FAQS

Your lending questions answered

  • A mortgage broker is a professional who helps you find and apply for a mortgage loan that suits your needs. They have access to a wide range of lenders and can provide expert advice on mortgage options.

  • A mortgage broker can offer access to multiple lenders, potentially better rates, and personalized advice. They can also save you time by handling the paperwork and negotiations on your behalf.

  • Mortgage brokers offer a variety of loan products including fixed-rate mortgages, variable-rate mortgages, interest-only loans, and more. They can help you choose the right type of loan based on your financial situation and goals.

General Mortgage Questions

  • Generally, you'll need identification, proof of income (such as payslips or tax returns), bank statements, details of current debts, and information about your assets.

  • The time can vary, but typically it takes between 4 to 6 weeks from application to approval. Factors like the complexity of your financial situation and the lender’s processes can affect this timeline.

  • Yes, getting pre-approved is a good idea. It gives you an idea of how much you can borrow and shows sellers that you are a serious buyer.

Application Process

  • Typically, you need a deposit of at least 5-20% of the property's purchase price. However, having a larger deposit can improve your chances of approval and reduce your loan-to-value ratio (LVR).

  • LMI is insurance that protects the lender if you default on your loan. It is usually required if your deposit is less than 20% of the property’s value.

  • Besides your mortgage repayments, you should budget for property taxes, home insurance, maintenance costs, and utilities.

Financial Considerations

  • A fixed-rate mortgage has an interest rate that remains the same for a set period, usually between 1 to 5 years, providing stability in your repayments.

  • A variable-rate mortgage has an interest rate that can change over time based on the market conditions. This can result in fluctuating monthly repayments.

  • An offset account is a savings or transaction account linked to your mortgage. The balance in this account is offset against your loan balance, reducing the interest you pay.

Loan Features and Options

  • Yes, self-employed individuals can get a mortgage, though the process may require additional documentation like tax returns and business financial statements to prove your income.

  • Having bad credit can make it more challenging to get approved for a mortgage, but it’s not impossible. Some lenders specialize in loans for people with bad credit, though the interest rates may be higher.

  • Yes, refinancing involves replacing your current mortgage with a new one, which can offer better terms, lower interest rates, or allow you to access equity in your home.

Special Circumstances

  • The FHOG is a government initiative to help first-time home buyers purchase or build a new home. The grant amount and eligibility criteria vary by state and territory.

  • Key factors to consider include interest rates, loan features, fees, flexibility, and the reputation of the lender. A mortgage broker can help you compare these aspects.

  • A property valuation is an assessment of a property’s value conducted by a professional valuer. Lenders require it to ensure the property is worth the loan amount being requested.

Home Buying Process

  • You can contact us via phone, email, or by filling out the contact form on our website. Our team is ready to assist you with any questions you have.

  • If you’re having trouble making your mortgage payments, it’s important to contact your lender as soon as possible. They may offer options like a repayment holiday, extending the loan term, or restructuring your loan.

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