Score Up in conjunction with Wardle Consultancy Services Pty Ltd are linked with several brokers and lending companies and therefore can help take the hard work out of applying for a loan.

We can liaise with all lenders or broker firms to ensure that all aspects of your application are covered and that prior to the loan being submitted, you meet all responsible lending criteria in accordance with Australia’s governing laws and your Credit Report issues will not hold you back.

• • What is a home loan?
    A home loan is an amount of money lent to an individual borrower by a bank or other loan provider, for that individual to finance the purchase of a property. The lender and borrower will agree on a term in which the loan is to be paid back – typically, this will be a period of 25 to 30 years. The term ‘home loan’ refers to the money that someone borrows to purchase a property. The term ‘mortgage’ refers specifically to an agreement between a borrower (you) and a lender, in which a property is used as security for a loan. If a borrower (mortgagor) falls behind in their home loan repayments, their lender (mortgagee) has the right to sell the property on which the loan is secured to recoup the balance of the loan.

• What is a home loan refinance?
  Refinancing is the process of taking out a new mortgage to repay an existing loan: often because there has been a change in your personal or financial situation, or simply because you want a better deal on your home loan.
  Refinancing can be a smart way to manage your money. It may give you the option of securing a better deal, consolidating debts, or unlocking equity in your current property, depending on the options you take.

  When refinancing, you generally want to increase, decrease, or keep the loan amount the same.

  Loan increases may be used to consolidate more debts or release capital for other expenditures, such as home renovations.

  Home loan rates are lower than those for credit cards, so consolidating your debts into one loan can make repayments simpler and reduce the interest owing each month.

  Decreasing the loan amount may reduce the loan term, lessen your monthly repayments, and secure a lower interest rate.

  If you’re decreasing the loan by an injection of a lump sum, it may not always be necessary to refinance.

  It is a good opportunity nonetheless to assess what rates and terms home loan lenders are offering, in case you find a better deal that is more suitable for your changing needs.