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Frequently Asked Questions.

We understand that when exploring a new product, service, or topic, questions often arise. That's why we have compiled a comprehensive list of commonly asked questions to provide you with the information you need.

Whether you're a first-time visitor to Smart Mortgage & Lending, or a returning user, our FAQ section aims to address your inquiries and assist you in finding the solutions you seek. Browse through our curated selection of frequently asked questions to gain valuable insights and make informed decisions.

What is an offset account?

When considering a mortgage, it's advisable to research different lenders and their product offerings to determine if they provide offset accounts as an option.

What are the costs of Refinancing? 

Several costs come with refinancing a home loan, although some of these costs are added to your new mortgage. You can get a rough estimate of the cost to refinance your mortgage by using a refinance calculator, or engaging a mortgage broker.

Settlement Day

On settlement day, it's important to consider tasks such as reviewing the final settlement statement, ensuring funds are available for the down payment and closing costs, and conducting a final inspection of the property before completing the purchase.

Reverse Home Loans

A reverse mortgage is a type of loan that allows homeowners who are typically 62 years or older to convert a portion of their home equity into cash.

Mortgage Refinancing

Mortgage refinancing is the process of replacing an existing mortgage with a new loan, typically to secure better terms, lower interest rates, or access equity in the property.

Lenders Mortgage Insurance

Lenders Mortgage Insurance (LMI) is a form of insurance that protects the lender in case a borrower defaults on their home loan, typically required when the borrower's deposit is less than 20% of the property's value.

Interest Only Loans

Interest only loans tend to be popular mainly with investors who wish to make minimum repayments whilst the property hopefully grows in value or for negative gearing purposes.

Guide to Construction Loans

Construction loans are a type of financing specifically designed to fund the construction or renovation of a property, providing borrowers with the necessary funds in stages as the construction progresses.

Get mortgage ready before you start looking for a property

When preparing to buy a property, it's important to assess your financial readiness, research the real estate market, determine your needs and preferences, and secure financing options.