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.

 

What’s the difference between a ‘low doc’ and a ‘no doc’ home loan?

Low Doc Loans require that the borrower has been self employed for a minimum of two years & registered for GST (where applicable). You do not need to provide financials, however you will need to sign a borrower declaration that the stated income is accurate and that you can make the repayments
No Doc home loan packages are for self employed borrowers who have been self employed for less than two years. You do not need to state your income; however you will be required to sign a declaration of affordability & posses and ABN registered for GST (where applicable).

 

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.