Why Use Eclipse?

We here at Eclipse understand the service required to get the finance needed for your purchase opportunity when it arises. Our mortgage broking partners are dedicated to ensuring your experience is both exciting and supportive with a speedy and smooth process. With previous professional backgrounds from Real Estate to Banking, we love the journey and all the challenges in between. With a selection of 60+ lenders we are equipped to finding you the right fit.

 

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Do you charge for your services?

Eclipse does not charge a fee for our service. The commission paid to us by the lender you choose is fully disclosed to you within our Credit Guide.

 

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Why use a broker over a Bank?

With 70% of all new loans being written by Mortgage Brokers, there is a difference when choosing whether to use a Broker or Bank:

Brokers provide a third–party service and with a massive panel of lenders to choose from we can find the loan that best suits you.

Using a Broker is also a partnership, with access to our referral network for all of your other professional needs.

 

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How can we be sure that you will recommend a suitable loan?

The mortgage broking industry is tightly regulated and subject to continuous auditing to ensure that we are acting for our clients:

• ASIC’s Best Interest Duty and related obligations

• Responsible Lending, both of which are regulatory requirements when providing Credit Assistance.

 

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How does the process work?

The process is intuitive and begins with us asking:

• How can we assist?

• What is your current financial position?

 

We then would request that docs are provided to support:

• Identification

• Financial Position (Payslips and Statements)

 

Once docs and info are received, we can begin a preliminary assessment and provide you with options. When you are happy with a selection, we will move to get an approval in place for the finance.

 

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How long does a preliminary assessment take?

We can complete a preliminary assessment within 24 hours once all required docs and info have been provided.

If you have any urgent deadlines, let us know so we can get the ball moving pronto.

Can you assist interstate clients?

Absolutely! We live in a great age of technology and processes which allows us to engage with clients all across Australia.

 

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What deposit will I need?

The deposit required for a home loan can vary a lot depending on your specific situation and the lender's assessment. Some banks will only need a 5% deposit if your income, employment, and credit history are all good.

If you want to avoid paying lender's mortgage insurance (LMI), you'll need a 20% deposit since LMI applies for loans over 80% of the property value.

You don't need a deposit if your parents can act as guarantors and use their property as security for the loan. This is another option available to avoid paying any LMI.

 

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What is Lenders Mortgage Insurance?

LMI can be a substantial cost which protects the lender when a borrower is using a smaller deposit in the event of a default.  This is not insurance for the borrower.

 

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What are the costs involved in a purchase?

There are some standard costs involved in a purchase that cover the process of approving the building, the finance and switching the title holder. Some of these costs might not be applied depending on the situation.

They include:

• Valuation fees

• Building/Pest inspection

• (LMI) Lender’s mortgage insurance

• Solicitor fees

• Insurances

• Stamp Duty

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How long is a Pre-approval valid for?

Pre-approvals are usually valid for between 3 to 6 months. In some circumstances an extension may be applied for if you haven’t secured the property you are looking for.

 

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What is the First Home Owners Grant

The First Home Owner Grant (FHOG) is a one-time financial grant provided by the Aus Gov to assist eligible first-time home buyers with purchasing or building their first home. The grant amount and conditions vary from State to State. Is only applicable to brand new homes, i.e purchasing off the plan, or a construction loan.

 

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What is the First Home Guarantee Scheme

The First Home Buyers Guarantee (FHBG) is an initiative by the Aus Gov aimed at helping first-time home buyers purchase a home by reducing the amount of deposit required. It allows eligible First Home Buyers to contribute as little as 5% of the purchase price as a deposit while also avoiding the cost of (LMI) Lenders Mortgage Insurance.

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What is refinancing?

Refinancing is using your existing security property with a lender to leverage either new finance with the same lender or switching to a new lender.

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How can I use the equity in my current property?

The equity is the difference between the property value of an existing security property and the finance on the property. It can be loaned against for many purposes such as a deposit for another purchase, renovations, debt consolidation or even an emergency fund safety net.

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Have more questions? Kindly get in touch using the details below.