FAQs

Lending Questions

How is Diversity Financial Group different to other Mortgage Brokers?

The term Mortgage Broker is a term that’s frequently used by many across the finance industry however, the types of services we each offer can vary greatly from one business to the next. Some offer home loans only while others will specialise in just business lending. We are what’s often referred to as a Boutique Brokerage, solution focused, where our experience extends to all types of lending as well as other services such as life Insurance and General insurance. Additionally, under our Strategic Partnership Program, our clients have easy access to a well trusted group of industry related professionals such as Solicitors and Accountants whose services are often needed to complete a transaction.

I have a poor credit history. Can you you help?

For a lot of people, a life event which is often unpredictable such as divorce, unemployment, having to care for a sick partner or child can, through no fault of their own lead to a poor credit rating. As a solution focused business, we’re experienced in dealing with all levels of credit impairment. We’ve assisted many borrowers with loans, often short term, from lenders that provide products designed to help borrowers while they get back on their feet.

Should I get a pre-approval before I buy?

In short yes. Getting a home loan approved requires every lender to assess several key areas of an applicant’s current and sometimes previous personal and financial situation. Things such as their ability to repay the debt, their employment history, their credit history, their age and so on. This is known as underwriting. The time needed to complete the process can be unpredictable. However, when buying property, the contract will include a series of timelines which must be met in order to avoid penalties and in some cases the loss of a deposit. Obtaining pre-approval gives you peace of mind when shopping knowing that all other aspects of your application have been approved.

Why Refinance?

Leading a busy life often makes it difficult to find time to review our own finances. Most are working harder and longer in an effort to get ahead. However, it’s important to review your circumstances regularly. In many cases what starts as an enquiry about a better deal often leads to a complete consolidation of other debts into one easy to manage loan as well as putting dollars back into your pocket every month.

Life Insurance Questions

But I have cover through super?

Often the level of cover held in super is inadequate and the products restrictive. In most cases the cover was never approved, a process that in many cases is triggered only at the time of claim which often results in a lower number of claims being paid.

A Life Company however, offering retail products gives applicants the ability to tailor their own cover by selecting the types and levels of cover that best suits their own needs and objectives. Additionally, all cover is subject to an approval process prior to an offer of cover being made, giving you a greater chance of having a claim paid.

I have a pre-existing medical condition. Can I get cover?

Having a pre-existing medical condition does not automatically exclude you from gaining cover. A number factors are considered before a decision can be made. The insurer will look at things such as the type and severity of the condition. When the condition first occurred and whether the applicant still has the condition to name a few. Sometimes the insurer will approve cover subject to an exclusion on that condition. Other times they may offer cover however with a loading applied to the premium. And in some cases cover maybe declined altogether.

The Insurance process. What’s involved?

Approved cover involves an application process. It’s best to engage a qualified Adviser as it betters your chance of approval and increases the likelihood of a successful claim. An appointment lasting a little over one hour will be scheduled during which the various covers and options are explained allowing you to tailor a solution that suits your own objectives. A quote is then produced and an online application completed and submitted to the insurer. The application will be subject to an approval process, the duration of which is determined by your answers on the application as well as some other factors such as the amount of cover applied for, any further medical requirements, your age and so on.