Arnold
CibbuanoShopping for a Mortgage?
May 5th 2006 02:43
If you’re looking for a mortgage your first port of call should be the Mortgage Industry Association of Australia, MIAA. The MIAA is a national association for mortgage brokers, managers, lenders and originators. They ensure members operate with ethical business practices and follow policies in accordance with Federal and State government regulations. This is an important consideration for anyone considering the financial commitment of a mortgage. There are currently over 8000 registered members of the MIAA. This is a direct link to their search page which will help you find a mortgage provider in your area.
As a borrower you are entitled to certain legal rights. No matter who you choose to get a loan from, this is a checklist that summarise your rights,
1) The lender must provide a written contract outlining all the terms and conditions of the loan. This is a legal document and it is important that you understand and accept all the terms before signing. If you have any uncertainties or doubts, seek independent legal or financial advice before signing. The loan amount, interest rate, structure, fees and cancellation clauses should be written in the contract.
2) If interest rates are to rise, the lender must publish them in either in a newspaper article or by direct correspondence with the borrower before they begin. Reductions in rates do not need to be published.
3) If repayment increases are required, notice should be given by the lender at least 20 days before they commence and in writing.
4) A borrower should receive a loan statement at least every 6 months.
5) Statements can be disputed if transactions have changed or been cancelled.
6) At any time, the borrower is entitled to repay the entire loan amount. Charges may be applied by the lender.
7) A credit contract can be terminated before it is drawn.
8) Repayment periods can be extended in times of financial struggle. For further information vcan be obtained by visiting the Mortgage Assistance Scheme.
9) If the borrower requests a pay out figure, this must be supplied by the lender within 7 days.
Happy mortgage hunting! I’ll provide some more mortgage shopping advice in the coming weeks.
As a borrower you are entitled to certain legal rights. No matter who you choose to get a loan from, this is a checklist that summarise your rights,
1) The lender must provide a written contract outlining all the terms and conditions of the loan. This is a legal document and it is important that you understand and accept all the terms before signing. If you have any uncertainties or doubts, seek independent legal or financial advice before signing. The loan amount, interest rate, structure, fees and cancellation clauses should be written in the contract.
2) If interest rates are to rise, the lender must publish them in either in a newspaper article or by direct correspondence with the borrower before they begin. Reductions in rates do not need to be published.
3) If repayment increases are required, notice should be given by the lender at least 20 days before they commence and in writing.
4) A borrower should receive a loan statement at least every 6 months.
5) Statements can be disputed if transactions have changed or been cancelled.
6) At any time, the borrower is entitled to repay the entire loan amount. Charges may be applied by the lender.
7) A credit contract can be terminated before it is drawn.
8) Repayment periods can be extended in times of financial struggle. For further information vcan be obtained by visiting the Mortgage Assistance Scheme.
9) If the borrower requests a pay out figure, this must be supplied by the lender within 7 days.
Happy mortgage hunting! I’ll provide some more mortgage shopping advice in the coming weeks.
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