Where does iMortgage source its funds from?
iMortgage sources its funds through a wholesale lending subsidiary of National Australia Bank (nab).
Why does iMortgage provide home loans online?
Our customer research shows that the internet is the primary research tool for people who are in the market for a home loan. Given these findings, it made sense to extend our online offering beyond merely providing information about loans, to enabling customers to enquire about and apply for their home loan online.
We offer the convenience of being able to deal with a home loan provider remotely, removing the hassle of appointments and travel. You can deal with us online at a time and place that suits you.
Is iMortgage strong and secure?
Yes. iMortgage is wholly owned and operated by Homeloans Ltd. Homeloans is one of Australia’s most trusted mortgage companies with a pedigree stretching back to 1985. Homeloans was named as Australia’s Best Non-Bank Lender at the 2011 Australian Lending Awards and was the winner of the Mortgage and Finance Association of Australia (MFAA) Mortgage Manager of the Year Excellence Award in both 2009 and 2010.
Homeloans prides itself on:
• An Australia-wide presence
• Established for over 25 years
• A generous customer benefits program
• Our Carbon Conscious™ initiative
• Publically listed on Australian Stock Exchange (ticker: HOM) since 2001
Does iMortgage have branches that I can visit to speak to someone if I have a query about my loan?
As our customer research has told us that once their loan has been set up, the vast majority of our customers would prefer to deal with their home loan provider remotely (by internet, email or telephone), we do not have a network of branches. Our focus is therefore on being able to offer excellent customer service via our Client Services team 1300 78 78 74, by email and by providing internet banking.
Once my loan is funded, who is my relationship with?
As iMortgage is wholly owned and operated by Homeloans, your ongoing relationship will be with Homeloans. Homeloans has administration offices in Sydney, Melbourne, Perth, Brisbane and Adelaide. All Homeloans staff, including call centre, are located within Australia and you can contact a consultant to discuss any queries you have about your home loan by calling 1300 78 78 74.
Does iMortgage offer internet and telephone banking?
Yes, iMortgage customers have access to internet and phone banking services via StarNet. Click here to access internet banking or call 1300 300 988 for the phone banking service.
Is there support available for me if my financial situation changes?
Absolutely. If anything changes, or if you have difficulties meeting your repayments please call 1300 78 78 74 and we will talk you through your circumstances and the options available to you.
Can I refinance my existing mortgage to iMortgage?
Yes. Simply submit an online enquiry and one of our consultants will send you an email or call you within 24 hours to discuss your options and start the refinance process.
How much can I borrow?
The amount you can borrow will vary depending on your individual circumstances. Our term loan allows you to borrow up to 95% of the value of a property in some situations. However, you may have to pay Lenders Mortgage Insurance if your loan amount is more than 80% of the value of your property.
To get a better idea of how much you can borrow, use our ‘How much can I borrow’ Calculator, or submit an online enquiry and one of our consultants will be in touch to discuss your options.
What is lenders mortgage insurance (LMI)?
Lenders Mortgage Insurance (LMI) covers the lender in the event of the borrower defaulting on their loan. If the property is subsequently sold, and the amount from the sale is insufficient to pay off the loan in full, this insurance will cover the lender for the shortfall.
As a rule of thumb, this insurance is required if you are borrowing 80% or more of the valuation of the property.
What is LVR?
LVR stands for Loan to Valuation Ratio. This is the measure of the amount of the loan compared to the value of the property. For example, if you have borrowed $160,000 and your property is valued at $200,000, the LVR would be 80%.