Q: I'm currently working as a contractor for one company. I go through an agency who does all my payroll and I do not have to do activity statements for tax purposes. Will I have any issues getting a mortgage?
A: Hi Matt.
Some smaller lenders may have a stricter policy based on your situation especially if the loan requires Lenders Mortgage Insurance. On a positive note there are a large number of lenders that would happily look at this.
Q: They say changing lenders is easy and you should look for a better price and service - but how often should I do this?
A: Hi Jimmy,
It is always great to have an understanding of the current interest rate and fee's on your home loan. I will generally speak with my clients every 6 months for a check up to make sure all is fine and to answer any questions. Each time we do a quick health check on the home loan.
Being conscious of exit fees and entry costs when refinancing is very important. As well as the financial history you are leaving on your financial credit check.
Over the last 2 years we have seen a dramatic increase in who and what the banks will reward and target. Some interest rate discounts have changed from as low as 0.5% to 1.30% for the same type of client and loan but just a few years later.
Overall the answer is different for everyone but with constant reviews and feedback you will know how to compare your current home loan with what is available at the time.