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 specialize 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.
Interest rates vary based on loan type, LVR, and lender. Competitive fixed rates are typically 4.5-5.5%, while variable rates are 4.2-5.0% (rates change frequently). We compare 60+ lenders to find your best rate.
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 = higher risk for lenders = higher rates and mortgage insurance. For example: 80% LVR means you're borrowing 80% and have 20% deposit.
No. You can buy with as little as 5% deposit. However, deposits below 20% require Lenders Mortgage Insurance (LMI), which adds to your costs. We help you find the best path for your situation.
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%+ below your current rate, your credit improved since original approval, or you want to switch loan types. Refinancing costs $500-$3,000 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.
Pre-approval: 1-2 days. Full approval: 5-15 business days after property offer is accepted. Settlement takes 4-12 weeks. The speed depends on lender, property valuation, and how quickly you provide documents.
Typically: proof of identity, last 2 years tax returns, recent payslips, bank statements (3-6 months), proof of savings/deposit, employment letter. Self-employed need more documentation. We 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 partner's income may help. We connect you with lenders who specialize in this.