Frequently Asked Questions
Why should I use Goodrich Home Loans rather than a bank?
One word - CHOICE!
With access to over 60 lenders, we can offer you a range of options you simply won't get when you walk into a bank branch (if you can still find one).
Our experienced and award-winning team will suggest a loan option we believe best suits your needs.
We work WITH your current situation to find the BEST loan for you then make sure you continue to have the right loan as your goals and situation changes over time. That's something the loans officer at your bank won't do (unless of course the best loan happens to be at their bank...which is unlikely!)
You can read more about the loan application process and how we differ from banks here.
Karen has also written a blog post about this. You can read the blog here.
What experience do you have in mortgage broking?
We're a small team of three with more than 30 years (combined) in the mortgage industry.
You can read more about our individual experience here.
Do I have to pay to use a broker?
Absolutely not! Typically, a mortgage broker will be paid by the lender at no additional cost to you. Banks will pay mortgage brokers an upfront commission after the loan has settled and then an ongoing commission (or 'trail') based on the balance of your loan.
The most important thing to know is it does not cost you any more to have Goodrich Home Loans submit your loan application to the major lenders rather than doing it all yourself. Our service to you is free with the added benefit of unbiased advice about the best loan for your particular circumstances.
What services do you offer?
Goodrich Home Loans offer more than just your 'standard' home loan. We can also assist you with:
First Home Loans
Next Home Loans
Refinancing Loans
Investment Loans
Construction Loans
Personal Loans
Commercial Loans
You can visit our Services page for more information.
Won't you sell me the home loan you make the most money from?
And how do I know that's not what you're doing?
Goodrich Home Loans pride ourselves on high levels of service and integrity. We rely on repeat business and referrals from happy clients (check out our 5-star Google reviews below) so deviating from this just doesn't make sense.
We are more than happy to tell you how much we will be paid for each loan option we present to you.
And remember, working with a broker is all about CHOICE. We will always present you with loan options and let you make your own decisions (based upon our advice of course).
What is the process of securing a loan with Goodrich Home Loans?
There are a few steps involved in the home loan journey and we will guide through the whole process and beyond.
Here is a brief outline of what you can expect:
First chat to discover your current circumstances and goals.
Document collection and calculation.
Meeting to further discuss your goals and present you with a comparison of lender options tailored to your needs.
Loan application, which we will submit on your behalf.
Approval to settlement. We'll guide you through the application process right through to approval and then settlement.
Beyond settlement we're always available to answer questions and help you in any way we can.
You can read more about The GHL process here.
How much can I borrow and what will my repayments be?
How much you can borrow depends on a number of variables; your income, assets and liabilities, credit history and interest rates to name a few. In addition, it's not really a question of how much you can borrow, but how much you can afford in repayments.
If you have a budget in mind, you can visit our loan repayment calculator to see how much your repayments might be.
Alternatively, feel free to contact us and we can discuss your circumstances and do some calculations for you.
How much of a deposit will I need to get a home loan?
This is totally dependent upon your current circumstances. If you'd like an indication of the deposit you will need we'd be happy to speak with you about your needs. You can contact us here.
Should I fix my home loan or stay on a variable rate?
This is a very common question, especially when there is a level of economic uncertainty. Historically, you would be better off if you stayed on the variable rate for the term of your home loan. In reality though, if you are close to what is comfortably affordable repayments it may be better to fix your interest rate.
If you're in any doubt at all we welcome your phone call or email to discuss your particular situation and provide some options.
Should I save a bigger deposit before I buy a home?
This is a difficult question to answer as it's dependent upon a number of factors including your circumstances, how quickly you can save, purchase price and the state of the housing market.
Please contact us - we'd love to discuss it further with you.
What documents do I need to apply for a loan?
We will outline the requirements clearly to you in an email.
Documents we generally require are:
Proof of identity (e.g. - birth certificate, passport or driver's licence).
Proof of income and employment.
Debts, assets and liabilities.
Property details (if known).
Any other information that may assist the application where applicable (e.g. - monetary gifts, rental history, building contract, guarantor details etc).
What is the best home loan package?
Every person, their circumstances and financial goals are different. All of these factors will assist us in determining which loans may be best for every individual.
Our brokers would love to discuss which loan options may be best for you.
Contact us here to discuss further.
What lenders do you work with?
We work with a variety of lenders to ensure you have a choice from the best loan options to suit you and your requirements.
These lenders include the 'Big 4' banks, smaller banks, credit unions and HomeStart Finance.
Check out our Home Page which shows a lot more of the lenders we work with.
How do I contact you?
You can call (0406 425 466) or email us (admin@goodrichhomeloans.com.au).
Alternatively, you can send us an online enquiry from our Contact Us page.
Read what our clients say about us...
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© 2023 Goodrich Home Loans Pty Ltd
- All Rights Reserved
Goodrich Home Loans Pty Ltd (ACN 159 382 546) is authorised under LMG Broker Services Pty Ltd (ACN 632 405 504) Australian Credit Licence 517192
The information provided on this site is on the understanding that it is for illustrative and discussion purposes only. Whilst all care and attention is taken in its preparation any party seeking to rely on its content or otherwise should make their own enquiries and research to ensure its relevance to your specific personal and business requirements and circumstances. Terms, conditions, fees and charges may apply. Normal lending criteria apply. Rates subject to change. Approved applicants only.
There may be occasions where you may be charged a fee by your broker.
Your broker is able to assess each lender's approval times and identify those that can provide approval quickly, however this is subject to change and can vary significantly based on how complex is your loan application and how quickly you’re able to provide the information we need.
Not all lenders are available to all brokers. The exact details of the lenders your broker has access to is disclosed within the Credit Guide your broker gives to you when providing credit assistance or is available upon request.
The way in which your broker will stay in touch with you will differ, however typically this will be via email. In addition you will be able to contact them for guidance as required. You are able to opt out of these communications at any stage.