FAQ's - Holo


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Do you have any questions? We will answer it

QWhat is the difference between a basic loan and a standard variable loan?
ALenders will often provide 2 loan options for variable loans, depending on the features you are seeking. A basic loan will often be a ‘no-frills’ loan without any features such as an offset account or extra repayments, but will generally have a lower interest rate. The Standard loan will generally have a slightly higher rate but will have the additional features. So the choice is often lower rate or features, but rarely both.
QWhy do I have to provide so much information about me?
ATo ensure that the loan won’t over-burden you, that the loan meets your needs and to meet the law. All lenders (and home loan brokers) need to abide by federal legislation such as the National Credit Code, Anti Money Laundering & Counter Terrorism Financing Act as well as state-based Verification of Identity policies. This legislation often dictates what is required to be provided – the lenders don’t ask for it just for fun!
QWho are these other lenders?
AYou didn’t know there were so many lenders did you? That’s why we have created the ‘Our Lenders’ section. There are heaps of great lenders that are Credit Unions, Building Societies, Non-Bank lenders & Mortgage Managers who have good products and service. There is more than just the Big 4!
QWhat is a Non-bank lender and a Mortgage Manager?
AA bit like their name, a non-bank lender is not a bank, but still a lender. They will generally get their funds for loans from other sources, rather than term deposits like a standard bank. Homeloans Ltd, Pepper and Firstmac are good examples of Non-bank lenders. As for Mortgage Managers, try to think of them as a wholesaler of other lender’s loans. The mortgage manager will put their label on the loan and try to provide a good service to you. Nothing to be scared of!
QWhat if I can’t decide on which loan to choose?
AWell that’s why we’re here to help. Just let us know at the end of your application that you’d like some assistance in choosing and we will contact you to help guide you through. Or you can just give us a call. Or send an email. Or webchat. Easy as!