FAQ's
To further assist you understand the home loan maze, mortgage broking and blue sky, we have listed some common questions and answers.
If there is a particular question that we have not answered please don't hesitate to contact us, we'd be happy to help.
The home loan maze
How much can I borrow?
- To get an approximate guide us to how much you can borrow please click here. For a more detailed overview of how much you can borrow and which lenders will lend to you, please either call us on 1300 305 706 or send us an email (click here). By providing us with a few details we can quickly ascertain, using our unique software program, which lending institutions will lend to you, and how much.
How long does it take to get a loan approval?
- The loan approval process does vary depending on the lender and lending product selected. However as a guide the average time to get a conditional approval, once a fully completed application has been lodged is between 2-4 days. A conditional approval is means your loan has been approved subject to any outstanding requirements, such as a property valuation.
I have had a credit default, what are my options?
- There are a number of lenders who specialise in providing credit to individuals who have an impaired credit history. These types of loans are referred to as non-conforming loans. Within the blue sky lending panel there are a number of lending institutions who specialise in these types of loans. To see if a non-conforming loan can assist you please either call us on 1300 305 706 or email us (click here).
- If you would like a copy of your credit file (a credit file is a report that contains your credit activity for the last 5 years), then please go to www.mycreditfile.com.au
blue sky
Is there a fee for using blue sky?
- We do not charge a fee for our service. We receive a commission from the lending institution the loan is placed with.
What happens to my personal information?
- blue sky is fully committed to protecting your personal information. We have a strict privacy policy. Click here to view our privacy policy. The personal information we collect will only be used for the purpose it is being collected for, and we will not provide your information to other organisations (other than the lender that the home loan is being taken out with).
Which lenders does blue sky represent?
- Our lender panel comprises over 20 of Australia's leading lending institutions. We have selected a lender panel that will provide you with a wide range of lending institutions and lending products, thereby maximising your home loan options. For a full list of the lending institutions on the blue sky lending panel please click here.
Do blue sky brokers meet industry standards?
- The simple answer is yes. Every blue sky broker has completed a Certificate IV in Financial Services - Mortgage Broking, and has been fully accredited by every lender on the blue sky lending panel, is a member of the industry body (the Mortgage and Finance associated of Australia), has professional indemnity insurance and is a member of a dispute resolution body. In addition blue sky brokers regularly attend industry training courses.
Mortgage broking
Why use a mortgage broker and not go direct to the bank?
- There are many advantages in using a mortgage broker instead of going directly to a bank. When you use a mortgage broker you have access to a wide range of lenders and lending products. When dealing directly with a lender you only have access to their lending products. Using a mortgage broker can save you time and stress and help to ensure you get the right home loan for your needs. For a detailed overview of the benefits of using a mortgage broker click here.
What should I look for in a mortgage broker?
- Mortgage broking is a major part of the Australian home loan marketplace and over 40% of all home loans are placed using a mortgage broker. There are hundreds of mortgage brokers to choose from, but there are a number of key criteria you should check before using a broker. For a detailed overview of what you should look for in using a mortgage broker please click here.
