What does a Home Loan Specialist/Mortgage Broker do?
AMortgage Brokers are professionals in the home loans industry. They work with you to determine your borrowing needs and how much you can borrow. Brokers help ensure you don’t take a loan that is too big for you. Professional Mortgage Brokers focus on loans. If you have a toothache, you go to the dentist, you go to someone trained to help you with your specific needs. It is the same when you need a loan. Brokers have access to a wide variety of loans. This means your broker can find a loan that is just right for you.
Do you charge fees for home and investment loans?
ASome Mortgage Brokers Charge a fee and some don’t. Prana Credit Solutions does not charge a fee for this service. Any services that do have an applicable fee will have this fee disclosed upfront. When you take out a home loan via a Mortgage Broker – It does not cost you more Brokers get paid a commission by the bank for bringing new business to them, this does not impact your interest rate or level of service from the bank.
Will you recommend the lender  that pays the most commission?
AAbsolutely not! There is legislation in the industry, called the National Consumer Credit Protection Act or NCCP, that is designed to protect consumers and ensure ethical and professional standards in the finance industry. We tell you upfront what commission we will be getting from the bank. Our job, our only job, is to find the best loan for your needs and serviceability.
How much can I borrow?
AHow much you can borrow depends on an evaluation of your individual circumstances. There are a number of factors that will impact how much you can borrow – the obvious one being how much you earn, but less obvious ones been whether you foresee any changes in your circumstances that may impact your income – for example, are you thinking about having more children? or are you planning to send your children to a private school and therefore will have increased school fees to account for?

Here at Prana Credit Solutions, our job is to ensure that we understand your needs and objectives and that we verify your financial position so that you do not enter into a credit contract that is not suitable for you. This means ensuring that the proposed loan will meet your requirements and objectives and that it will not place you into substantial financial hardship.

Should I go fixed or variable?
AWe are only allowed to recommend a product based on what you say is most important to you, eg. to pay off your loan quickly or guaranteed repayment amounts. We can however, have a mixture of both by splitting you loan according to your needs.
I am not in the area, can we still work together?
ASure thing! We are mobile brokers so we can come to you!
Which lenders do you deal with?
AI am a FAST (BLSSA Pty Ltd)  broker. This means I have access to many lenders – these include major banks, second tier lenders and credit unions. we can source a loan with the lender of your choice. You can see the lenders we deal with by going to our home page or our Partners page
Who sets the interest rates?
AThe Reserve Bank of Australia determines the Cash Rate on the first Tuesday of every month. The lenders then use this information to set their own rates.
Why use a Mortgage Broker instead of going to the bank directly?
AIf you go directly to the bank, you will only be offered the loan options available through that one lender without a real point of comparison, unless you go to many different banks separately. Another disadvantage, is that your particular situation may not fit the credit policies of such lender and thus, they may turn you down before or even after you have already applied. If your application is declined by one lender due to a particular credit policy not being met, your credit file is tarnished and when you go to another lender, your chances of being approved by this other lender are greatly reduced. As your mortgage broker, we do all the legwork for you. We are across many lenders, their products, services and policies. Our sole purpose is you find the right loan for your needs.
Do you have a complaints and disputes policy?
AYes, We are committed to meeting if not exceeding our clients’ expectations whenever possible. As much as we all dislike receiving complaints, we recognise that dissatisfied clients have a right to complain and to have their complaint handled quickly and directly. Clients who take the time to complain may well still have confidence in us and want to continue dealing with us. For more information, read our full policy.

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