Frequently Asked Questions
Here are a few commonly asked questions.
If your query is not dealt with below please call (07) 4723 6000 or send an email for a prompt response.
How much does the Huggable Home Loan service cost?
Huggable Home Loans doesn’t charge you a fee. We essentially are paid by the bank that the loan is established with. Any lender will tell you that their loan is the best, but the only way to ensure you are getting an unbiased opinion, is to enlist the services of a broker. Choice Finance will disclose how much commission the bank is paying, when we find a suitable product.
How much can I borrow?
There are many factors to be considered such as income, number of applicants, how much deposit you have, time in occupation, your current assets and liabilities etc. I can help you quickly calculate your maximum borrowing capacity.
Or use the online calculators to find out how much you can borrow in an instant.
Will you explain the buying process?
Part of the job of a good broker, is to make the purchasing process pleasant, it’s not just about finding a loan. All of the steps are clearly explained and can then be organised on your behalf. The process can of course still be daunting, but it shouldn’t be confusing, or hard work.
How much deposit do I need?
There are many different scenarios and circumstances that must be considered, as well as some major changes to the lending environment of late. A large deposit can be used, however 97% LVR loans are still available, just not as readily and as easily as they were only a year or so ago. Each bank does have different criteria on this, but as a general rule, a requirement for at least 5% genuine savings (5% of the purchase price) has become the norm. The pros and cons and options for all loans are explained clearly during the application process.
What happens after settlement?
Our Broker service does not end at settlement. The service is ongoing and includes any issues or questions you may have with your loan, or any other future finance requirements.
Ready to Buy? Need help?
Call us on 07 4723 6000 or send an email.