Morgan Brooks DIRECT Home Loans

Rates and Fees verified correct on December 9th, 2016

Residential and commercial mortgages for home, investment and business are available through Morgan Brooks

MorganBrooks

Morgan Brooks DIRECT is a family-owned lender which has been helping Australians with their borrowing needs since 1993. In addition to a number of commercial loans, it offers a wide range of home loans to prospective customers.

Who is Morgan Brooks DIRECT?

Unlike banks and credit unions which offer a wide range of financial products and services, Morgan Brooks DIRECT specialises in personal and commercial lending products. Offering a professional and obligation-free service, the company aims to help borrowers own their next property as quickly and easily as possible.

Morgan Brooks DIRECT’s mortgages are available to Australians and non-residents in every state and territory around the country. Its suite of home loans includes premium loans, basic loans, fixed and variable rates, low doc loans and even no doc loans. Flexible repayment options are a common feature and many loans feature no application fee.

Home loans offered by Morgan Brooks DIRECT

Rates last updated December 9th, 2016
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Loan purpose
Offset account
Loan type
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Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment
4.59% 4.42% $250 $0 p.a. 90% More info
3.79% 4.13% $250 $0 p.a. 90% More info
3.89% 4.19% $250 $0 p.a. 90% More info
5.39% 5.76% $0 $0 p.a. 60% More info
3.76% 3.96% $120 $0 p.a. 80% More info
3.96% 4.15% $120 $0 p.a. 80% More info
3.74% 4.10% $0 $0 p.a. 95% More info
5.39% 5.76% $0 $0 p.a. 85% More info

Premium Home Loan

This loan is available with a competitive principal and interest variable rate to help borrowers pay off their debt quicker. Under the Premium Home Loan, customers can make additional repayments without penalty and can choose from a weekly, fortnightly or monthly payment schedule. Available for home purchasers and refinancers, with the potential to be used by owner-occupiers or investors, this loan is even offered as an construction option. Other features include a loan split facility, the availability of fixed rate terms and no minimum redraw amount.

Premium 80

Based on the Premium Home Loan, the Premium 80 provides a discounted variable rate for customers who borrow up to 80% LVR and in excess of $200,000. With no annual fees and no ongoing account-keeping fees, the Premium 80 allows you to pay more money straight towards the amount you borrow. Other loan features include an interest-only option, loan split facility and the choice of weekly, fortnightly or monthly repayments.

Premium Combo Fixed

If you’d like the security of a fixed interest rate, you can lock a competitive rate in for a term of between one and five years. You can fix up to 50% of the amount you borrow but you also have the flexibility of being able to make additional repayments at no extra cost. This loan is available for home purchasers, those looking to refinance, people looking to consolidate their debt and homeowners looking to release the equity in their home.

Premium No BAS Lo Doc Loan

This loan is designed for self-employed borrowers who are unable to provide the usual proof of income. No BAS statements or tax returns are required to qualify for the loan, while customers can borrow up to 80% LVR. Other features include unlimited free transactions on a linked debit card, an interest-only option, loan split facility and a range of flexible repayment schedules.

Premium Smart Doc No Doc Loan

This loan allows customers to borrow up to 85% LVR without providing BAS statements or tax returns, and without taking out lender’s mortgage insurance. The fees and charges that apply will vary depending on each borrower’s individual circumstances, with applicants required to self-declare their own income and have their declaration supported by their accountant. A redraw facility is also available.

Fixed Rate Loans

Morgan Brooks Direct offers loans with fixed rate terms for periods of one, three and five years. These loans offer the security of fixed repayments for a set period of time. A rate lock fee applies whenever you take out this type of loan.

Pros and Cons of Morgan Brooks DIRECT home loans

Pros
  • Redraw. Many of Morgan Brooks DIRECTs home loans offer a redraw facility with no minimum redraw amount required. This is handy if you only need access to a small amount of funds.
  • Choice of loans. This lender offers a wide variety of loans to suit the needs of many different borrowers.
  • Specialist lender. Unlike banks and credit unions, Morgan Brooks DIRECT focuses on personal and business mortgage solutions. This gives customers peace of mind and confidence that they are dealing with experts.
Cons
  • No other financial products. Morgan Brooks DIRECT does not offer other common banking products such as savings and investment accounts

How to apply or find out more information about Morgan Brooks DIRECT home loans

You can find out more and apply for a home loan with Morgan Brooks on their website. Keep in mind you'll need a range of documents and evidence when applying for a home loan:

Documents needed to apply for a Morgan Brooks DIRECT home loan

Personal information

You’ll need to prove your identity before Morgan Brooks DIRECT will approve your loan. To do this, you’ll need to provide certain personal information including:

  • Your driver’s licence number
  • Your date of birth
  • Your full name and contact details
  • Your resident status

Once you’ve completed your application, Morgan Brooks DIRECT aims to assess all applications as quickly as possible.

Property information

Next, you’ll need to provide documents that provide details about the property and its sale. These include:

  • Contract of sale. The contract of sale contains all the relevant information that pertains to the sale of the property, including the location of the property and the price paid for it.
  • Copy of certificate of title. This important document is needed to prove that the person selling the property actually owns the property and therefore is legally allowed to sell it.
  • Copy of transfer of land. The transfer of land document is needed as evidence that the property has been transferred into the name of the buyer.
Financial information

Finally, so that Morgan Brooks DIRECT can determine your ability to repay your loan, you will need to provide details of your financial situation. These include:

  • Employment information. This will be required to prove that you hold down a job and earn a steady income. You may need to provide your employer’s contact details and recent payslips, while self-employed borrowers may need to supply previous tax returns.
  • Assets. Assets in your name, for example shares and other investments, can increase your borrowing power.
  • Liabilities. Of course, you’ll also need to be honest with your lender about any liabilities in your name, such as credit card repayments or other outstanding debts.

If you’re looking for a competitive and affordable home loan, Morgan Brooks DIRECT has a range of options that are worth considering. But before you sign on the dotted line, remember to compare this lender’s products with other offerings on the market.

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This page was last modified on 9 August 2016 at 16:02.

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