The online mortgage broker

What are Supporting Documents?

Documentary evidence that verifies application data, used by both uno and lenders to confirm the details that a loan applicant has provided throughout the application process.

What does Serviceability mean?

Serviceability describes the method lenders generally use to assess a consumer’s ability to repay a loan. This can based on the loan amount, the borrower’s income, expenses and other commitments.

What is a Mortgage Broker?

A mortgage broker is someone who negotiates with banks, credit unions and other credit providers on your behalf to arrange home loans. They also assist with application preparation. Brokers must be accredited to be operating legally within Australia by having a CERT IV in Finance and Mortgage Broking, and must operate under their own ACL

What is a Mortgage Adviser?

A mortgage adviser is the same thing as a mortgage broker: Someone who negotiates with banks, credit unions and other credit providers on your behalf to arrange home loans. They also assist with application preparation. Brokers must be accredited to be operating legally within Australia by having a CERT IV in Finance and Mortgage Broking,

What is the MFAA?

The Mortgage and Finance Association of Australia, which represents professional finance brokers.

What is a Loan to Valuation Ratio (LVR)?

Loan to Valuation Ratio is a percentage that is calculated by dividing the amount of the loan by the purchase price or appraised value of the mortgaged property. This is usually a key indicator of risk to a lender when considering a lending scenario. Typically no higher than 60% for LoDoc Loans, no higher than

What is Lenders Mortgage Insurance (LMI)?

Lenders Mortgage Insurance is a type of insurance that lenders take out to protect themselves in case the borrower defaults on the loan. Lenders usually charge the borrower a one-off fee to cover this insurance if the amount borrowed is more than 80% of the value of the mortgaged property. LMI is an insurance product

Key Fact Sheet (KFS)

A document authored and published by a lender in a set format to inform borrowers about a the features of a loan. The product KFS is usually available via the lender website.

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