Frequently Asked Questions
How quickly can I get the loan?
Morgan Brooks DIRECT will issue a letter of offer to you within 24 hours of you submitting an application. It usually takes 3-4 weeks for the entire process to be undertaken.
What is the maximum I can borrow against my home?
Depending on how much your home is worth and they type of loan you are applying for, you can borrow up to 95% of the value of your home.
What is a comparison rate?
With many lenders, the annual interest rate applicable to your home loan is just part of the cost. A comparison rate not only factors in the annual interest rate (including honeymoon rates) but also all ascertainable ongoing, up-front and other fees. The comparison rate gives you an idea of the costs for a particular loan so you can compare your home loan with others
Can I get a line of credit?
Yes. Morgan Brooks DIRECT has both full doc & low doc lines of credit available to the borrower.
Do you have a professional package?
Morgan Brooks DIRECT offers a professional package with select home loan products.
How Do I qualify for a ‘low doc’ loan?
Low Doc loan guidelines have changed dramatically since the global financial crisis. Today all Low Doc lenders require borrowers to have a registered ABN and, if declaring >$75k annually, GST registration. Many lenders will rely on a borrowers’ Declaration of Income however an increasing number of mainstream lenders seek to verify such a declaration with copies the borrowers’ last 12 months BAS statements. Other lenders require a minimum 2 year ABN and insist on GST registration. We encourage you to ask about the specific Low Doc requirements of the lender you are considering.
How can I make repayments?
You can make repayments using internet banking, direct debit or salary crediting.
Can I make additional repayments?
Yes you can whilst in variable rate mode. These repayments will reduce the amount owing on your loan.
Can I redraw?
A redraw facility is available. In order to redraw you can call 1800 801 999 or download a client request form. You cannot redraw whilst you have a fixed rate, are in arrears or during a construction period.
Do you lend to companies?
Morgan Brooks DIRECT can lend to companies, individuals and trusts. There is a maximum of four borrowers per loan facility.
What do certain terms mean?
To help you learn & understand the terms we have included a glossary.
I haven't been able to find what I am looking for…
Call 1800 801 999. Our loans specialists are more than happy to assist you with any information you require about Morgan Brooks DIRECT’S products and your loan application.
