When the borrower is comfortable with the information provided and is ready to proceed, we complete the application process with the borrower to ensure it is correctly structured.

We then submit the application to the lender and monitor it all the way through the lender's system and look after everything for you until settlement has been effected.

The process of using FGL is designed to SAVE you time and effort as we do most of the work for you.

Once the loan is settled, we provide an ongoing service by assisting you with any questions or issues you may have during the life-time of the loan.

Every year we will do a annual financial health check on your loan progress. Just to make sure you are on track and are on the best loan product.

2. Do I pay a fee for using FGL?

The borrower does not normally pay a fee for using our mortgage services. FGL is paid directly by the lender once the loan has settled, the same way as travel agents are paid by the airlines.  However if the loan is approved and you wish not to proceed to settlement for whatever reason, we will charge a fee of $600 to $1500. This is to cover our admin costs.

3. Do I pay a higher interest rate by going though FGL rather than a bank?

NO - All banks and lenders offer us the same (or lower) rates as they do to their own customers. In fact, for high borrowing clients, we are able to help you to NEGOTIATE a better interest rate and terms because the lender is aware that we are in a position to direct the loan application to another lender and seek a lower interest rate if we are not happy with what they are offering us.

4. Why do banks prefer to have FGL writing loans?

The banking industry has undergone many changes in recent years and as you are aware, banks prefer their customers to use internet banking, ATM's rather than its tellers.

Similarly, it is cheaper for the lender to have FGL carry out the work, rather than having to pay for large numbers of staff and their associated costs, such as holiday pay and long service leave, not to mention the expense involved in setting up and maintaining modern offices for their own lending managers.

Mortgage Brokers are therefore a very cost effective way for banks to obtain new loans and all lenders now have processing departments in place which are designed to support the work of Mortgage Brokers.

5. What advantages are there for me in using FGL?

We are specialists who know the lending industry and we are constantly updated with the latest product offerings, promotions, loans and interest rates by all the lenders.

If you walk into a bank looking for a loan, that bank can only offer you one of their own loans which may not suit your requirements or have the most competitive interest rate.

By using FGL you will have direct access to over 450 different types of loan packages spread over 35 Plus different leading lenders. In other words, you have a selection of over 450 loans just by making the one telephone call to us. 

6. What other advantages does FGL offer me?

You'll be served by a financially-strong and experienced Mortgage Broker. Our company gained a national reputation as an industry-leader in mortgage lending and servicing. Winner of the 2006 Australian Mortgage

Awards as Broker of the year, we are an established company you can trust, with over $4 billion of loans under management.  We are a company that will treat you with respect, courtesy and absolute integrity. Most importantly, our Mortgage Brokers are exceptional at helping you identify the loan that is most advantageous to your goals and financial situation.

7. Pre-approval vs. Conditional Approved

Many people are confused by the difference between a pre-approval and a conditionally approved loan.

A pre-approval is a calculation that can be done over the phone by your mortgage broker. By asking a few simple questions about income, debts, and assets, your Mortgage Broker will be able to provide you with an amount that you would qualify for, for a purchase of a home.

A conditional approval is a loan approval or commitment from a bank to approve your loan subject to certain terms and conditions. To obtain a conditional approval, your Mortgage Broker will complete an application that includes disclosures and obtain both information and documentation regarding your income, assets and liabilities.  Then, your Mortgage Broker will verify all the documents you have provided and correspondingly lodges your file to a bank or lender for approval.

It is highly recommended that prior to shopping for a property, you obtain conditional approval. Loan approvals are an essential part of writing an offer for a home and demonstrate that you are very serious about the offer you are making.

8. Is my personal financial information safe?

Yes.  FGL maintains a privacy policy of the highest standard. We do not share your information with anyone without your permission.  It is confidential information between you and TMP.

9. I've had credit problems in the past, should I forget about buying a home?

Absolutely not!  Call us and we can determine if any previous or current credit problems might disqualify you from applying at this time and provide direction on how you can resolve those problems to improve

your credit worthiness.  We offer a variety of mortgage programs for people with less than perfect credit reference and we will do everything we can to get you the loan you need.

10. What's the difference between a fixed-rate and a variable rate loan?

With a fixed-rate mortgage, the interest rate is determined when your loan is settled (or approved).  The interest rate remains the same for the fixed term of the loan. A variable rate loan increases or decreases based on Reserve Banks Cash rate movement. Which is best for you?  It will depend on your financial situation and purpose of the loan.

11. What is Lenders Mortgage Insurance (LMI)?

Most lenders require LMI when a borrower makes less than a 20% deposit (for full documentation loans) on the home being purchased. LMI protects the lender from loss if the borrower fails to make mortgage payments. It is a once off payment.

12. Why do people refinance and would it be smart for me?

Property owners refinance to accomplish a variety of goals.  But one basic reason is for them to save money.  People most commonly use a refinance to:

• Convert a higher interest rate mortgage to a lower interest rate mortgage
• Lower their cost of debt by consolidate non-tax-deductible or higher interest rate debt, such as credit cards, personal loan, business loans, margin loans (shares), second mortgage or car loans.
• Convert a variable rate to a fixed rate
• To use the equity as deposit for another property purchase, share investments, buying business or working capital.
• To get cash for family needs/expenses or unexpected situations (eg tuition, medical expenses, holiday, etc.)

Is a refinance a smart move for you?  To find out, call us and you'll get our honest, objective opinion on what's most advantageous for you. We will do a full cost and benefit analysis to enable you make an informed decision.