Loan Market Mortgage Broker in Canberra

About Craig and his team

Having joined the finance industry in 2004, Craig has seen a lot over the years! 

Craig is a family man with a daughter, two grandchildren and two step sons. He has a natural empathy for people and that allows him to "put himself in his client's shoes" which sets him apart from other mortgage brokers.

Craig can arrange all levels of finance from home or investment loans, through to commercial and business finance and leasing. Whether you're a first home buyers, professional investors or anyone in between, he recognises that there are people who have experienced considerable financial losses due to being misinformed about all their available finance options. This drives him to ensure that all clients are fully aware of their choices, whilst ensuring that they understand why these are the most suitable options for them.

Home Loan Deposits

Most banks and lenders will require a minimum deposit of 5 per cent of the value of the property you are purchasing, before they will approve you for a home loan. Depending on the lender and your individual situation, you may be able to fund your deposit from a range of sources, including genuine savings, monetary gifts, inheritances and first home owner incentives. However, most lenders will require at least a portion of your deposit to come from genuine savings.

If you don't have the deposit required, you may be able to make use of family equity, also known as a limited guarantor loan. The most common form of family equity is where a family member, offers their existing property as security for a portion of the home loan, generally around 20 per cent.

Home Loan Pre-approval

Home loan pre-approval is a great way to ensure you know how much you can afford to pay for a property before you even start looking. A written pre-approval can also give you an advantage when negotiating on a property with a vendor, as opposed to someone who has no pre-approval or finance in place. Home loan pre-approval is generally valid for about three months, and you will still need a satisfactory valuation on the property you intend to purchase before your pre-approval can progress to a full loan approval.

Debt Consolidation

Debt consolidation can be a handy solution when you are struggling with repayments on several debts, such as your home loan, credit cards and personal loans. Debt consolidation works by combining all those debts into your home loan, which is generally the debt with the lowest interest rate. Because the interest rate is lower, and the loan term is usually longer, your monthly repayments will drop, giving you a bit of breathing space.

Bridging / Relocation Loans

Financing the move from one property to another can be quite stressful, especially if you are yet to sell your home - a bridging loan can help free up the funds that are tied up in your current property to purchase the next one. With a bridging loan, your lender will use both your current and new property as security and lend you enough to buy your new home.

While you are waiting for the sale and purchase process to be completed on both your current and new property, you make interest only repayments on the loan, or maybe even no repayments at all (referred to as capitalising the interest). Once you have sold your old home, the proceeds go towards paying off your bridging loan. The amount left over (known as the end debt) is then transferred to a standard home loan, becoming the home loan on your new property.