Home Loans

A mortgage broker is a licensed professional who assists in navigating the complexities of home and investment loan financing. At OVM Finance, our definition of mortgage brokers goes beyond the conventional role. We strive to provide tailored mortgage broking solutions through our team of experienced brokers, acting as intermediaries between you and a diverse network of over 30 major banks and lenders.

In today's landscape, a trusted mortgage broker can foster a lasting relationship rather than facilitating a one-time transaction. Whether rates are high or low, we identify suitable lending policies that align with your situation, saving you significant time, effort, and money.

Founded on the principles of integrity, transparency, and value, OVM Finance redefines the mortgage broking experience. Our licensed brokers prioritize your unique needs, ensuring a bespoke approach to crafting mortgage solutions that align with your individual circumstances. We believe in total transparency, taking the time to explain your mortgage options in plain English, empowering you to make informed decisions about your most significant financial investment – your home.

Our commitment to unbeatable service, as reflected in our Google reviews, goes beyond completing a deal. We aim to build a lasting relationship with you, not just a transaction. Consider us your key financial partners during your homeownership journey, providing guidance and support at every step. Through personalized consultations, we delve into your financial profile, exploring your goals and long-term aspirations.

The key to a smooth mortgage application is ensuring you can provide the required supporting documents efficiently. Fortunately, OVM leverages cutting-edge technology to automate and streamline much of this process for you. Support documents typically include, but are not limited to, suitable identification such as a driver's license and passport. For evidence of income, providing payslips (usually sufficient for PAYG employees), tax returns, and/or employment letters is common. Self-employed clients, facing higher complexities, often collaborate with their accountant to obtain the precise documentation needed to support the approval of their application.

We recognize that we handle your private data, and for that reason, our head aggregation group, to whom we pay significant professional membership fees, enforces bank-grade data security and encryption processes. All device logins by OVM Finance enforce mandatory two-factor authentication (2FA) along with anti-malware, antivirus, and anti-ransomware protection for all our clients. If you would like more information about our CRM data security, provided through our aggregation partner and licensee, please reach out to us. We are happy to provide additional details.

Generally speaking, for a proposed equity guarantor to be eligible, there is a requirement for a familial relationship.

In most circumstances, it is acceptable to have guarantor support from close family members such as your mother, father, brother, sister, and sometimes even aunts, uncles, and grandparents if the situation is deemed suitable.

A crucial consideration for a potential guarantor is their financial stability. They should be in a sound financial position, meaning they possess good equity and have comfortable means to meet their own financial commitments, even in the rare event of a default situation.

While some lenders may not mandate it, it is advisable that a guarantor seeks independent financial and legal advice to safeguard their own interests. This additional step ensures that the guarantor fully understands the implications of the arrangement and makes informed decisions to protect their financial well-being.

99% of the time our services are completely free of charge, as we are paid a fixed commission fee by the lender of your choice, this fee is fully disclosed to you. On the odd occasion for more complex scenarios we may charge a “engagement fee”, if this is the case this will be fully disclosed with you.

Purchasing your first home should be an exciting time, not a daunting one! That's why we've crafted our first-home buyer finance process to be welcoming of questions and to guide you through each step. Our goal is for you to leave your initial meeting with confidence, understanding how much you can comfortably borrow and the process required for a successful outcome. For first-home buyers, there is no fee for meeting with us – so what do you have to lose? Skip the bank jargon and product complexities. Call one of our team members today to discuss your needs now.

Yes, rising interest rates can indeed impact your capacity to service larger loans. However, there are multiple ways to improve your borrowing capacity responsibly and enhance your presentation to lenders or banks. Simple tips may include reducing credit card limits and managing existing debts.

Whether you're managing a portfolio of ten investment properties or exploring your first investment property loan, we possess the depth of knowledge and experience to navigate the complex landscape of investment property loans.

Arranging finance for an investment property often involves crucial tax considerations. Determining whether to purchase the property in your personal name, through a company or trust, or via your SMSF (Self-Managed Super Fund) can significantly impact your financial strategy. We collaborate with your accountant or financial planner to tailor a solution that aligns with your unique circumstances. Whether you require an interest-only investment loan in a company name for a self-employed applicant or have other specific needs, we can accommodate them and more. Contact us today for an obligation-free discussion.

Applying for a home loan with OVM Finance is a straightforward and transparent process. We take pride in offering honest, trustworthy, and transparent advice throughout the home loan application journey. Here's a step-by-step guide to help you understand what to expect:

1. Initial Consultation: Start by scheduling a consultation with one of our expert mortgage brokers. This meeting can be conducted in person, online, or over the phone, based on your preference and location.
2. Assessment and Pre-Approval: During the consultation, our brokers will assess your financial situation, discuss your lending needs, and help you determine a suitable borrowing capacity and lending structure. If you meet the initial criteria, we can proceed to secure a pre-approval, providing peace of mind for house hunting in a competitive market.
3. Loan Comparison: With access to a broad range of lenders and loan products, our brokers will compare various home loan options, considering not only competitive rates but also alignment with your requirements and likelihood of approval.
4. Application Submission: We value efficiency for our clients. Once you've chosen a suitable loan product, your broker will assist you in completing compliance paperwork online and submit your fully completed application to the chosen lender on your behalf.
5. Approval and Settlement: After the lender reviews your application and conducts a property valuation, formal approval is granted. We'll work with you and the lender to finalize the loan setup details, complete digital signing of offer documents, and schedule settlement in collaboration with your conveyancer or solicitor (if a purchase is involved).
6. Settlement and Beyond: On settlement day, funds are electronically disbursed, making you an official homeowner or enjoying a refinanced home loan at a better rate! Even after settlement, we have systems in place to ensure your rate remains competitive through proactive annual reviews and check-ins as our valued client.

At OVM Finance, we aim to make the home loan application as painless as possible. When you partner with us, rest assured you're receiving qualified advice from some of the most experienced mortgage brokers in Australia.

At OVM Finance, we recognize the uniqueness of each individual's financial situation and homeownership goals. That's why we provide a diverse range of home loan options tailored to meet specific needs. Our array of home loan products includes:

1. Variable Rate Home Loans: These loans offer flexibility with interest rates that adjust based on market conditions, providing potential cost savings over the long term.
2. Fixed Rate Home Loans: If you seek stability and prefer a consistent interest rate for a set period, our fixed-rate loans offer an ideal solution.
3. First Home Buyer Loans: Specifically designed for first-time homebuyers, these loans often feature favorable terms and government incentives to assist you in stepping onto the property ladder.
4. Investment Home Loans: For those interested in property investment, our investment home loans provide tailored structures to help grow your property portfolio, considering your cash flow needs.
5. Refinancing Solutions: We offer refinancing options to help secure a better interest rate, access equity, or consolidate debt.

Our experienced mortgage brokers are here to guide you through these options and assist in finding the best home loan solution for your unique circumstances. If you're seeking expert guidance on your home loan journey, OVM Finance is the right place. Our team of experienced mortgage brokers can help decode the various mortgage lending options and present a tailored solution to you in straightforward, understandable terms.

Offset accounts function similarly to ordinary savings accounts, complete with a BSB and account number. However, their distinctive feature is that they are electronically linked to your mortgage account, aiming to reduce the interest charged on your loan balance. Here's an example to illustrate:

Let's say you have a $750,000 home loan outstanding and an offset account with a $50,000 balance. The offset account, as implied by its name, reduces the interest charged against the balance owing on your home loan. In this scenario, the interest is calculated based on a reduced balance of $700,000 ($750,000 - $50,000).

It's important to note that not all offset accounts are created equal. Some are partial offset accounts, which may significantly diminish the benefit of surplus funds sitting idle. Additionally, fixed loan splits generally cannot have a linked offset account, except for a few lenders who may allow this during a fixed term.

Understanding the specifics of your offset account, including whether it's full or partial, and the rules around linking it to a fixed loan split, can impact the overall effectiveness of this financial tool in reducing interest costs. It's recommended to carefully review the terms and conditions of your offset account and seek advice from financial professionals if needed.

Without a shadow of a doubt, having a mortgage broker in your corner is 100% worthwhile. What distinguishes our team at OVM Finance is our unwavering commitment to premium service, industry expertise, great deals, and ongoing support. With years of collective experience, our team not only secures mortgage approvals but also champions your long-term financial goals.

OVM Finance stands out as one of Melbourne’s premier mortgage brokers by treating you as a client, not just a transaction. Our approach to building relationships goes above and beyond the offerings of traditional banks.

Understanding that your financial needs evolve and life circumstances change, the OVM Finance team remains dedicated to providing continuous support. Whether it’s refinancing to take advantage of better rates, accessing equity for major life events, or navigating the complexities of investment property financing, we are here for you.

We are paid through commissions paid by the lender your loan settles with. This will be a fixed amount dependant on your loan amount. This fee is fully disclosed to you. We are also paid “Trail commissions” - which are ongoing commissions paid over the life of the loan. These commissions are typically based on the outstanding loan balance and are paid at regular intervals, such as monthly or annually. Trail commissions are intended to compensate brokers for providing ongoing services, such as loan maintenance and customer support.

We are also subject to “clawbacks” – this occurs when a client closes off their loan in the first 2 years after the loan is created, whether that is through refinancing the loan or selling the property. A clawback is when we have to pay back the lender all commissions made since the loan was created.

Certainly, understanding the term "guarantor" is crucial, and the suitability of the structure must be clearly defined before proceeding further.

In the context of parental guarantees, it's important to note that they typically take the form of equity guarantees rather than servicing guarantees.

1. Equity Guarantees: Parents commonly provide support through equity guarantees by 'pledging' equity in a property, usually their owner-occupied home or an investment property they own. This means that the parents are offering the equity in their property as security for their children's loan. In the event of a default, the lender may have recourse to the guarantor's property to recover the outstanding amount.
2. Servicing Guarantees: It's worth mentioning that servicing guarantees, where parents promise to have enough income to boost the borrowing capacity of their children, are no longer widely available. This type of guarantee essentially involved a commitment from parents to ensure that their income could support the increased borrowing capacity of their children. However, this practice was largely phased out many years ago.
Before proceeding with a guarantor arrangement, it's crucial to have a clear understanding of the type of guarantee being offered, the associated risks, and the legal implications. Consulting with a qualified financial advisor or mortgage broker can provide valuable insights and help navigate the complexities of guarantor structures. It's important to stay informed about any changes in regulations or practices related to guarantor arrangements.

Refinancing your home loan involves comparing your existing home or investment loan with what is available in the wider market. If it makes financial sense, it is swapped out with a new mortgage agreement, typically with a new lender. This process allows you to take advantage of better interest rates, more favorable loan terms, or access equity in your property for various purposes. At OVM Finance, we understand that your financial situation and needs can change over time, and refinancing offers an opportunity to optimize your home loan. Here are some ways refinancing may benefit you:

1. Lower Interest Rates: If market conditions have shifted or your lending capacity and credit score are favorable, refinancing can lead to lower interest rates and more affordable monthly repayments. The monthly savings can be redirected towards your loan to expedite debt reduction plans or used for other financial priorities.
2. Accessing Equity: If your property has increased in value or you've made significant repayments, you may have built up equity. Refinancing allows you to access this equity, which can be used for home improvements, investments, debt consolidation, or other financial needs.
3. Consolidating Debts: Refinancing can be an effective way to consolidate higher-interest debts, such as credit cards, car loans, or personal loans, into your home loan. This may result in a single, more manageable repayment at a potentially lower interest rate, but caution is needed to avoid extending shorter-term debts over a longer home or investment loan term.
4. Changing Loan Features: Refinancing enables you to switch to a loan product with features that better suit your current circumstances. This could involve moving from a variable rate to a fixed rate, setting up an offset home loan, or making other adjustments that align with your financial goals.
5. Debt Repayment Strategies: Our mortgage brokers can collaborate with you to develop a personalized debt repayment strategy, which may involve refinancing strategically to optimize your financial outcomes.

Before proceeding with refinancing, it’s essential to consider potential costs, such as exit fees from your current lender, application fees, legal fees, and any short-term offers from a shortlisted lender. Our experienced team at OVM Finance conducts a comprehensive assessment of your financial situation using industry-leading tools, guiding you through the process and helping you determine if refinancing is the right choice. If you're considering refinancing your home, consult with one of our experts to explore how it could benefit you!