Many:

• to buy a home
• to buy a residential investment property
• to refinance an existing home loan
• to refinance an existing loan and consolidate your other debts
• for investment purposes (other than property) where you provide enough equity in residential property as security
• most other purposes (such as buying cars, holidays, weddings, school fees) secured by your home.

It describes an organisation that can offer its clients custom-designed loans to suit their individual needs.  A mortgage manager can approve your loan in-house, manage every aspect of your loan throughout the term and provide wholesale interest rates to save you money.

A mortgage broker acts an intermediary between you as a borrower and a number of lenders. The broker’s role is to assess your personal circumstances, find a suitable loan product for you and then negotiate the successful approval and settlement of the loan.

Mortgageport sources funding from multiple sources depending on what capacity we lend in. In cases where we act as a mortgage manager we use the banks funds and when we are the lender we use a combination of our own funds and bank borrowings before we  obtain longer term funding by issuing mortgage backed securities.

We are committed to providing excellent products and services and strive to put our customers first, but if we get things wrong, we want to hear from you. We want to work with you to understand what happened and find a solution to resolve your complaint as quickly as possible. Where possible we aim to resolve all issues at the time but otherwise within 5 working days of receiving the complaint. 

You can discuss your feedback or complaint with any of our team members. You can contact us either by:

• Telephone on 1300 100 747
• Email – compliance@mortgageport.com.au
• Post/letter – write to us at PO Box 1230, North Sydney, NSW 2059
• Speaking with any staff member who may then refer the matter to our Complaints Officer
• Posts on our company owned Social Media platforms

Where the complaint relates to that team member you may be more comfortable talking to our Complaints Officer. You can contact them directly at Compliance@mortgageport.com.au 

We have an internal complaint handling and dispute resolution policy that aims to effectively respond to your complaint and resolve your issue in a professional and timely manner

If however, you are not satisfied with our response or the handling of your complaint, you can contact the external dispute resolution scheme, the Australian Complaints Authority (AFCA)

The contact details for AFCA are set out below. AFCA provides a free service to consumers and small businesses, and has been established to provide you with an independent mechanism to resolve specific complaints where the complaint falls within their terms of reference.

Australian Financial Complaints Authority

Online: www.afca.org.au  
Email: info@afca.org.au
Phone: 1800 931 678  (free call)
Post: Australian Financial Complaints Authority GPO Box 3 Melbourne VIC 3001

Mortgage insurance covers the lender in the unlikely event that you default on your loan. It does not cover you, the borrower.

Your Lending Manager will advise you if you require mortgage insurance and the costs involved. We may be able to structure your loan to avoid, or minimise the need for mortgage insurance.

A comparison rate reveals the cost of a loan, allowing you to compare ‘apples with apples’ when choosing a loan. The comparison rate takes into consideration the costs associated with setting up a loan, including the interest rate, the loan approval fee and any other up front or ongoing fees. It excludes government fees and charges, because they are standard across all loans.

The comparison rate can be compared against the rates of other loans and loans with other lenders. It is also important to consider the features of a loan rather than just the interest rate when comparing loans. No monthly fee, repayment flexibility and money saving features such as 100% mortgage offset, can make a huge difference to the final cost of a loan.

An offset account is a transaction or everyday banking account that is linked to your home loan. It gives you the ability to use your savings to reduce the interest payable on your loan.

Stamp duty is tax that state and territory governments charge on certain transactions. This includes on purchase of property or land regardless of the purpose.

This is the amount you need to borrow, calculated as a percentage of the property’s value, as assessed by the lender.

So, if the property you want to purchase is valued at $500,000, and you need to borrow $400,000 to pay for it, the loan is 80% of the property value, making your LVR 80%.

LVR is important because different lenders and loan types have different maximum LVRs.