Jennings Mortgages is a broker and underwriter of loans. We are authorised credit representatives who are able to find a suitable lender and product to meet your needs and manage your account throughout the life of your loan.
At Jennings Mortgages, we do not charge you anything to assist with your loan. Instead, we are paid commissions by lenders for underwriting and brokering deals. Therefore, any consultations or enquiries you have are cost and obligation free!
As a broker, we are entitled to special rates, which we are able to pass on to our clients. In addition, we will assign you a relationship manager, who will personally assist you every step of the way, minimising the delays and confusion associated with the credit seeking process during establishment and for the life of your loan.
Your relationship manager will continue to manage your loan as long as it remains with the lender and will keep in touch to inform you of any changes and ensure that you are still happy with the loan. If you wish to refinance the loan or change lenders, we are also happy to assist with the process of changing loans.
After collecting your information, we will recommend products which meet your financial needs. Next, we will have to prepare documentation to send to the lender for approval and have a valuation of your property. After the final approval has been given, we will provide you with the loan documents assist with settlement and manage your account for as long as your loan exists.
For our initial assessment, we will require information about your financial position, objectives and needs and some basic contact information. What further information is required depends on the lender's requirements but will typically include some form of income verification, identification and documentation related to your security.
We are able to assist our clients with new purchases and refinancing for owner-occupied and investment properties, as well as loans for construction, vacant land, asset finance, SMSFs, debt consolidation and most other worthwhile purposes.
We are able to offer our clients competitive rates for on fixed and variable products, with options for interest only or principle and interest repayments. There are also options for additional loan facilities, such as offset accounts, loan redraw and splits.
Our panel of lenders includes specialist lenders, who are willing to consider a broader spectrum of borrowers. Subject to meeting their lending criteria, it is certainly possible to get a loan.
Many of our lenders have low documentation options available for borrowers who may not have a long history of financial statements. This can be particularly useful for borrowers who have just started a new job, or for start-up businesses.
LVR is simply the ratio of your proposed loan amount relative to the value of your security. It is relevant as high LVRs may result in you being charged Lender's Mortgage Insurance (LMI) to cover a possible shortfall.
Repayments will be calculated based on the remaining balance of your loan, the rate of interest you are being charged, the frequency of repayments and remaining life of the loan.