Can I Change My Mind?
What happens if I change my mind & cancel my application for finance? If you have had a home loan approved by a lending specialist and decide not to go ahead with a purchase, you may incur a cancellation fee. If you are not sure or think you might change your mind, please contact your TAG Lending Specialist to discuss the best options.
How much does it cost to meet with a TAG Lending Specialist?
On most occasions TAG Finance is paid directly by the bank – with access to over 25 lenders the mortgage and lending market is very competitive. The banks recognise this and pay TAG for referring the business to them. The great thing for the customer is that you get access to 25 banks in one location.
Can I still get a home loan if I have a Credit Default?
A default listing will remain on your file for a period of five years. So whilst you can’t change history, the best approach would be to ensure the rest of your credit history is ‘spotless’. If you would like a copy of your credit record, you can contact a credit reporting agency to ensure your default is listed as paid. Baycorp Advantage is Australia’s largest credit reporting agency and can be contacted via mycreditfile.com.au or by calling (02) 9464 6000. Non Conforming Loans are products which cater for individuals with an impaired credit history. Your TAG Lending Specialist can tell you whether this type of loan can assist you.
How Long Do Home Loan Approvals Take?
The loan approval process depends on the borrower, the lender and the type of loan. The average loan can usually be approved in 48-72 hours after we receive your completed application. If you need an accurate estimate of the time it will take to approve your loan, contact a TAG Lending Specialist.
How Much Can I borrow for a Home Loan, and how much of the purchase price can I borrow?
This depends on a range of factors including your personal circumstances, the price of the property and any valuation that may be required (in this current environment we are finding that a bank valuation may not be the same as the purchase price). Depending on the lender, they may be prepared to lend up to 95% of the valuation, depending on your ability to repay. It’s worth noting that loans of more than 80% valuation often require mortgage insurance, which the borrower pays for.
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