Frequently Asked Questions

At Open Mortgage, we offer a range of loan options to suit your needs:

Home Loans – Whether you're buying your first home or refinancing, we have flexible options tailored to your situation, with competitive rates and transparent terms.

Business Loans – We also offer business financing to help you grow and succeed, with customized solutions for your specific business needs.

Car Loans – If you’re looking to finance a vehicle, we provide simple and hassle-free car loans with flexible repayment options.

Mortgage Loans – Our mortgage loans are designed for first-time homebuyers, investors, and those refinancing, with expert guidance every step of the way.

Whatever your financial goal is, our team at Open Mortgage will ensure you get the right loan to match your needs and budget.

 Open Mortgage stands out because we place transparency, integrity, and a client-first approach at the core of everything we do. Unlike many lenders, we are committed to providing clear and honest communication throughout the entire loan process. We offer tailored mortgage solutions that are designed to meet your unique financial needs, whether you're buying your first home, refinancing, or investing. With our expert guidance and client-centric service, we ensure you get the best advice and the right financing options for your future. 

Key Differences:

Fixed-rate mortgage: Interest rate remains constant throughout the loan term, offering stability and predictable payments.

Variable-rate mortgage: Interest rate can change after an initial period, leading to fluctuations in monthly payments. Add an answer to this item.

 At Open Mortgage, we prioritize clear communication and honest dealings with every client. We believe in offering a hassle-free and informed loan experience with no hidden fees or surprises. From your first inquiry to the final signature, we ensure you're fully informed about your loan terms, rates, and any associated costs. Our commitment to transparency means you'll always have access to the information you need to make confident and informed decisions about your home financing. 

The loan-to-value ratio (LVR) is the amount of your loan compared to the value of the property. It’s calculated by dividing the loan amount by the property’s value and multiplying it by 100.

For example, if you borrow $320,000 for a home worth $400,000, your LVR is 80%.

How it affects your mortgage:

A higher LVR (e.g., 90% or more) usually means higher interest rates and may require you to pay private mortgage insurance (PMI).

A lower LVR (e.g., 80% or less) can get you better interest rates and avoid PMI.

Lenders may set maximum LTV limits for loan approval.

In short, a lower LVR is better for you, as it can lower your costs and improve loan terms.