FAQs

My old Broker charged me a fee?

Some Brokers opt to charge a fee. At Loan Spy this is not the case.

So what’s in it for Loan Spy?

We’re paid commission directly by the lender*. This payment is made following the settlement of your loan and does not result in any additional fees or charges to you. The only additional cost for using a Broker is their fee and Loan Spy don’t charge fees.

*The amount of commission paid to us will be fully disclosed as part of the loan process.

What does a Broker do?

Once we’ve assessed your needs & wants, we’ll find you a suitable loan. From here, we’ll take care of almost everything. We’ll prepare and submit your application, offer you regular updates and ultimately deliver the good news – You’re approved! Following approval, we’ll meet with you to complete your new loan contracts and walk you right through to settlement and beyond.

Why use Loan Spy?

We’ll work to make the loan process as simple and straight forward as possible. With access to over 25 lenders, let us do the negotiating and comparisons for you. In addition to finding you a great loan with a competitive rate, we’ll also discuss how to structure your loan to best enable any future financial goals. If we’re dealing with the banks, you’ll have more spare time to find that perfect property.

What if I don't have a 20% deposit?

Most banks offer loans of 90% or more, with some offering up to 95% and even 97%, so don’t panic if you haven’t saved 20%. We’re more than happy to advise exactly how much you’ll need, so why not give us a quick call or email.

What if my Bank has already said no?

Each Bank has their own policies and requirements, so don’t be afraid to ask for a second opinion.

What if my Bank has already said yes?

That’s great news, but keep in mind another bank may also approve your loan. This other bank may be offering something the first one isn’t. Maybe a cheaper rate, maybe lower fees. If you don’t ask, you don’t know.

Won’t my current bank give me the best deal? After all, I’ve been banking there for years.

Unless you’re still suiting up to meet with your local bank manager, don’t assume the banks aren't putting their shareholders interests ahead of yours. A lot of banks offer new customers special deals to win their business, so why not find out if your bank is a loyal as you?

What is Lenders' Mortgage Insurance (LMI)?

Lenders' mortgage insurance protects the bank in the unfortunate event that you default on your home loan. When lenders agree to lend a customer money, there is a small risk they won't get the money back if the customer is not able to meet the repayments. Although they have the house as security, if property values decline that security may not be enough to cover the outstanding loan when the lender comes to sell it. LMI offers the borrower no protection at all.

Does LMI offer me protection?

Lenders' mortgage insurance should not be confused with mortgage protection insurance, which covers borrowers for the payment of their mortgage instalments in the event of unforeseen circumstances including unemployment, illness or death. This insurance is paid annually and can vary depending on the outstanding balance of the loan. We can provide you with a quote for this type of protection.

What happens following settlement?

Following settlement, you’ll have access to phone, internet and possibly branch banking with your new lender, but this doesn’t mean we aren’t still here to assist. We actively encourage you to use us as your first port of call. If we can’t help, we’ll know who can.