FAQs
Frequently Asked Questions
Clear answers to common mortgage and finance questions.
What services does NKP Brokers offer?
NKP Brokers offers finance solutions including first home buyer loans, home loans, refinancing, debt consolidation, investment loans, reverse mortgages, bridging loans, car loans, and insurance solutions.
Can you help first home buyers?
Yes. Whether you are starting your first property journey or planning future property goals, NKP Brokers can help you understand your options, compare suitable lenders, prepare your application, and find a loan solution that fits your needs.
Is a mobile appointment available?
Yes. You can schedule an in-office appointment or choose a mobile appointment where our broker can meet you at your preferred location. Appointments may be arranged during office hours, after hours, or on weekends, depending on availability.
How long does loan approval take?
Loan approval timelines depend on the lender, your financial situation, required documentation, and loan type. Typically, the process can take around four to six weeks. Once approved, the lender will issue mortgage documents for your signature.
Can I refinance or consolidate debt?
Yes. NKP Brokers can help review your current financial position and explore refinancing or debt consolidation options. This may help simplify repayments, restructure lending, or find a loan that better suits your current needs.
What if I have a challenging credit history?
If you have a less-than-perfect credit history, there may still be options available. NKP Brokers has access to lenders who may assess applications case-by-case, focusing on your current financial situation and ability to repay. These loans may involve higher fees or interest rates, so personalised advice is important.
What is Lenders Mortgage Insurance (LMI)?
Lenders Mortgage Insurance (LMI) is a one-time insurance premium that safeguards your mortgage lender against borrower default.
LMI is typically applied when your Loan-to-Value Ratio (LVR) exceeds 80%, meaning you are borrowing more than 80% of the property’s value.
Ways you may be able to reduce or avoid LMI:
- Save a deposit of 20% or more
- Consider using a guarantor for your loan
- Some professions such as medicine, accounting, law, or engineering may qualify for LMI waivers or reduced fees
For tailored advice based on your situation, speak with the NKP Brokers team.
Do you help with investment, bridging, reverse mortgage, and car loans?
Yes. NKP Brokers can assist with investment loans to help grow your property portfolio, bridging loans for transitioning between properties, reverse mortgages for eligible clients seeking retirement flexibility, and car loans suited to your budget and lifestyle.