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.

Professional mortgage brokers only focus on loans. If you have a toothache, you go to the dentist not a florist. If your car is broken you take it to a mechanic not a librarian. You go to someone trained to help you with your specific need. It’s the same when you need a loan.

Brokers have access to a wide variety of loans. This means your broker can find a loan that’s just right for you.

Some mortgage brokers charge a fee and some don’t. When you take out a loan via a Mortgage Broker – it does not cost you more. That is an absolute myth. Brokers get paid commission by the bank for bringing new business to them, this does not impact your rate or level of service.

Some 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.

Some Brokers charge a fee for their service which they must disclose to you up-front before you engage their services. However, 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!

 

I am 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”. I do however, live by 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”

 

Sure thing! We are mobile brokers so we can come to you!

 

I am a Connective Broker. This means that I 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.

 

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.

 

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.

Teri Hayes
Teri Hayes
2024-02-04
Had our free appointment with Paul. He was great to deal with and super honest. We came away with a strong understanding of where we are at financially and where to next. Couldn't have been happier with the consultation. We felt Paul was very knowledgeable, not at all pushy and definitely encouraged us to go for the best deal for us regardless of any benefit to himself. All on a Saturday to fit in with our work commitments. Would highly recommend.
Melissa Bishop
Melissa Bishop
2024-01-27
Highly recommend . We were recommended Fox Mortgage Services through a friend. We are so happy with their services. They were professional and patient with us as we refinanced our home. They kept us informed at every stage of the process and made it easy and simple for us. Would highly recommend Paul and his team.
Tepora Puha
Tepora Puha
2024-01-11
Such an amazing team. I personally have dealt with Naomi and she is amazing. Communication is 2nd to none and then get from Paul, they appreciate and treat everyone well. Thanks you Team Fox. I highy recommend Fox Mortgages and happily let my friends know.
Jon Brown
Jon Brown
2023-12-18
I must admit that, despite being on my 4th house, I have never been to see a mortgage advisor. - Usually googled rates (or checked out finance websites) and done it myself. Having seen Paul at Fox Mortgages, I'm kicking myself that I have not gone to see a mortgage advisor before in my life as I'm sure I would have saved myselves thousands of dollars! Paul's wealth of knowledge of the market and all the products out there meant that he could find a lender that was willing to lend to us in our reasonably difficult position (2nd year in business), and also come up with a great rate. Paul and Naomi were great in keeping us updated with the progress of our loan, even in these uncertain COVID times and answered our plethora of 'first timer' questions. I definitely recommend that you go see Paul and see if he can help - even if you are on something like Keystart, he might be able to give you some advise to help you progress your finances quicker.
Ben McElwain
Ben McElwain
2023-12-16
Exceptional service. My experience dealing with Paul Fox Mortgages and his team, namely Naomi has been extremely punctual, proffer and very friendly. They have answered all my questions, handled the mortgage paperwork and kept me informed along the way. I cant recommend Paul Fox Mortgages more highly.
L Robbo
L Robbo
2023-12-14
We got our home! . Firstly I can’t recommend Naomi at Fox mortgages enough, she has been brilliant in helping us. Communication/knowledge and professionalism was shown throughout our first home buying experience and it all ran so smoothly from start to finish. I would highly recommend the Team at Fox Mortgage’s to help you secure your family home!
Anita Langton
Anita Langton
2023-12-13
Exceptional Service and Expertise . I recently had the pleasure of working with Paul from Fox Mortgages, and I couldn’t be more delighted with the experience. From the beginning, he provided invaluable advice that was both insightful and tailored to my specific needs. His customer-focused approach was evident throughout the entire process, making me feel like a priority. Paul and his company have truly mastered the art of efficiency when it comes to paperwork. The entire documentation process was not only easy but surprisingly swift. Their streamlined procedures ensured that I could navigate through the paperwork hassle-free, which was a breath of fresh air compared to my previous experiences. In summary, if you’re in search of a mortgage broker who combines exceptional advice, customer-centricity, and an efficient paperwork process, look no further than Paul and the Fox Mortgages team. I highly recommend his services and am grateful for the positive impact he had on my home refinancing journey. A true 5/5 star experience!
Sue Williams
Sue Williams
2023-12-13
Paul was fantastic
Erica Millward
Erica Millward
2023-12-07
The team at Fox mortgages were amazing! Made the process of getting our home loan so much easier. Took away most of the hassle & stress, couldn’t recommend them enough!
Rhyce Murphy
Rhyce Murphy
2023-11-29
Paul and Naomi, have once again done a fantastic job for us. They always go above and beyond to ensure everything is completed to a high standard. Thanks again guys