How much do mortgage advisers charge?

Almost all Nova Mortgages services are at no direct cost to you as we get paid a commission by the banks when a mortgage is finalised or refixed.

The exceptions to this:

  1. If a mortgage is paid off or discharged within 28 months, Nova Mortgages must repay some or all of the commission back to the lender (often referred to as a clawback). In this instance, we have essentially done the work for no pay. To make sure that Nova Mortgages Advisers are fairly compensated for the services originally provided to you, we reserve the right to on-charge the commission clawback to you.

  2. Finance companies may require a fee to be added to the loan rather than paying us a commission. You’ll always be made aware of these fees long before they are locked in.

  3. If, following the service provided by the adviser, you elect not to continue engaging Nova Mortgages to settle the mortgage, a termination fee will be charged based on the following milestones we have achieved for you:

    Milestone 1-Statement of Advice provided to you ($500)

    Milestone 2-Milestone 1 + first pre-approval obtained ($1000)

    Milestone 3-Each pre-approval obtained thereafter ($250 each)

Expiry of the pre-approval does not constitute the engagement between the client and Nova Mortgages as being terminated.

Why do I need a financial adviser? Can’t I just deal directly with the bank?

Simply put, using a financial adviser makes your life better and easier. Not all banks offer the same deals. A financial adviser knows every banks’ individual policies and will know which one is the best financial fit for you. Plus we do all the work and liaise with the banks, so you can forget about being on hold and instead focus on things that matter to you more.

How long does the mortgage approval process take?

This depends. Once the bank has all the information they need, their standard turnaround time is around 5-10 working days. However we can use a few tricks of the trade to speed things up if you need a quick result. Don’t waste anytime and get in touch today