FAQ
Frequently asked questions
Mortgage Broker FAQ
Mortgage brokers are professionals in the home loan industry. They work with you to determine your borrowing needs and how much you can borrow. Brokers help to ensure that you don’t take out a loan that is too big for you.
Brokers have access to a wide variety of loans. We help you find the right home loan by acting as an intermediary between you and lenders. This means your broker can find a loan that’s just right for you.
When we talk about a ‘loan product’ we are referring to the thousands of options that are currently available for you for your loan. Each bank (or lender) has loads of different loan options – low doc, package loans, re-draw facilities, plant and equipment loans, fixed, interest only, interested in advance, variable, introductory variable… the issues you face as a consumer is ‘which loan is right for me?’ And that is where a mortgage broker comes in.
If you go direct to the bank, you will only be offered the loan options available through that one lender. As your mortgage broker, we do all the leg work for you. We are across many lenders and all of their loan products and our sole purpose is to find the right loan for your needs.
Some mortgage brokers charge a fee, but we don’t. If brokers charge a fee for their service, they must disclose this fee upfront to you, so you know what you will be up for if you engage their services.
Absolutely not! There is legislation in our industry, called the National Consumer Credit Protection Act (or NCCP), that is designed to protect consumers and ensure ethical and professional standards in the finance industry. We tell you upfront what commission we will be getting from the bank. Our job, our only job, is to find the best loan for your needs and serviceability.
We are with the leading aggregator in Australia called Connective. This means that we have access to many lenders – these include the major banks, second tier lenders and credit unions. We can source you a loan from the lender of your choice.
When you take out a loan via a Mortgage Broker – it does not cost you more. Brokers get paid commission by the bank for bringing new business to them, this does not impact your rate or level of service. The costs of the loan are the same, depending on the loan you choose.
This is dependent on how much you have saved for a deposit and what you current expenses are. Give us a call and we can go into your options in more detail, or check out the loan calculator page of our site!
We are only allowed to recommend a product based on what you say is most important to you – for example, “pay my loan off quickly” or “guaranteed repayments”.
We do however, like to say the following; “if you want flexibility take a variable rate loan, if you want budget certainty take a fixed rate loan, if you want both, then do both.”
The Reserve Bank of Australia meet on the first Tuesday every month to determine the ‘official cash rate’ for the country. The lenders then use this information to set their own rates. Mortgage brokers do not set rates.
We are mobile brokers so we can come to you!
EXCELLENT186 reviews on
Steven Barrett26 April 2024Paul was amazingly helpful and of great service, he eased uncertainty for us in the early parts of the house buying process and supported us all along the way, even when circumstances were likely and eventually proven that the finance would no longer be needed. 100% recommended!Deryck Tucker16 April 202410 out of 10. Paul and his team were amazing. Very helpful every step of the way for our property purchase, highly recommend Fox Finance.Luke Grundy16 April 2024Great work team! Delighted to have settled in our first family home, great work from Paul, Naomi and the rest of the team at Fox Mortgages - would highly recommend them to anyone in need of a Mortgage Broker. Luke, Laura, Little Izzy and the the dog Winston!!Samara Meghani12 April 2024Paul & his team have been fantastic throughout the whole process of purchasing our home.Alan Seery9 April 2024Excellent Customer Service. Paul and the team at Fox Mortgages assisted us with re-mortgaging and new mortgages over the years and the experience has always been extremely positive and efficient. I'd recommend Fox Mortgages to anyone.Sue Garrood4 April 2024Top Line Professionalisim. The team at Fox Mortgages were faultless from start to finish. This was my first home purchase & Paul took all the time I needed to talk & help me through every stage answering every small question & query. What I thought was going to be the impossible they made possible for me. Could not fault a single step with the whole team. Communication didnt stop when purchase went through either, the follow ups & check ins show they genuinely want to make sure your off to a good start & can go back at any stage for advice at any stage. Great experience, awesome team could not recommend them any higher!!!!Tania P25 March 2024The team at Fox Mortgage Services are the best mortgage brokers ever! Nothing was too much trouble, the process was so easy and they were so wonderful to deal with, even though we weren’t the easiest of clients! Thanks Paul and the team, you are amazing. 🤩Jonathan20 February 2024Great service efficient painless process. Thank you.Jo Larvin20 February 2024Very helpful and friendly, we had some quirks in our application and they were very responsive at helping to resolve and making sure we got our mortgage. We were so impressed, we went back a second time for another property, and will go back for any future purchases.
