FAQ

What sort of information do I need to provide?

In order to get your application processed as quickly as possible, it would be great if you could have the following items available for our appointment.

100 points of identification

Please provide one of the following primary documents:

• Birth Certificate
• Passport
• Citizenship Certificate

As well as acceptable secondary documents such as as this is a government AUSTRAC requirement:

• Drivers License
• Medicare Card
• Credit Card

Assets

Please provide verification of any assets you may have. For example:

• Property/houses owned (Rates notice)
• Car/vehicle (Registration papers)
• Shares (Share certificates/CHESS printouts)
• Savings accounts Statements (previous 6 months)

Liabilities

Please provide verification of any debts you may have. For example:

• Credit Card Statements (previous 6 months)
• Personal Loans Statements (previous 6 months)
• Store Cards Statements - e.g. Myer, Byers Edge etc. (previous 6 months)
• Mortgage Statements (previous 6 months)

Income

Please provide:

• Last three(3) pay slips
• or if you are self-employed, last two years financials/profit & loss statements

If any of the above items do not relate to you, thats fine! It is just a general guide of what you may need.

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Is there anything I can do to speed up the settlement of my loan?

If time is a concerning factor, It is a good idea to get a pre-approval for your loan. We can supply a pre-approval before you place an offer on a property to give you peace of mind.

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What fees do I pay and when?

Some lenders will request an upfront fee for their valuation. If this is the case the cheque should be made out to the particular lender.

The rest of the fees will normally be collected by the lender at the settlement date of your loan.

Loan Application Fee, Stamp Duty on the loan, Mortgage Registration, Mortgage Insurance are some of the fees that will be deducted from your total borrowings at settlement.

Government stamp duty and Settlement agent costs are also to be paid prior to settlement.

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What is Lenders Mortgage Insurance (LMI) and what is it for?

Lenders Mortgage Insurance or (LMI), is an insurance that covers the lending institution in the event that there is a shortfall in the payout figure if the property is sold to recover outstanding debt.

This generally applies when your loan is more than 80% of the value of your security property.

The only benefit you will get from LMI is in the amount you are able to borrow.

LMI does not cover your mortgage repayment if you cannot pay it. It only covers the lender against any losses.

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Does Opening Doors charge a brokerage fee?

At Opening Doors we do not charge a Brokerage fee to our clients.

The lender will pay us a commission for arranging the loan on their behalf. It is normally a small percentage of the loan amount.

Opening Doors survives simply on commissions paid to us by the lenders. This is how we earn our money. If we don't get your loan through to settlement, quite simply we don't get paid at all.

* Note: Some business loans may incur a fee.

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If I have any other questions - who do I contact?

Please refer to the Contact Us page on this website.

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