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| Frequently Asked Questions |
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Start here for answers to the questions we’re most often asked.
Borrower Q&A’s
- Am I the sort of customer that should consider a RedZed homeloan?
- RedZed is a specialty lender that is focused on delivering competitive interest rates, flexible product features and great customer service to a broad range of borrowers including those who are self employed or have had past credit issues. We will work closely with your mortgage broker to identify a solution that is most aligned to your needs.
- How is the RedZed different from other specialty lenders?
- RedZed only works exclusively with a very select group of mortgage brokers, handpicked for their expertise, credibility and customer focus. Working closely with these brokers enables RedZed to develop a range of home loans products with broad lending criteria, flexible product features, and very competitive interest rates and fees.
- Is RedZed a member of any associations?
- RedZed is a full member of the Mortgage & Finance Association of Australia (MFAA) and the Credit Ombudsman Service (COSL).
MFAA members must adhere to the industry Code of Practice which required high professional standards, fair business practices, ethical behaviour and compliance with both the letter and the spirit of the relevant laws and regulations – all in the interest of you, the borrower. MFAA sets the highest standards in the industry for its members.
The Credit Ombudsman Service is a free and independent External Dispute Resolution scheme. It provides consumers with an alternative to legal proceedings for resolving disputes with COSL Members operating in the Credit marketplace.
- Does RedZed have branches?
- No – branches are extremely costly to maintain. These costs are ultimately passed on to you the customer. RedZed operates exclusively through a team of accredited highly qualified and experienced mortgage brokers.
- How would I get a RedZed mortgage?
- RedZed home loans are available only through mortgage brokers that we have hand selected for their expertise and customer service.
If your mortgage broker is not accredited to sell RedZed home loans you can contact us here or call us on 1300 722 462 and we will recommend a suitable broker to you.
- How can I locate a mortgage broker in my local area?
- You can email RedZed here or call us on 1300 722 462 and we will recommend a broker in your local area.
- What interest rates are offered?
- RedZed has a range of competitive interest rates across the entire product range. The interest rate will vary depending on the type of loan required. We recommend that you speak to you accredited RedZed broker to ascertain the right product for you.
- What fees and charges apply?
- As fees and charges vary on the nature of loan that is taken out, we recommend that you talk to an authorised RedZed broker. Please note that regular government fees (eg Stamp duty) apply to all RedZed mortgages. If you would like to be put in touch with an accredited RedZed mortgage broker you can contact RedZed here or 1300 722 462.
- Can RedZed arrange construction, commercial, motor or personal loans?
- No. RedZed specialises in providing Low Documentation, Near Prime or Credit Impaired home loans.
- Will RedZed look at my credit history file?
- Yes. As part of reviewing all applications RedZed’s specially trained credit assessment team will, within the legal requirements of the current Privacy Act, review your credit history to assess whether we can suitably match your needs with a RedZed product.
When you complete a RedZed home loan application form you will sign a Privacy Declaration that gives us permission to access your files.
- If I've had credit problems, is there a limit to how many defaults and judgements RedZed allows?
- RedZed applicants can have defaults and judgements. RedZed understands that sometimes circumstances can mean things don’t always go according to plan. RedZed is more interested in the underlying reasons of the defaults and judgements as well as your current ability to repay any loan that we might offer you. As a responsible lender we look to ensure that we do not offer you any funds that you could not be reasonable expected to repay.
- Can I get a loan with RedZed if I have been discharged from bankruptcy?
- Yes. As long as you are discharged RedZed will review your application.
- Can I get a home loan and use the funds for my business?
- Absolutely. RedZed will give consideration to providing loans to assist in refinancing existing business debt or assist in raising working capital. We recommend that you discuss your needs with a RedZed accredited mortgage broker.
- Does RedZed have an internal dispute resolution process?
- Yes. RedZed does have an Internal Dispute Resolution process. We will try to resolve any issues that you may have as soon and simply as possible.
If you have an issue please feel free to contact us on 1300 722 462 or email us here. We are also a member Credit Ombudsman Service. You can find information on the services provided by the credit ombudsman at www.creditombudsman.com.au
- Useful Links
- Basic Financial Information www.understandingmoney.gov.au
Mortgage & Finance Association of Australia www.mfaa.com.au
If you can’t find an answer to your question here, please call RedZed Lending Solutions on 1300 722 462.
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