We get it, sometimes you just need a fast answer!
So we keep this FAQ list up to date with the most common questions we get asked by our clients. If you want a question answered here, just email us and we’ll get to it! Email: firstname.lastname@example.org
You may obtain a conditional approval within 24 to 48 hours of submitting your completed application. A formal loan approval can take up to a week or it could take a little longer in some circumstances. So the quicker the documentation is received from you, the speedier the application process can be.
Our job is to find you a suitable loan product depending on your circumstances; we will look at your financial situation and what repayment structure you can comfortably afford given your income and lifestyle choices. All of these aspects will affect how the team at WhiteStar Finance can structure an appropriate loan for you. For example, deciding whether it is a standard loan or a non-conforming loan. Different lenders have different lending criteria. Having too many applications on your credit file can hurt your application therefore using a company like WhiteStar can hopefully help you get it right the first time.
WhiteStar Finance provides a phone service, answering your questions about how to obtain your first home loan. We can assist you with calculations on what repayments you can afford, what deposit you will need and what your weekly payments will be. The team at WhiteStar Finance can also assist you with a pre-approval loan which is ‘an obligation free and cost free service’ (it is indicative only and not binding to you or the lender). This will assist by narrowing your search for the right home which is in the right price range for you.
Yes! The team at WhiteStar Finance can obtain most of the information over the telephone saving you the time and energy required to attend meetings. All necessary documentation* for the loan application can be handled via email, fax or post. * Subject to appropriate identification.
Yes! It is important to note that the ‘lender’ sets the rates based on a number of factors, such as risk and security – therefore the fees and interest rates will vary depending on your specific situation. For example, a standard home loan package (conforming) may have lower fees and competitive interest rates. In comparison, a non-conforming loan may attract higher fees and interest rates depending on the assessment of risk by the lender given your circumstances. Please ensure that before you accept any loan offer, you understand all fees, charges and the interest rate applied to your loan application. If you are not sure about any details of your loan offer, please contact our dedicated staff to assist you.
Yes! We speak to many people in similar circumstances. We are often able to assist clients who may have defaults, judgements or are behind in their loan repayments (arrears). It is important to note that you will need to have residential property as security for a loan. Please call to speak to a consultant to discuss your individual circumstances and finance requirements.
Of course! Provided the loan is secured by residential property.
A Mortgage review is the process of comparing your existing mortgage with other suitable options. We recommend a yearly mortgage review to find out if you are sitting on a competitive rate with a suitable product or for an alternative product which will have a financial benefit for you. Understand how much better off you may be. In many cases it might be $1,000’s in savings per annum.
WhiteStar Mortgage Brokers follow a very strict guideline which is “there must be a benefit” to our customers if they are refinancing. The benefit can be either financial, like improving cashflow, saving in interest or changing to a product that is more suitable to you than your current or you require additional funds for something you really want or need. We often advise prospective customers that moving lenders may not improve their situation as in some cases there are fees like LMI that outway the benefit of a refinance. So waiting is sometimes the recommended option.
If you are paying a higher interest rate on your mortgage or if you also pay other high interest loans (car, personal, credit cards etc…) then by reviewing your mortgage you may be able to find a great debt consolidation option or refinance only option that can save you hundreds of dollars a month , which improves your household cashflow.
No, reviewing mortgage does not affect your credit file using WhiteStar Finance. As we are a mortgage broker we will not leave a credit enquiry on your credit file as we are an access seeker. Most Brokers will be similar. If you apply with a lender however then they will leave an enquiry on your file. So it’s recommended you do not shop around for a better deal with lenders directly as each time they will perform a credit check which may affect your credit score.
- Step1: Fill the form or contact one of our mortgage brokers to request a complimentary mortgage review.
- Step2: We can find out how much you may be able to save on interest and depending on your situation we may be able to review against over 20 lenders. (all subject to lending criteria being suitable to your situation)
- Step3: If you are happy with the options then we will request further documents to verify the information we have and complete a full client interview to make a final recommendation on lender and product.
Important: For us to make a final recommendation to you we will require a full client interview and supporting documents to be provided and verified. We are more than happy to discuss options prior to this however they are not able to be confirmed or recommended by us until the interview and documentation has been received and reviewed.
WhiteStar has been in business for 20+ years and we have many happy customers. Our team work hard to ensure we provide you the information that is useful and easy to understand. We are not a lender we are a Mortgage Broker. Once you have a mortgage review with one of our team then you can decide if you would like to work with us further. If we can assist you to improve your financial situation we would love to help. Check out our testimonials here
Yes the paperwork has grown over the years. One improvement though is there are online portals to speed it all up for everyone. We provide a quick checklist with a couple of links that can take care of most of the documentation. Fees vary across the lenders so depending on your personal situation and the criteria the fees can change. Our policy though is that there must be a benefit to you for any refinance. We wont refinance just to obtain a new client. We have had a few clients disappointed that we won’t refinance them to a better rate due to fees being too high for their situation.
For some borrowers Comprehensive Credit Reporting may cause issues as your report will now report on repayment history as far back as 2 years. This is only if there was some poor repayment history in the past that will now been seen by prospective lenders that previously would not have been seen. Chat with a broker as they are be able to guide you in the right direction and explain clearly on what options you have.