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Frequently Asked Questions
What do FXB Finance Mortgage Brokers do?
FXB Finance Mortgage Brokers will evaluate your finance needs, find you the best loan for your situation and negotiate with the lenders on your behalf. FXB Finance Brokers do all the legwork for you. We help you through the whole application process through to settlement and beyond.
Do you charge a fee for your service - will I have to pay anything?
No, there are no fees for our service, ever. Your lender of choice will remunerate us via an introducer commission after all the work is done and your loan has settled. Our service is free to you and we are required by law to find the loan that is in your best interests.
What are the benefits of using FXB Finance?
FXB Finance mortgage brokers are experts at finding you the best loan. With so many loans and options out there, we evaluate your situation and work out which loan product is best for you. We have access to over 70+ lenders, we negotiate with those lenders on your behalf, and we save you time and money by doing all the legwork for you. Best of all our service is free.
How long will it take to get my home loan approved?
It will generally depend on two things: 1) how swiftly you can send your supporting documents, and 2) the speed of the bank you have selected. Some lenders can issue a full unconditional finance approval within 24 hours of receiving the application form and supporting documents. Depending on their queue and workload, other banks can take up to 25 working days before granting unconditional approval. On average, approvals are granted in approximately 8 days from the time the loan is submitted for assessment.
Should I refinance to consolidate my credit card or personal loan debts?
Refinancing your existing debts can be a great way to consolidate debts into one payment. This process may involve adding a car loan, credit card loan or personal loan into your mortgage to take advantage of the lower rate typical of a home loan. While the benefit can mean being able to rapidly pay off your debt, it also requires strict discipline. For example, if you roll your credit card debt into your mortgage but then make regular payments, the shorter term debts you consolidated will now be paid off with your mortgage, taking as long as 25 to 30 years.
Should I refinance to get a lower interest rate?
This is a common reason why people choose to refinance, but it is not always the best. Before you consider changing your home loan purely to obtain a lower rate, you must make sure that you consider other factors. These factors include making sure that you calculate all the fees and charges involved with your new loan, as well as considering if you stand to lose features such as redraw facility, branch access, free additional repayments or access to an offset account.
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