A:- Yes the new lender will require to be noted as first mortgagee or interested party on the insurance policy. The reason for this is for example; if the house burns down (god forbid!) the lender needs to be protected for the amount you have drawn from your loan at that time.

Q. What happens if I need to make an insurance claim and the lender is noted on the policy?A:- If it a simple contents claim there is no need to notify your lender. However if you are claiming under your building insurance you would need to advise your lender. The insurance company would pay your claim out in conjunction with you and your lender.

PROPERTY DEED Q. I have signed all my loan documents and sent them back to the lenders solicitor but now they are asking me for the “title deed”. Why do they need it and where would I find it?

A:- A lender’s solicitors will take care of the registration of the mortgage against your property following settlement of the loan. To do this they need to produce the title deed. It would appear that you currently have no mortgage and therefore the property is unencumbered. If you do not hold the title deed there are a few places you can start looking ie. your solicitor, safety deposit box with a bank, your accountant, in your safe, with the last person who conducted a transaction over the property such as a bank who used to have a loan registered.

CREDIT IMPAIRED Q. I think I have a default on my credit reference . What should I do?

A: A default notation on your credit file will remain on your file for a period of 5 years. If you would like to be certain whether the default is there or not you should obtain a copy of your credit record. Baycorp Advantage is Australia's largest credit reporting agency and can be contacted by phoning (02) 9464 6000 or you can visit their website at http://www.mycreditfile.com.au/. It is important that you enquire as to whether your file has been noted that the default is listed as “paid”.

Non Conforming Loans are available for individuals with an impaired credit history. Your Investor Loans Consultant can help you with this type of loan.

A: In the past getting a home loan could be very difficult when you have an irregular income. However, these days our Finance Strategists can tell you about a range of options, such as low doc loans and similar loans designed for borrowers in your situation.

A: It would be helpful to you to have a basic understanding of the amount you are eligible to borrow and what the monthly payments would be before you start looking for property. However having a loan pre-approval is not necessary. Our Finance Strategists will meet with you to work this out on an obligation-free basis.