Finance
Your Finance Journey with Mirren Finance Strategies
Starting your finance journey with Mirren Finance Strategies is exciting, and we’re here to make it simple. Our step-by-step guidance ensures you’ll navigate the loan application process with confidence and ease.
Finance Sign-Up
Start by signing the Credit Guide and Privacy Statement to begin the pre-assessment process—this is a legal requirement for all brokers. You’ll then receive access to your personal, secure finance portal. Please complete the 'Client Profile' and 'Monthly Living Expenses' sections.
Collection of Evidence/Supporting Documents
Our client care team will request documents as listed in your Evidence Document Checklist. The loan assessment process can only begin once all supporting documents are received.
Finance Sign-Up
Start by signing the Credit Guide and Privacy Statement to begin the pre-assessment process—this is a legal requirement for all brokers. You’ll then receive access to your personal, secure finance portal. Please complete the 'Client Profile' and 'Monthly Living Expenses' sections.
Authorising Your Loan Application
Our client care team will request documents as listed in your Evidence Document Checklist. The loan assessment process can only begin once all supporting documents are received.
Submitting Your Loan Application
Your signed loan application and supporting documents will be submitted to your chosen lender.
Formal Loan Approval
In approximately 2 to 3 weeks, your lender will issue a Formal Approval Letter. Congratulations—the hardest part is done!
Receiving Your Loan Documents
Once approved, the lender will send your loan documents via DocuSign or by mail. Your password will be sent to your mobile phone. Please notify Mirren Client Care when you receive these documents.
Signing Your Loan Documents
Mirren Finance Strategies will guide you through reviewing, understanding, and signing your loan contracts. Our team will contact you to schedule an appointment.
Returning Your Loan Documents
We’ll ensure your loan documents are scanned and sent back to your lender via express mail or DocuSign. Your lender will book the settlement date once all supporting documents are received.
Settlement
Do not change jobs or apply for additional finance before settlement, as lenders perform checks beforehand. In 2 to 3 weeks, settlement will take place, and your loan will be activated. If refinancing, your old loan will be paid off and closed.
Post-Settlement Appointment
About a week or two after settlement, we’ll schedule a post-settlement appointment to ensure your accounts are set up correctly and your expenses are reconciled. We hope this overview clarifies the Mirren Finance Strategies process. If you have any questions, feel free to reach out—our team is always here to help.
Mirren Finance Strategies | A Step-by-Step Process Guide
Frequently Asked Questions
Find basic information regarding property financing.
A mortgage is a loan used to buy property, where the property itself acts as collateral/security for the loan.
You borrow money from a lender to buy a home, agreeing to pay back the loan over a set period, typically 15 to 30 years, with principal and interest repayments.
A mortgage rate is the annual interest rate charged on a mortgage/loan, which determines how much you’ll pay in interest over the life of the loan. The interest is calculated daily on the outstanding balance of the loan and charged to the loan account monthly.
The principal is the original loan amount, and interest is the cost of borrowing that money. Each mortgage repayment typically covers both.
A loan term is the length of time over which you’ll repay your mortgage, typically 15, 20, or 30 years.
A down payment is an upfront payment made by the borrower toward the purchase of a home, usually a percentage of the home’s total purchase price.
Traditionally, a down payment is 20% of the home price, but many lenders accept lower amounts, such as 5%, depending on the loan type.
A fixed-rate mortgage has an interest rate that remains the same throughout the loan term, while a variable-rate has an interest rate that may change periodically, often based on market conditions. Usually, variable mortgages have unlimited extra loan repayment options, whereas fixed-rate mortgages have limitations on extra repayments.
Common types include fixed-rate mortgages, variable-rate mortgages, line of credit, equity release and reverse mortgages, Self-Managed loans, and construction loans.
A LOC is a revolving line of credit secured by the property, allowing you to borrow and repay funds as needed. The usual term of an LOC is 25 years.
A home equity loan allows you to borrow against the equity of your home, often for home improvements, debt consolidation, or investments, with the home acting as collateral.
Equity is the difference between the value of your property and the loan. For example, if the value of the property is $750,000 minus the loan of $600,000, then the equity is $150,000.
The costs are fees associated with getting a mortgage, such as loan origination fees, title fees, valuation inspection fees, annual package fees, discharge fees, account keeping fees, and more.
LMI is a one-off insurance payment that protects the lender if you default on the loan. It’s typically required when your down payment (deposit) is less than 20%.
Loan-to-Value Ratio is the maximum percentage amount that the bank will lend against the value of the property. For example, 80% LVR means if the value of the property is $750,000 x 80% = $600,000 is the maximum loan amount.
Your DTI ratio is the percentage of your monthly income that goes toward paying debts, including your mortgage. Lenders use it to assess your ability to repay a loan.
A credit score is a number that reflects your creditworthiness. Depending on the lender, sometimes a higher score leads to better loan terms and lower interest rates.
Pay bills on time, reduce debt, avoid opening new credit accounts, and regularly check your credit report for errors.
To get the best rate, ensure you have a good credit score. Your broker will compare multiple lenders and consider the loan term and type to suit your needs.
To apply for a mortgage, you’ll need to provide financial documents (income, debts, assets), complete an application, and have a credit check. Brokers usually have access to multiple lenders and, after comparing the products and completing their due diligence, they make product recommendations that suit you best.
Pre-qualification is a quick, informal internal estimate of how much you may be able to borrow. Pre-approval is a more detailed process that involves submitting financial documents and getting a loan offer from a lender. This is no guarantee that the lender will formally approve your loan.
Mortgage approval typically takes 1 to 30 days, depending on the complexity of the application and the lender’s process.
A repayment schedule outlines the periodic mortgage payment and how much goes toward principal and interest over the loan term.
Paying off your mortgage early can save on interest costs, but some loans may have prepayment penalties. Always check your loan terms.
Missing a payment may result in late fees, a hit to your credit score, and, over time, potential foreclosure if the situation is not addressed.
Communicate with your lender if you’re having trouble making payments. It is never in the bank’s interest to foreclose on you. They may offer a hardship plan, modify your loan, or other options to avoid foreclosure.
Refinancing involves replacing your current mortgage with a new one, often to get a lower interest rate, change loan terms, consolidate debt, or take cash out by using the equity you have built in your property.
Refinancing involves taking out a new mortgage to pay off your existing loan, potentially saving money by securing a lower interest rate or better terms.
Depending on your financial situation, a refinance can lower your repayments for an existing loan by lowering your interest rate, varying the loan term, or consolidating your debt.
A cash-out refinance allows you to refinance your mortgage for more than you owe and take the difference in cash, often used for home improvements, debt consolidation, or other investments.
Consider your budget, the property’s location, loan type, interest rates, and long-term financial and employment stability before buying.
A small down payment may lead to higher monthly payments, lender’s mortgage insurance (LMI), and a higher likelihood of owing more than the property is worth.
It’s possible to get a mortgage with bad credit, but you may need to pay a higher interest rate and higher fees.
Unless the property is used as an investment and is rented out, there are no tax benefits. Ask your tax agent for the right advice.
Satisfactory valuation is critical to loan approval. A low valuation report may result in a lower loan limit approval. Some issues, like the security location, may also result in lower loan limit approval due to LVR limitations.
Case Studies
Young Family
Dual Income/Older Family
Single Income/Sole Parent
Dual Income, Less than 50 Years Old
Business Owner
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