Sydney Mortgage Practice Next Loan Guarantee
At Sydney Mortgage Practice we understand that the loan that was the most suitable for you at the time it was established may not be the most suitable for you in a few years time. We acknowledge that the lending environment is not static and that your lending needs and requirements can change over time. Therefore it is impossible to foresee whether the loan you choose today will always remain the best option for you over the long term.
With a view to creating the best on going mortgage outcomes for its clients Sydney Mortgage Practice has created an environment that will give its valued clients the freedom and flexibility to switch loans as their requirements change without having to meet the full costs.
When you have completed your two year qualifying period, Sydney Mortgage Practice will assist you in assessing whether or not a more competitive loan is available and if so you can elect to switch to it. Sydney Mortgage Practice has a lending panel comprised of over 25 lenders and if a switch to another lender is required we will make the process of change for you easy and stress free. Sydney Mortgage Practice believes that a periodic review of its client’s mortgage arrangements is in line with best practice.
Terms and Conditions
Sydney Mortgage Practice will:
- Help and guide clients to assess which of our lenders products may be more suitable for them at that point in time. The assessment will include a comprehensive overview of the clients existing situation and if necessary a recommendation of alternative product/ lender opportunities.
- Review the costs of exiting from the existing loan and advise on the costs of taking up the new loan. An outline of these costs will be provided to the client in writing. In order to assist with the process, the client will be required to provide Sydney Mortgage Practice with a copy of their existing loan agreement.
- Assist clients to complete the new loan application and manage all stages from application to settlement on the client’s behalf. SMP is committed to minimizing inconvenience to clients throughout the process.
- On settlement of the new loan provide the client with a Sydney Mortgage Practice Loan Guarantee.
Sydney Mortgage Practice will meet the costs of switching from one lender to another subject to the conditions and maximums set out below.
The following is a list of switching costs that are specifically included in the Sydney Mortgage Practice next loan guarantee up to the maximum guarantee amount:
- Current lenders early repayment penalties
- Current lenders discharge fees
- New lenders application fees
- Property Valuation fees
- Lenders legal fees
- Mortgage Registration fees
- Lenders settlement fees
Clients may call on their Sydney Mortgage Practice next loan guarantee once every 2 years provided that the client has conducted their loan in a satisfactory manner. i.e. repayments have been made on time.
The following costs are excluded: fixed rate loan break costs, lenders mortgage insurance, loan duty and any personal legal fees.
The maximum payable under the Sydney Mortgage Practice Loan Guarantee is currently 0.10% of loan amount. For example, on a $450,000 loan we will pay up to $450 in switching costs. To calculate the exact amount your Guarantee covers please contact Sydney Mortgage Practice.
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