FAQ's
Should I get a fixed rate or variable rate loan?
If you are someone who can consider being able to budget around your regular mortgage repayments a priority, fixed rate loan may be suitable to you. This way your interest rates will be locked in place for a set period and repayments will remain consistent during this time. However, it does have its own disadvantages. You may have an option to fix rate from one to five years, depending on the lender and you preferences.
Whereas, a variable rate loan offers you more flexibility and generally lower rates than fixed home loans. However, you must be warned of possibility of rate increase which will translate to higher repayments.
Get in touch with us today and we can help you find the right loan type to fit your needs.
How can Snap Financial Solutions assist in buying a first home?
We understand how exciting as well as how challenging buying a first home can be. We have tools that will make this home buying process very simple and stress-free for you. We will work with you at each step, answer all your questions and guide you step by step to find the right loan that fits your goals. Get in touch today and we will make sure you enjoy the journey not just the destination.
What if I don't have enough funds saved up?
If you haven’t got funds saved for the initial 10 to 20% home loan deposit, then you could consider a low deposit home loan. This means you might borrowing the full purchase price of the property and as such your loan-to-value-ratio would be 100%, which will most likely incur extra charges in the form of lenders mortgage insurance, which can cost thousands. Please get in touch with us and we can find the right loan product for you.
When should I refinance?
Refinancing is the process of getting a new mortgage by changing the terms of the one you already have on your home. You might be thinking of refinancing your mortgage for a few reasons—taking advantage of lower interest rates, switching mortgage companies, reducing monthly mortgage payments, or using money from the refinance for a big purchase. If you have any these needs, then get in touch with us and we can help you meet your goals.
Don’t worry—refinancing doesn’t mean you end up with two mortgages! Instead, your first loan is technically paid off through the refinancing process and a second loan is created in its place.
If I am not happy with the service, how do I make a complaint? What options do I have?
If you are unhappy with our services, please contact us first by contacting our complaints manager on 1300 667 694 or email brokers@redrockgroup.com.au. Alternatively, you can send your written complaint to PO Box 33142, Melbourne VIC 3004.
We will try to deal with your complaint within 45 days. If you are unhappy with any decision or the handling of a complaint by us, you can refer your complaint to our external dispute resolution provider below. External dispute resolution is a free service established to provide you with an independent mechanism to resolve specific complaints.
External Dispute Resolution
Authority: Australian Financial Complaints Authority (AFCA)
Telephone: 1800 931 678
Email: info@afca.org.au
Post: GPO Box 3 Melbourne VIC 3001
Website: www.afca.org.au