Bloom Home Loans – Your Experienced Brokers for Home Loans

Trusted Broker For Home Loans – Streamlined Home Loan Solutions

Finding your way through the maze of home loans can feel daunting, but with Bloom Home Loans, your path becomes effortlessly clear. As your trusted broker for loans, we specialise in matching you with the perfect mortgage solution tailored to your needs. Our team of experts in mortgages and home loans thoroughly assesses to guarantee that you receive the finest financing possible. Whether you’re refinancing or purchasing a first home, Bloom Home Loan makes the process easier by walking you through each step and assisting you in locating the ideal loan. Seek guidance from professionals to simplify the process of finding and applying for a loan for your dream home.

What Types of Home Loan Services Are Available?

Every lender often uses a unique name for their home loans, which might seem overwhelming. But in reality, there are just a few main types of loans. Don’t be discouraged by the variety, at Bloom Home Loans, our expert brokers for loans, simplify the process for you. We guide you through the options, helping you find the perfect loan for your dream home.

  • Basic Home Loan
  • Professional Package
  • 100% Offset Home Loan / Offset Account
  • Equity Loans
  • Line of Credit
  • Fixed Rate Loan
  • Rate Tracker Loan
  • Low Doc Loan

Reach out to us so that we can reach out to you and see which one best meets your needs.

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Which Loan Type Is Right For Me?

When selecting the type of loan to apply for, you should firstly work out what features you need and which you do not. The more features your loan has, the higher the interest rate. This is particularly true for low doc loans, fixed-rate loans and line of credit loans (LOCs). Consulting a broker for loan advice can also help you identify the best loan options suited to your needs.

The main things you need to consider are:

  • Do I need to be able to make extra repayments?
  • Do I need to be able to redraw any extra repayments I have made?
  • Do I need easy access to my funds via an offset account or ATM access to my loan?
  • Can I prove my income?
  • Would I like the security of knowing exactly what my repayments are each month?
  • Would I like to be protected from interest rate fluctuations?
  • Is my loan large enough to negotiate a professional discount? (Generally $250,000+

At Bloom Home Loans, one of the leading mortgage and home loan experts to help you succeed in your need. It is our goal to help you achieve your dream with a home loan that doesn’t cost the Earth.

Mortgage Broker For Home Loans

Dynamic Mortgage Markets with Expert Brokers For Loan

The process of securing finance for a home loan is dynamic, with changes occurring regularly. What may be the top lender this month could shift in the next due to various factors beyond just interest rates. Lenders frequently adjust their policies and offerings, necessitating ongoing vigilance to ensure optimal options are presented to align with your specific needs and goals. Staying abreast of these shifts and meticulously tailoring our recommendations, Bloom Home Loans, alongside our expert mortgage home loan brokers, ensures that you always have access to the most advantageous financing solutions for your homeownership aspirations.

Some examples include:

  • How your income is assessed
  • Are you the type of lender that bank is looking for at the moment, and if not which bank wants your business right now
  • Do they offer the loan types you need for current and future needs
  • How they value your property
  • How long will the bank take to assess my application
  • Do the lenders offer special concessions based on your occupation

Looking For The Trusted & Certified Brokers for Home Loans?

Our knowledgeable and friendly mortgage team is committed to providing you with long-term financial solutions that cater to your unique needs and goals.

How we are paid

There is no cost for seeing a professional mortgage broker for home loan. The lender will pay the broker a commission for introducing the client to them.

Credit Scoring

Applying for finance is a big deal. Every credit application will remain on your credit file for 5 years. Multiple applications for credit within a short period run the risk of shredding your credit score and making it more difficult to get finance.

We are close!

Bloom is your professional advocate as your Brokers for Loans. We are in your corner to get the right loan for you. We live in and know the area well. Let us support you.

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FAQ
  • We specialise in obtaining approvals, not just pencil pushing.
  • We provide dedicated support to ensure your application progresses faster than most others in the industry.
  • Bloom Home Loans operates on a best interest duty, banks do not.
  • We offer Australia wide services.
  • A full member of MFAA and AFCA, we only enact the most ethical and fine tuned lending practices.

To put it simply, the lender’s maximum loan is normally between 5 – 7 times gross income. It is always important to consider what is the best way to present your income to a lender so that they will understand? Items such as personal loans, credit cards and HECS debt all have a very large impact on how much you can borrow. Depending upon your income some lenders are very strict on overtime, bonuses, commissions and self employed. Whereas others are far more lenient in these areas. We are experts in understanding each element which may affect your ability in obtaining credit.

Absolutely! We pride ourselves in knowing lender policies for our self employed clients. Some lenders will offer prime rates will an ABN as little as 6 months old. Understanding your business and then representing this in the right way to the right lender is very important. A good Accountant will ensure you have tax effective income. A good Mortgage Broker will understand the good work your
accountant has done and then represent this to the bank in the right way to increase your borrowing power.

Many years ago lenders needed you to have at least 20% deposit plus stamp duty to buy a home. As living costs and home prices increased; they released this was an unrealistic hurdle. So they allowed clients to have as little as 2% deposit but pay a one off insurance premium – Lenders Mortgage Insurance (LMI). LMI protects the lender in the event you default on the loan but you pay the premium. LMI is normally added to the home loan. Whilst it can be a significant cost, it enables you to get into the market sooner

All lenders use independent third party valuers to assess the value if your home when a full on site inspection is required. Normally this cost is picked up by the lender. Some lenders have their own software to automatically determine the value of your home. Valuations between lenders vary significantly. Sometimes more than 20%. If a valuation is required we will order this for you.

Rather than count yourself out of being able to get finance we recommend you contact us as you may be surprised what is possible. There are specialist lenders we have relationships with that will consider your loan application even with bad credit, defaults, ATO debt and bankruptcies.

Lenders look at your Capacity to repay the loan, your Capital / how much money you have, Collateral you are offering as security for the loan, Conditions including the economic environment, loan purpose and interest and your Character to ensure you are a responsible borrower and will repay the loan

Fixed rates are great if you are worried about what would happen when interest rates rise. They offer certainty for a period of time but this certainty may come at a cost with higher interest rates. You will likely also be restricted from making additional repayments off your loan. Variable rates enable you to pay as much off your home as you like without penalty. You can also access these payments again via redraw if you are ahead on your scheduled payments. If rates fall you will benefit whereas If they rise your loan payments will increase. It is possible to have a split loan, where a portion is Fixed and a portion Variable.

The best loan is the one that offers certainty of approval and meets your needs now and into the future. The lowest rate may not necessarily be the best fit. Whilst a low rate may be enticing now, if the bank policies mean you cannot access it or if the loan structure is not suitable then this may not
be the best option for you

Yes. This is sometimes called “the bank of mum & dad”. Loans with no deposit may be possible if another property is offered as partial security to support the loan. It may not increase the amount you can borrow but it will reduce the risk to the lender and result in a lower interest rate. It will also save you having to pay Lenders Mortgage Insurance. It is not without risk though. The guarantors property is used to secure your loan If you default on your loan the bank may call upon the guarantor to pay the shortfall. Guarantor loans of this nature are limited but still present a risk.

If the loan term exceeds your expected working life the lender will want to know how you will pay the loan when you finish working. This is termed an exit strategy. There are various exit strategies that are considered by lenders. Some include downsizing to a smaller property after retirement, using superannuation to pay off the remaining loan or if it is an investment property you can sell it at any time

We save you time by preparing the loan application and presenting you to the most suitable lender in the best manner, request interest rate reductions on your loan, structure the loan, offer guidance on the benefit of making additional loan repayments and saving you time. When we say our home loans don’t cost the Earth, we mean it. Even a 0.50% interest difference on a $500,000 loan over 30
years will save you more than $55,000

Every lender is different. For our first meeting we recommend getting evidence of income, liabilities and ID. We will guide you on the specific requirements as we progress your application

We will make this clear once an application is lodged. Approval timeframes vary depending on the lender and complexity of your application. We monitor your application every day to ensure it never falls behind as we have seen is all too common in the industry.

We encourage you to reach out at any time! We have a passionate team ready to discuss your needs right away.

How Should I Begin?

We have a passionate mortgage broker team ready to discuss your home loan needs right away.
Get in touch with our professional broker for loan!

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