How much can I borrow?

All lenders have their individual serviceability calculators to assess how much you can borrow with them. At LoanPort we have access to most lenders calculators and are able to provide you with information on how much you can borrow with each lender.

Some of the factors that lenders consider when assessing how much you can borrow include length of employment, deposit, guarantors, suitable security, previous repayment history, current debts ie personal loans, credit card/store cards.

To learn appoximately how much you can borrow, please utilize the How Much Can I Borrow calculator or contact us by phone or email.
 

Which banks or lenders are available through LoanPort?

At LoanPort, we believe that when finding the right loan for their situation, it is important to provide our customers with a wide variety of lenders and products to choose from. As a member of AFG, LoanPort has access to over 34 different lenders with over 800 financial products to choose from.
 

What are the steps in applying for a loan?

LoanPort’s mission is to make obtaining finance 'hassle free' and to save you time and money. We therefore have a structured and documented process in place that we use to ensure that all aspects of the loan process are covered and that you know what is going to happen next. Please see the LoanPort Process page for a complete overview.  
 

What information will be required to apply for a loan?

The documentation required to process an application varies slightly with each lender. Please see the Checklist page for a full breakdown of the documentation we will require to process your home loan application.
 

How long does it take to get finance approval?

Lenders turnaround times vary, however we are generally able to provide conditional approval within 48hrs. Following conditional approval, the lender will order a valuation of the property.  The valuation is generally done within 48hrs of conditional approval depending on the access availability.  Once the property has been valued and it is determined whether or not LMI is required, the lender will provide unconditional approval.  LMI approval can sometimes take up to 5 days to approve.

LoanPort will advise you at the time of application of and foreseen delays in the application process.

Who pays LoanPort?

LoanPort is paid a commission for introducing customers to lenders, completing the paperwork and submitting the application. Commission rates vary depending on the lender and the type of loan; the commission paid is generally disclosed in the loan documents. The process involves Australian Finance Group (AFG), receiving the commission from the lender on settlement of the loan. LoanPort is then paid a percentage of the commission through AFG.

If you would like further information regarding commission paid to LoanPort, please contact us by phone.
 

What is Lender’s Mortgage Insurance (LMI)?

Lender’s Mortgage Insurance (LMI) protects the lender not the borrower in the event that the borrower defaults on the loan and the bank forecloses.  If the property is sold by mortgagee sale and there is a shortfall of funds to pay the loan, then LMI will pay the bank the shortfall and seek to recover the shortfall from the borrower.  LMI is generally payable on loans over 80% of the total purchase price, and often on Lo Doc loans.
 

What is a Lo Doc loan?

Lo Doc loans, also referred to as self certifying loans, are generally used by those self-employed who are GST registered and unable to provide or clearly demonstrate their income amount required for serviceability of the loan.  Most of the lenders have a range of Lo Doc loans available to suit customers varying needs, are can be discussed at the time of interview.
 

How will LoanPort assist me?

LoanPort’s mission is to save you time and money, and make obtaining finance 'hassle free'. We follow the same process with all our clients so you can be sure you are receiving a high quality service. We will gently guide you through the home loan process and explain the steps along the way.
 

How does LoanPort ensure a professional service?

As a Licensed Finance Broker business, LoanPort is required to operate with a strict code of ethics and act with honesty and integrity at all times, comply with all the laws and regulations relating to the Mortgage Industry and maintain confidentiality in all dealings.

LoanPort has membership of several major industry and governing bodies to ensure that staff keep up to date with industry standards and changes. These include:

Australian Finance Group, Australia's largest mortgage wholesaler (AFG)
Mortgage and Finance Association of Australia (MFAA)
Credit Ombudsman Service Ltd (COSL)
 

Why don't I just go directly to my bank?

When thinking of going direct to your bank consider this:

‘mortgage brokers work for their customers, bank managers work for the bank!’

At LoanPort we do not sell our own products. We believe that our structured process, which involves assessing your needs and liaising with your chosen lender, will save you time and money.

We provide a detailed comparison report so that you can compare the features, rates and fees of the products of various lenders, without going to each bank directly.

We also have access to promotions through the broker network, such as discounted, application fees and interest rates. We can help you sort through the lenders' various products and names so you know when you are comparing loans you are comparing ‘apples with apples’.

If you have been a long standing customer of a bank/ lender, we can liaise with them and ask them to price match the interest rates and/or application fees of their competitors equivalent products. (We think this is worth the effort and a 20c phone call/fax).
 

How will LoanPort maintain my privacy and confidentiality?

At LoanPort we acknowledge that the information we are required to obtain including personal details, income details and asset/liabilities statements are of a personal and sometimes sensitive nature.

LoanPort is governed by the Privacy Act 1988 (Cth) which incorporates the amendments made to it by the Privacy Amendment (Private Sector) Act 2000 (Cth). This legislation enforces the privacy of personal and financial information. LoanPort will maintain your confidentiality according to the Guidelines to the National Privacy Principles. We also have our own standards and systems in place to ensure your privacy is respected and confidentiality maintained at all times. Full details of this can be viewed in our Privacy Statment.