FAQ

Is it possible to get mortgages with no money down?

Yes, there are many mortgage programs available for no deposit. However, we prefer to not deal with that type of loan.

What are Variable Rate Mortgages (VRMs)?

VRMs go up and down with interest rates which are based on several money market indexes such as the Consumer Price Index or CPD along with other factors which in short causes the cost of funds for lenders to vary.

I filed bankruptcy can I still qualify for mortgages?

Yes you can, however your bankruptcy has to have been discharged for 2 years. There are many mortgage loan programs available for people who have had a bankruptcy. There are also programs available for some individuals who are still under the bankruptcy act.

I have bad credit can I qualify?

You can qualify. Depending on the severity of the credit problems you may not qualify for a low interest rate. If Xenium cant help, generally, no one can.

Is it safe to apply for a mortgage on the internet?

Our mortgage application is on a secure server so your information is completely safe.

How long does it take to get an approval?

In most cases approvals are very quick (generally within 48 hrs.)

How will I know which lender is working on my application?

You will generally be contacted by one Xenium's independent lending consultants within hours.

What is debt consolidation?

Debt Consolidation is the process of combining your unsecured debts into one affordable regular repayment.

Will I be able to make one regular payment to all my unsecured creditors?

Yes, we will help you to set up one regular direct debit from your bank.

What is an unsecured Creditor/debt?

Unsecured creditors/debts is debt where no collateral/security has been given. Debts that are generally unsecured are credit cards, store cards, Interest free loans, personal loans, medical bills, telephone and electricity accounts. An example of Secured debts would be home mortgages and car loans.

What if I have a bad credit rating?

We have been able to help many clients with bad credit problems by refering them to an independent consultant who can help them consolidate their unsecured debt into one affordable repayment and become debt free provided they have real estate (house) as security.

Who is a candidate for debt consolidation?

A good candidate for debt consolidation would include those who are over their head in credit card and unsecured debt. Anyone who is stressed about their financial situation and can't see it improving. People who are finding it difficult to handle their finances all by themselves.

THE STEPS IN YOUR MORTGAGE LOAN

What are the steps in my loan settlement?

1. Sign Mandate and receive Indicative Approval, 2. Return Indicative Approval with all supporting information, 3. Valuation done, 4. Mortgage Documents issued, 5. Mortgage Documents received back and settlement arranged 6. Settlement complete. We strongly suggest you use a solicitor for refinancing as they can explain your mortgage documents in detail.

How long will it take for my loan to settle?

If there isn't an existing mortgage to payout, settlement can occur within 48 hours of the lender receiving your signed Mortgage Documents back.

If there is another mortgage to payout, the settlement date is dependent upon that lender arranging the date. In some cases this can delay settlement by several days.

From our experience the greatest delays are cause by the borrower not supplying the correct supporting information promptly.

FASTER SETTLEMENTS & DELAYS

What can I do to speed up the settlement of my loan?

If you are constrained by time you must advise your independent lending consultant in writing of your preferred settlement date. You must also promptly return all supporting information requested as well as your Mortgage Documents.

What can delay the settlement of my loan?

In most cases delays are caused by the borrower not providing the information requested. However, other reasons may be that the valuer cannot get access to the security property or that the existing mortgage holder isn't ready to settle.

FULL DISCLOSURE

Do I have to give all my details and history to the consultant when I apply?

It's essential that the independent lending consultant fully understand your circumstance in order that your loan can be approved by the lender who best accepts your position. For example, if you are an ex-bankrupt, there is no point in Xenium trying to obtain approval from a lender who won't lend to ex-bankrupts.

FEES

What fees do I pay and when?

Application and valuation fees are normally paid when you apply for your loan. In some cases an acceptance fee is paid when you accept the Loan Approval. In most cases all other fees come out of the settlement of your loan.

These fees can include stamp duty, legal costs, lenders costs etc. In all cases you will be provided with a full list of all fees prior to settlement. The Brokerage Fee is also paid out of the loan settlement. It is important to understand that your loan amount is NOT plus fees, it is inclusive of all fees.

Some Brokers will also receive a "Trailing Commission" for the term of your loan. Xenium DOES NOT receive trailing commissions, and if the independent lending consultants do, they will advise you of this.

LMI

What is LMI?

LMI is Loan Mortgage Insurance. This is a fee charged by the lender to insure your loan against default by you. In most cases the loan products used by Xenium's independent lending consultants aggregators DON'T HAVE LMI. Where LMI is applicable, they can and do over ride the approval given by the lender.

PROPERTY VALUATIONS

I already have a valuation on my security property, can I use it?

No. The lender must instruct their own valuer.

Who organises the valuation of my security property?

As a general rule the lender will instruct the valuer.

What if I disagree with the valuation?

Valuers are independent of the lender and as such the lender cannot influence the outcome of the valuation. If you disagree with the valuation in most cases you can request another valuation. Any additional valuations are done at your cost.

Do I get a copy of the valuation?

Most lenders will not supply you a copy of the valuation.

SUPPORTING DOCUMENTS

What if I don't have all the supporting documents required?

It's essential that you advise the independent lending consultant of anything that you cannot provide. In some cases there may be other ways to obtain it.

It is essential if the lender requests particular supporting information, that you provide that information and not what you feel is what the lender needs. For example, if the lender says provide Bank Statements for the past 6 months, make sure you provide statements for the past 6 months and that no period during that time frame is missed.

Final Approval and Mortgage documents cannot be issued unless all requested information is supplied, as requested.

If I supply original documents will I get them back?

It is important that you supply legible copies of all supporting documents.

INTEREST RATE CHANGES

Will my interest rate change before settlement?

The rate may change once your application and supporting information has been fully checked. For example, if you failed to disclose that you had a credit default, the lender may increase your rate based on their assessment of the risk of lending to you.

XENIUM

Is Xenium Mortgages a Broker?

When you call Xenium Mortgages, you are calling the enquiry line which then refers the enquiry to a Xenium approved, independent lending consultant. The consultant will then submit the application through the appropriate aggregator.