open houses or arrange private viewings to inspect potential properties.
  4. Making an offer: Work with your real estate agent to make an offer on a property that aligns with your budget and preferences.
  5. Contract & conveyancing: Review and sign the contract of sale, and engage a settlement agent to handle legal aspects of the purchase.
  6. Finance approval: Finalise your mortgage application and secure formal approval from your lender.
  7. Settlement preparation: Coordinate with your settlement agent to finalise the purchase and transfer ownership of the property.
  8. Move-in & settlement: On settlement day, pay the remaining balance and collect the keys to your new home.
  9. Post-purchase: Settle into your new home (house-warming!), arrange any necessary repairs, and update your address with relevant parties.

Here is a list of some of the docs required to apply for a home loan (But don’t worry, we’ll guide you through as these documents are required throughout the process!)

• Proof of identity: Valid driver’s license, passport, or government-issued ID.
• Proof of income: Recent payslips, tax returns, and employment contracts.
• Bank statements: Typically covering the last 3-6 months to verify savings and financial stability.
• Employment details: Confirmation of employment from your employer, including length of employment and salary.
• Proof of address: Utility bills, rental agreements, or other official documents showing your current residence.
• Property documents: Contract of sale, property valuation report, and any related documents from the seller.
• Financial details: Details of assets (e.g., savings, investments) and liabilities (e.g., debts, loans).
• Credit history: Your credit report, providing insight into your borrowing and repayment history.
• Other income sources: Documentation for additional income sources, such as rental income or investments.
• Any additional documents requested by the lender to support the loan application.

Finance Terminology & Jargon

Explained. Simply.

A lender is an institution that provides funds to borrowers (that’s you) with the expectation of repayment. In the context of mortgages, lenders typically include banks, credit unions, mortgage companies, and other financial institutions.

An interest rate is the percentage charged by a lender to a borrower for the use of borrowed funds, expressed as a proportion of the principal loan amount. The interest rate directly impacts the total amount of interest paid over the life of the loan, thus influencing the overall cost of borrowing.

Interest rates can be fixed, meaning they remain constant throughout the loan term, or variable, meaning they can fluctuate based on market conditions.

Borrowers with higher credit scores and stronger financial profiles typically qualify for lower interest rates, while those with lower credit scores may be offered higher rates to compensate for the increased risk to the lender.

A  product refers to a specific loan or financial product. Products include different features such as fixed or variable interest rates, loan terms, repayment options, and additional benefits like offset accounts or redraw facilities.

Products are designed to accommodate borrowers, from first-time homebuyers to property investors.

Understanding the features and terms of different lender products is essential for borrowers when comparing options and selecting the most suitable loan for their individual circumstances (*hint hint*, that’s where we come in – we help you compare and understand the most suitable product for you).

Borrowing capacity refers to the maximum amount of money a lender is willing to lend to you based on your financial circumstances, including income, expenses, assets, liabilities, and credit history.

Lenders assess borrowing capacity to determine the amount they are comfortable lending to borrowers while ensuring they can comfortably meet their loan repayments. Understanding your borrowing capacity is essential when considering buying a home, as it helps you determine a realistic budget and choose loan options that align with your financial goals and capabilities.

Serviceability refers to your ability to comfortably meet your loan repayments based on your income and financial commitments.

Lenders assess serviceability by comparing a borrower’s income to their existing expenses, including living costs, debts, and other financial obligations. The goal is to ensure that borrowers have sufficient income to cover their loan repayments without experiencing financial hardship.

Ultimately, demonstrating strong serviceability increases the likelihood of loan approval and provides confidence to both borrowers and lenders in managing their financial obligations responsibly.

Lenders Mortgage Insurance (LMI) is a type of insurance that protects lenders in the event that a borrower defaults on their mortgage loan and the sale of the property doesn’t cover the outstanding loan balance. It is typically required for home loans where the borrower has a deposit of less than 20% of the property’s purchase price. LMI allows borrowers with smaller deposits to access home loans, as it mitigates the risk for lenders by providing a financial guarantee against potential losses. The cost of LMI is usually paid by the borrower and can be included as part of the loan or paid upfront. It’s important to note that LMI solely benefits the lender and does not provide any coverage or protection for the borrower.

Stamp duty, also known as transfer duty or conveyance duty, is a tax levied by state and territory governments in Australia on the sale or transfer of certain assets, including real estate properties. The amount of stamp duty payable is typically calculated as a percentage of the property’s purchase price or market value and varies depending on factors such as the property’s location, type, and value. Stamp duty is payable by the buyer and must be paid within a specified timeframe after the property transaction is completed. It’s an essential consideration for homebuyers as part of the overall cost of purchasing a property.

A fixed-rate mortgage is a type of loan where the interest rate remains constant for an agreed-upon period, usually between one to five years. This means that your repayments remain the same each month, providing certainty and stability. In contrast, a variable-rate mortgage has an interest rate that can fluctuate over time in response to changes in the market. Variable-rate mortgages may offer flexibility and the potential for lower interest rates initially but can result in fluctuations in repayment amounts over the loan term.

Principal & Interest (P&I) refers to the two components of a mortgage repayment. The principal portion of the repayment goes towards paying down the original loan amount, while the interest portion covers the cost of borrowing money.

In the early years of a mortgage, a larger proportion of the repayment goes towards paying interest, with the principal portion gradually increasing over time. This results in a gradual reduction of the loan balance. P&I repayments ensure that the loan is fully repaid by the end of the loan term.

Loan-to-Value Ratio (LVR) is a financial term used by lenders to assess the risk of a mortgage loan. It represents the ratio of the loan amount to the appraised value or purchase price of the property, expressed as a percentage.

For example, if you’re buying a property valued at $400,000 and you’re borrowing $320,000, your LVR would be 80% ($320,000 / $400,000 * 100).

LVR is an important factor for lenders because it helps them determine the level of risk associated with the loan. Generally, the lower the LVR, the less risk for the lender, as there is more equity in the property. Borrowers with lower LVRs may be eligible for lower interest rates and may not be required to pay Lenders Mortgage Insurance (LMI).

Choosing us as your trusted Mortgage Brokers means partnering with dedicated professionals to guide you through every financial milestone. As part of our comprehensive services, we assist: First Home Buyers, Next Home Buyers, Investment Property Buyers, Refinancers & those looking for Construction Loans.

Ready to secure your property in Scarborough?

Let us take care of the finance.