Question 1

What does a mortgage broker do?

Accepted Answer

We take the hassle out of getting a loan. We do the research for you, comparing mortgage products from different lenders to ensure you get the best fit loan solution for your requirements. Acting as the intermediary between yourself and the lender, you get our personalised service rather than a help desk.

Question 2

Why use a mortgage broker?

Accepted Answer

We offer you real choice (whereas your bank can only offer you their suite of mortgage products) and personalised service. We're here for more than just a single transaction. We love helping our clients achieve their financial goals via a long term partnership.

Question 3

Do you work with first home buyers?

Accepted Answer

Yes, we love helping first home buyers and have a lot of experience working with first time buyers. In addition to helping them select an appropriate loan product and structure, we also offer extra education and support around the purchase process (which can be daunting).

Question 4

How much will it cost me?

Accepted Answer

Our mortgage application service, helping you nominate and apply for the most appropriate loan, is provided at no cost to you (as we receive a commission from your nominated lender). We do however charge a small upfront onboarding fee for our comprehensive borrowing capacity assessment ($220), given no commissions are received for this valuable service. Our onboarding fee isn’t about ‘extra charges’ — it’s a filter. We're a boutique brokerage that has a limited capacity for new clients so this helps us to check you're serious.

Question 5

What documents do I need to get started?

Accepted Answer

As a starting point you should have identification, payslips (salaried) or tax returns (self-employed), rental statements or appraisals (for investment properties) and details of any existing liabilities readily available.  There may be further documents requested unique to your situation.  Don’t worry, we’ll guide you through it step by step.

Question 6

Which lenders do you have access to?

Accepted Answer

We are accredited with over 30 lenders including major banks, non-major banks and non-bank lenders. This enables us to find a solution for each of our clients' unique circumstances.

Question 7

Do I get charged more by the lender if I use a broker?

Accepted Answer

No, you will get the same (and maybe even a better) deal when using a broker. How is this possible? Think of it as the lender outsourcing their customer service. A broker pre-qualifies the applicant(s) and matches the application to lender's policy and product, therefore the conversion rate for broker introduced loans is generally higher than for direct applications. As the lender is only paying the broker for successful applications, it is actually a very cost effective way for them to generate new business.

Question 8

When and where do you offer appointments?

Accepted Answer

We operate a flexible service with both virtual or in person options. We meet with clients at a time (often after-hours) and place that is convenient for them.

Question 9

Are your recommendations driven by the commissions you receive?

Accepted Answer

The options we present are driven only by your needs and we do not favour particular lenders. The rate of commission is very similar across our lender panel so there is no financial incentive for us to do otherwise.

Question 10

How can I avoid or minimise Lenders Mortgage Insurance (LMI)?

Accepted Answer

LMI can be avoided or minimised by saving a larger deposit, using a family guarantee or government guarantee schemes, or choosing a lender that offers LMI waivers (often for certain professions). At Inca Mortgage Solutions we provide personalised advice to help you explore these options and reduce your LMI costs.

Question 11

What is the difference between pre-approval and formal approval?

Accepted Answer

Pre-approval gives you an estimate of how much you may be able to borrow before you make an offer on a property and, in many cases, it is only a data driven automated assessment. Formal approval, also called unconditional approval, is provided only once the lender has assessed your situation throughly and your chosen property. A pre-approval does not guarantee you will be able to achieve formal approval.

Frequently asked questions