Lighthouse Questions

Firstly, how can Lighthouse help us?

Lighthouse can help by providing recommendations based on the requirements of each prospective borrower. We are able to shop around for the best loan to suit your individual circumstances. We have accreditation with most major lenders as well as regional banks, credit unions, building societies and some private funds. We are able to save you time and effort by looking at all the options. We interpret loan products and technical jargon and provide simple and easy to understand explanations.

What's the cost of your service?

Our service is free to all prospective borrowers. Our fee is paid by the lender for introducing your business. This fee does not impact on the fees or interest charged to you by the lender.

Which type of loan is best for me?

There is no simple answer to this most frequently asked question. The answer is dependent upon your individual and economic circumstances. However once one of our consultants has spent some time with you gathering relevant information we will be able to compare loan options and advise you which loan will be the cheapest and the best matched to your needs.

What deposit do I need?

Generally, you will need a minimum of 5% of the purchase price saved over a 6 month period for an owner-occupied property. This deposit amount increases depending on the size and purpose of the loan. Investment property loans normally require 10% deposit, however if you have equity in an existing property, this may be used to effectively fund the entire purchase price plus costs.

What is mortgage insurance?

Where the loan generally represents more than 80% of the value of the property, most lenders require mortgage insurance. This insurance is a one off premium based on the loan amount and the Loan to Valuation Ratio. The cost of this insurance is generally paid for by the borrower. This type of insurance only protects the lender, not the borrower in the event of a default.

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