FAQ

While a 20% deposit is often recommended to avoid Lender’s Mortgage Insurance (LMI), it’s not always necessary. LMI protects lenders in case you can’t meet repayments, or the property is sold for less than the loan balance.

An alternative is using a guarantor – typically a family member – who can secure your loan with their property as collateral. This can allow you to bypass LMI and even secure a no-deposit loan. Contact us to explore your options.

Both fixed and variable rates have unique advantages.

A variable rate adjusts with market conditions, meaning your repayments may fluctuate. This allows you to make additional repayments without restrictions and does come with interest saving features.

A fixed rate remains consistent for an agreed term, offering predictability and stability. These loans can come with break costs and restrictions.

The right choice depends on your financial goals and preference for flexibility versus security. We’re here to help you decide what’s best for your situation.

Pre-approval is granted by a lender before you purchase a property. It provides a clear idea of how much you can borrow, allowing you to confidently enter negotiations.

Unconditional approval, on the other hand, is typically granted after you’ve finalised the purchase of a specific property and submitted all required documents. This occurs right before settlement, confirming that the lender is ready to release the funds for your home loan.

Yes, pre-approval can make all the difference in securing your dream home. It confirms how much you can borrow, giving you confidence and an edge when making an offer. This allows us to run credit checks and other key verification items to ensure there are no foreseeable issues or concerns. We’ll guide you through the pre-approval process to make your journey to homeownership smoother.

Lenders will evaluate your employment status, including your annual income and proof of employment, such as pay slips, tax returns and/or financial statements. Your employment stability plays a key role in determining your borrowing power.

Being self-employed can make proving your income more complex, but we specialise in assisting self-employed individuals. Through alternate income verification and tailored lending solutions, we’ll help you find the right pathway to homeownership.

You may need Business Activity Statements, tax returns, financial statements or bank account statements to prove a stable income.

Most legitimate businesses are eligible for asset finance, including those in industries like hospitality, manufacturing, technology, and agriculture. As long as the asset is primarily used for business purposes, lenders are generally willing to provide financing tailored to your needs.

Not necessarily. Many lenders offer asset or equipment loans without requiring a deposit, as these loans are typically lower risk compared to property loans. This includes sole traders, so long as the acquired asset is used primarily for business purposes.

The answer is no. Each lender has their own risk appetite. There are a number of lenders who will assist before the two year mark.

Loan to Value Ratio is how lenders describe the amount you need to borrow (or the amount of your loan) as a percentage figure of your property’s assessed value. LVR’s can fluctuate between lenders and can determine your borrowing power and whether there is a requirement for LMI (Lenders Mortgage Insurance).

The more frequent your repayment cycle, the less interest you will pay over the life of the loan. Paying weekly or fortnightly can result in your loan having an extra month’s repayment each year. This will help you achieve paying your loan off sooner.

Banks will only hold one lending policy and risk appetite, whereas a broker has the ability to seek funding under a large variety of banks or lenders. It allows further options and appetites that may be required to assist your personal situation.