When obtaining a home loan, each borrower (mortgagor),
will be provided by their lender (mortgagee), a set of loan documents with
their terms and conditions setting out, among other details, a list of the
mortgagee’s fees and charges.

Residential property loans are regulated by the National
Consumer Credit Act (NCCP) and under this code mortgagees are required to
disclose in full all relevant information about your loan, including interest
rates, fees and charges, before entering into any loan agreement with you.

The mortgagee may vary certain conditions of the loan agreement, eg interest
rates, without your consent, before and after the loan has been advanced.
However, these changes can only be made in accordance with the NCCP and other
relevant legislation and regulations.

You must be notified of any changes made to your loan contract either
directly in writing, via the lender’s website or by media advertisement. The
change will take effect from the time specified in their notice.

In all cases the mortgagee will not make the loan advance until all the
settlement requirements are met. These may vary between banks and lenders – a
few of these requirements to consider are:

• Your ability to repay the loan
  
• The title to each security property is satisfactory
  
• Has your financial situation changed since you applied for the loan
  
• All searches, valuations and certificates relating to the security property
  have been provided and are satisfactory

Your mortgage broker is the best person to speak to about your home loan
features and benefits, fees and charges and which loan will best suit you.

To ensure you are fully aware and informed of your home loan terms and
conditions talk to your Loan Market mortgage broker today before entering into
your next home loan agreement.