First home buyers.
In the first conversation we look at what you have saved, earn and owe, and set out an indicative borrowing range and the costs of buying, subject to lender criteria.
Deposits, schemes, mortgage insurance and pre-approval
- Your deposit
- What counts, how lenders read your savings history, and what a family changes.
- Government schemes
- The home guarantee schemes run by Housing Australia, and the grants and stamp duty concessions in Victoria, Queensland and South Australia. Rules and price caps change, so we check the current ones.
- Lenders mortgage insurance
- When a lender charges it, and paying it against saving for longer.
- Pre-approval
- What it means, what it does not, and when to get it before you make offers.
What a purchase is made of
- Your deposit
- Savings, plus any scheme, grant or guarantor help.
- The loan
- The borrowing range we set out in the first conversation.
- Costs of buying
- Stamp duty, fees and, if a lender charges it, mortgage insurance.
Buying your next home.
Selling and buying means two sets of dates and costs, and a loan that fits both.
How we plan the sale and the purchase
Before you sign, we map your equity, whether to buy or sell first, and what bridging finance would cost if the dates do not line up, in writing.
Estimate your repayments.
Your amount, your rate and your term, weekly, fortnightly or monthly.
Refinancing your home loan.
We start with the loan you have: rate, features, fees and any fixed period left.
What we compare, and every cost of switching
We compare it with our lender panel and count every cost of switching, including discharge fees, government charges and break costs.
Sometimes the answer is to ask your lender for a review and stay. If so, we will say so.
- Consolidating debts
- A lower monthly repayment usually means more total interest over the longer term. We show both figures side by side.
- Releasing equity
- Borrowing against your home for a renovation or an investment, and how the loan is split and repaid.
Investment property loans.
For investors the structure matters as much as the loan: whose name the property is in, how loans are split, whether one property secures another, and how interest-only periods are used.
Ownership, equity and servicing
We work with your accountant and set out the lending that fits.
- Ownership structure
- Your names, a family trust or a company. Your accountant advises on tax; we explain how lenders assess each.
- Using equity
- How lenders value what you own, and what cross-securing means if you later sell.
- Servicing
- How each lender counts rent and existing debts, which differs across our panel.
Building and construction loans.
A construction loan pays out in stages, and during the build you usually pay on what has been drawn.
What lenders need, and the three kinds of build
Lenders want the contract, plans, council approvals and a valuation of the finished home first.
We check your contract against what each lender accepts and plan how variations would be funded.
- Land and build
- The land settlement and the construction loan, set up in the right order.
- Knockdown rebuild
- Replacing your home, and how the existing loan is handled during the build.
- Major renovations
- Structural work, funded through a construction loan or released equity.
How the loan draws down
- Slab
- Frame
- Lock-up
- Fixing
- Completion
Self-employed and low doc home loans.
Most lenders ask for two years of tax returns and financial statements.
Low doc options, and how we read your income
Some consider a shorter trading history or accept alternative documents such as BAS, business account statements or an accountant's letter. These loans usually come with different pricing and a larger deposit.
We read your income the way lenders will before anything is lodged. If the records are not there yet, we tell you what needs to change.
What lenders usually ask for
- Two years of tax returns
- Two years of financial statements
Some lenders consider instead
- BAS
- Business account statements
- An accountant's letter
SMSF loans.
A self-managed super fund can borrow for commercial property through a limited recourse borrowing arrangement.
Whether your fund should borrow is a decision for you, your accountant and a licensed adviser; we do not give that advice. Once it is in place, we set out the lenders and what they require.
How these loans are set up
The property sits in a separate trust, must meet the sole purpose test, and fewer lenders offer these loans.
Expat and non-resident home loans.
Australians working overseas can borrow here, but fewer lenders accept foreign income, and those that do adjust it for currency.
Non-residents and temporary visa holders
Non-residents and temporary visa holders usually need Foreign Investment Review Board approval and pay extra state duty. We set out the lenders, approvals and costs, by phone, email and video across time zones.
Questions about home loans.
Do I pay anything to use a mortgage broker?
For most home loans, no. The lender pays us a commission when your loan settles, and often a smaller ongoing commission while it runs. A fee may apply for loans through a trust, commercial lending or more complex transactions. If a fee applies to you, we tell you the amount in writing before you go ahead, and our credit guide sets out how we are paid.
Seven more questions, from deposits to meeting in person
How much can I borrow?
It depends on your income, your commitments, your living costs and the lender, because each lender on our panel assesses these differently. Our borrowing power calculator gives an indicative range after you enter your figures, and from there we look at your situation in detail. Any figure is an estimate, subject to lender criteria and a full assessment.
How much deposit do I need?
It depends on the lender, the property and your situation. A larger deposit usually opens up more loan options and can avoid lenders mortgage insurance. Some buyers can purchase with a smaller deposit through a government scheme or with a family guarantor, subject to eligibility and lender criteria. We show you what applies to you.
What government help is there for first home buyers?
The Australian Government's home guarantee schemes, run by Housing Australia, can allow eligible buyers to purchase with a smaller deposit without paying lenders mortgage insurance. Victoria, Queensland and South Australia each offer their own first home owner grants or stamp duty concessions. Each has eligibility rules and price caps that change from time to time, so we check the current rules against your situation.
Does refinancing make sense for me?
Only when it suits your situation after every cost is counted. We compare your current loan with options from our lender panel and add up the costs of switching, including discharge fees, government charges and any fixed rate break costs. We tell you either way, including when asking your current lender for a review is the more suitable step.
Can I get a home loan if I am self-employed?
Often, yes. Lenders assess business income differently from wages. Most ask for two years of tax returns and financial statements, while some consider a shorter trading history or accept alternative documents, usually with different pricing and a larger deposit. We work out which lenders fit your records before anything is lodged.
Can I buy an investment property in a trust or a company?
Often, yes. Many lenders on our panel lend to family trusts and companies for investment property, usually with personal guarantees from the directors or trustees. Which structure suits you is a question for your accountant, because it affects tax, land tax and how future purchases are assessed. Once the structure is decided, we set out the lending options that fit it.
Do we have to meet in person?
Only if you want to. We work with clients by phone, email and video from Geelong and Brisbane, and we are happy to meet in person when it helps, at our Geelong office or at a place that suits you.
Best Interests Duty.
When providing credit assistance, a mortgage broker is legally required to act in your best interests.
Book a call, wherever you are.
We work with clients across Australia, with offices in Geelong, Melbourne, Brisbane and Adelaide. Send us an enquiry and we will call you to arrange a time.
Geelong, Melbourne and Victoria
Book a call with Eldo
Eldo JacobGeelongBrisbane and Queensland
Book a call with Sumit
Sumit BatraBrisbaneAdelaide and South Australia
Book a call with Gautam
Gautam SethAdelaide
General information only. It does not take into account your objectives, financial situation or needs. Any figures are estimates only, subject to lender criteria, credit assessment and a full needs analysis. Not a credit offer.