A mortgage or finance broker acts as your go-between, communicating with banks and lenders on your behalf, in order to secure you the best deal for your circumstances.

Australian banks and lenders have different policies and loan requirements, and it is a brokers job to find a loan from one of these finance institutions that fit with your individual situation.

Mortgage Brokers can help find the right home loan for any situation, from purchasing your first home to buying an investment property all the way to refinancing your home loan to a better interest rate.

Your mortgage broker is responsible for negotiating with credit providers such as banks, to find the best possible loan for your circumstances. They can offer you a range of loan options and help you manage the process of buying your property. 

Your Home Loan Consultant provides a greater service, more than just home loans.

We pride ourselves on looking after our customers by discussing all the necessary products and services that we can offer you, including:

• Solicitor/Conveyancer, if you haven’t already appointed one
• Home Insurance cover to protect your property and contents
• Financial Planners for superannuation & Life Cover
• Loan Protection Insurance
• Set up your essential services such as Electricity, Gas, Internet etc.
• Property Investment Strategist 

Mortgage brokers typically receive a commission from the lender for introducing a client and facilitating the loan process. This commission is usually a percentage of the loan amount. Some brokers may also charge a fee for their services to the borrower.

Mortgage brokers are required by law to apply “Best Interest Duty”. This means whatever lender we select or recommend, is in your best interest, not the brokers.

A pre-approval or conditional approval is an initial assessment where the lender indicates how much they might be willing to lend based on your financial situation. Formal approval, on the other hand, is granted when all documentation is provided, verified, and the property in question is accepted as security by the lender.

The required deposit can vary based on the lender and the loan product. Typically, a deposit of 20% of the property's value is standard, but some lenders offer products with a lower deposit requirement, especially for first-time homebuyers.

Some lenders will lend you up to 95% of the property value. However you may need to pay what’s called Lenders Mortgage Insurance (LMI).

LMI is insurance that protects the lender in case the borrower defaults on the loan. It's typically required when the borrower has less than a 20% deposit. The borrower pays the premium, but it's for the lender's benefit.

The smaller the amount of deposit  you have, is deemed to be a higher risk for the lender. Each lender has its own policy about when it will require LMI. Depending on the type of loan you apply for and the lender’s own assessment of the risk.

Without LMI, a lender may be unwilling to provide funds for “higher risk” categories of borrowers (such as low deposit or high loan-to-value ratio loans).

The benefit of paying LMI is so you can buy a property a lot earlier than if you had to wait until you saved enough to pay a deposit of 20% of the purchase price. And by the time you have saved a 20% deposit, the price of the property may have increased.

While having bad credit can make refinancing more challenging, it's not impossible. Some lenders specialize in loans for people with imperfect credit histories. A mortgage broker can help identify suitable lenders and guide you through the process.

A fixed-rate loan has an interest rate that remains the same for a specified period, (generally 1 to 5 years), ensuring consistent repayments. A variable-rate loan has an interest rate that can fluctuate based on market conditions, which can result in varying repayment amounts.

Your borrowing capacity is determined by your income, existing debts, credit history, and other financial commitments. Lenders will also consider your living expenses and potential interest rate rises. It's advisable to consult with a mortgage broker to get a precise figure.

You can estimate how much you may be able to borrow using our borrowing capacity calculator. This is just a general guide as your borrowing capacity will vary from lender to lender.

Contact Your Home Loan Consultant on 0401 388 153 and we will review your borrowing capacity on the lenders calculator to get a more accurate figure.

It is always advisable to obtain a Pre-Approval before searching for a property. This way you will have a clear budget in mind and you will not be disappointed if you discover you have been looking at properties above your limit.

With a Pre-Approval you can confidently negotiate and sign a contract when you find your “dream home.”

Once you have been Pre-Approved by the financial institution you’ve decided to go with, we will contact you and you can start your search for your new home or investment property.

Refinancing can offer benefits like lower interest rates, access to better loan features, or the ability to consolidate debt. However, it's essential to consider the costs of refinancing, such as break fees or LMI. A mortgage broker can help evaluate if refinancing is right for you.

Let’s start at the basics. Equity is the difference between the current value of your home and how much you owe on it. So, if your home is worth $500,000 and you still owe $260,000, your total equity is $240,000.

Borrowing against the equity you have in your home can be a smart way to make your money work for you and fund a variety of purchases, including another property. However, there are a variety of factors impacting what your equity can do for you.

Banks will typically allow you to borrow up to 80% of the value of your home.
The difference from the 80% and what you owe is the usable equity (subject to serviceability).
Based on the example above, let’s look at the numbers:
Total value of your property $500,000
Total loan amount at 80% LVR $400,000
Less your current home loan balance $260,000
This means your potential accessible equity would be $140,000.

Even if you have significant equity in your home, it is not guaranteed that you can borrow against it.

Factors such as income, other existing debts, credit card limits, dependents, and loan history will all determine whether you can increase your home loan limit to utilise the equity in your home.

Contact your mortgage broker for advice or give Your Home Loan Consultant a call on 0401 388 153 to understand the variables and how you can maximise your chances of using your equity to your advantage.

Yes, many homeowners use the equity in their homes as a deposit for an investment property. Equity is the difference between your home's value and the remaining loan amount. Structuring your investment loan incorrectly could be a costly error. It's essential to consult with a mortgage broker to understand the risks and benefits of this strategy.

We calculate your interest in two steps.

First we multiply the balance on your loan by your interest rate and divide by 365 days in a year. This shows your daily interest charges.

We then add together your daily interest charges for every day in each month, which produces the monthly interest charge shown on your statement.

If your loan balance was $500,000 with an interest rate of 4.93% p.a. and monthly repayments, the calculation might look like this:

• 500,000 x 0.0493 / 365 = $67.53 interest per day
• $67.53 x 30 days in September = $2,026 interest for September

 You can use our Mortgage Repayment Calculator to estimate repayments and interest charges over the life of a loan. You can also use the calculator to check the effect that extra repayments could have on your home loan.