Frequently asked questions

What benefits can LYW offer instead of a bank?

We work exclusively for you, finding the best lender suitability for your situation and comparing loan options from multiple lenders, increasing your chances of loan approval and saving you the hassle of shopping around yourself.

Benefits of using Lend Your Way:

• We are obliged to comply with the National Consumer Credit Protection Act, ensuring we provide a professional and ethical service, acting in your best interest when recommending a lender and loan product to you

• Experienced in understanding individual lender policies and your suitability to meet criteria

• Comparisons provided between lenders including rates, fees and servicing capacity to ensure you are receiving the best lender solution

• A wide range of lenders and loan products available to choose from

• Can leverage our relationship with a lender to obtain a more competitive offer including rates and fees

• Accommodating to offer after hours and weekend appointments

• Easily contactable during/after hours

• Build long lasting and trusted relationships with you

• We work with your best interests at heart

What are your service fees for a home or investment loan?

Nil, Lend Your Way is a free service to you. We are paid commission by the lender upon settlement of the loan with the commission amount fully disclosed in our compliance documents prior to submitting your application.

Do you offer electronic loan processing?

Yes, Lend Your Way understands the business of today’s society, which we are able to offer fully electronic loan processing from start to finish. This means you can eliminate the inconvenience of scheduling a face to face appointment, receiving a quicker turn around time for an initial assessment, loan submission and approval. Our systems and processes enable a seamless electronic method of communication via email, phone and video meetings. If electronic communication doesn’t suit, we still offer face to face appointments. Just let us know what is most suitable for you and we’ll deliver.

What is lenders mortgage insurance?

Lenders Mortgage Insurance aka LMI is usually a one-off non refundable insurance premium that is added to your loan or upfront costs when borrowing more than 80% of the purchase price or security value.

LMI protects the lender in the instance that the borrower defaults on the loan and the property is sold for less than the outstanding loan balance.

Is it best to choose a fixed or variable loan?

When obtaining a home or investment loan, you will need to decide whether to select a fixed or variable loan. Both loan types offer unique features and conditions, which suitability will depend on your personal and financial circumstances. Are you looking to make additional repayments or do you require repayment stability? Are you concerned about interest rates increasing? Do you require access to redraw or 100% offset account? Do you plan to retain the property for a short or long term? These are just a few of the questions LYW will ensure you understand when recommending a loan type to you.

Unfortunately, we are unable to provide advice on whether interest rates will increase or decrease, but we can provide comparisons and information between rates, repayments and loan features to assist you in making an informative decision.

Do I you contact you or the bank for any post settlement enquiries?

Us of course! Lend Your Way is with you every step of the way. We are here to help with any post settlement maintenance such as assisting to change repayment structure, process loan product changes, interest rate reviews, mortgage health checks and more. Should you have any questions or concerns regarding your existing loan, please do not hesitate to make contact.

What are your opening hours?

LYW operates on a client demand basis. Meaning we work for you, when you need us. Our business operates within the usual 9am to 5pm timeframe but we will always reply to emails, calls and texts outside of these hours, as we understand the cliche ‘working 9 to 5’ doesn’t suit today’s climate.