Get expert answers to your mortgage, lending, and property questions from Australia's trusted mortgage broker.
A pre-approval is a preliminary assessment that shows you're a genuine buyer and how much you can borrow. It typically takes 1-2 business days. A pre-approval is not the same as final approval - final approval happens after the property valuation and full assessment.
Yes, it's completely free. As a mortgage broker, we're paid by the lenders, not by you. You get expert advice without any cost.
Pre-approval is a preliminary assessment based on your financial info. Final approval happens after property valuation, legal checks, and full underwriting. Pre-approval is valid for 3-6 months, but can change if your finances change.
Yes, many lenders specialise in bad credit home loans. Your approval depends on the severity, how long ago the bad credit was, and your current financial situation. We can assess your eligibility for various lenders.
It depends on your situation. Fixed rates protect you from rate rises but lack flexibility. Variable rates offer flexibility and are currently lower, but rise and fall with the market. Many people use a split loan: part fixed, part variable.
LVR (Loan to Value Ratio) is your loan amount divided by the property value. Higher LVR means higher risk for lenders, which results in higher rates and mortgage insurance. For example, 80% LVR means you're borrowing 80% and have a 20% deposit.
No. You can buy with as little as 2-5% deposit depending on government schemes and your eligibility. If you qualify for a government first home buyer scheme, you may be approved without Lenders Mortgage Insurance (LMI). Deposits below 20% typically require LMI if not eligible for schemes, which adds to your costs. We help you find the best path for your situation and check what government support you qualify for.
LMI protects the lender if you default on the loan. If your deposit is below 20%, you pay LMI (usually $5k-$20k depending on loan size). Sometimes it's worth paying LMI to enter the property market sooner.
Consider refinancing when rates drop 0.5% or more below your current rate, your credit has improved since your original approval, or you want to switch loan types. Refinancing costs $500 to $800 in fees, so calculate if the savings justify the cost.
Not all loans have offset accounts. Most banks offer them, but some non-banks don't. Offset accounts let you save money while reducing interest paid. We help you choose a loan with offset if it suits your strategy.
Full approval timelines depend on each bank and can vary significantly. It can take anywhere from the same day to over 2 weeks depending on the lender, property valuation, and how quickly you provide documents. Since timelines change frequently, ask our broker to get an accurate estimate for your specific situation.
Typically you'll need proof of identity, last 2 years of tax returns, recent payslips, bank statements (3-6 months), proof of savings and deposit, and an employment letter. Self-employed applicants need more documentation. We'll guide you on what's needed for your specific situation.
Subject to finance means the contract is conditional on you getting loan approval. Without this clause, you're legally obligated to buy even if your loan is rejected. This protects you, but sellers might not accept it.
Yes, but it's more complex. Lenders assess your income carefully during leave. Some will assess based on your pre-leave income, others won't. Government assistance and your partner's income may help. We connect you with lenders who specialise in this.
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Rates are current as of today and sourced from our live panel of 60+ Australian lenders.