Can I lock in a fixed rate?

Yes, it is possible for you to lock in a fixed rate. This would require you to complete a Rate Lock Application and pay a small fees unless advised otherwise. The fee depends on the lender.

What is Stamp Duty?

Stamp Duty refers to the duty paid on purchase of properties. Stamp Duty varies from state to state; however, there are two types of Stamp Duty across the country:

  • Stamp Duty on the Transfer of Title – This is charged by the state government and paid by the purchaser.
  • Stamp Duty on the Mortgage - This duty has to be paid on purchase of properties for commercial ventures or on business finance.
For more information on Stamp Duty in various states, please visit the following websites:

How long will my pre-approved home loan last for?

Most pre-approved home loan lasts for three months.

How long will it take for my home loan to be approved?

If you provide the required documents, it does not take very long for home loan to be approved. In most of the cases, the financial institutions grant you a pre-approval or a conditional approval within two to three business days, allowing you to shop around for property. The formal or the unconditional approval might take up to seven business days depending on the valuation of the property.

Why would I want to refinance?

Refinance is a very intelligent financial move when you have multiple loans to repay as well as when you think of making a new investment. By refinancing your current loans, you can consolidate all your loans/debts and make one easy payment at home loan rates. In case you are not satisfied with your current financial institutions, you may refinance your loan with another financial institution. Refinancing is a good financial move when you want to top-up an existing home loan to make another large purchase such as a new car or personal investment.

I have a default or bad credit history; will I get approved for a home loan?

Yes, you might get approved for a home loan if you have a default or a bad credit history, but terms and conditions apply in your case. Whether you are eligible for a home loan would depend on the nature of the default, who lodged it, and how much it is for. We can help people with small defaults or the ones with paid defaults over a certain period of time. If we find you do not meet our credit criteria in the first analysis, we will be happy to assist you to get into a financial position in which you are eligible to get a home loan. Do not hesitate to contact us if you have a default or a bad credit history; we are here to help you!

Will I need a solicitor?

It is advised that you choose to employ a Solicitor to assist you with the purchase of a property. Alternatively, you can employ a conveyancer who can complete the same work at a lower cost.

How much do I need to have saved to get approved for a home loan?

The amount you need to have saved to get approved for a home loan depends on the purchase price. Generally it is advisable to have saved a minimum of 5% of the purchase price. However, this is no hard and fast rule; we are here to get a home loan approved for you with whatever amount you have been able to save.

I’m not an Australian resident or citizen, can I apply for a home loan?

Yes, you can apply for a home loan if you are not an Australian resident or citizen. In your case, you have to obtain a Foreign Investment Review Board approval. We will help you seek the approval. For more details, please visit the Foreign Investments Review Board website at: www.firb.gov.au

I am an Australian resident living overseas, can I apply for a home loan?

Yes, you can apply for a home loan if you are an Australian citizen living overseas though there are restrictions on the maximum amount you can borrow against the property value, depending on the country you are living/working in.

Why use a mortgage broker instead of a bank?

Time is the most precious asset in today’s world, and everyone wants to utilise it productively. When it comes to choosing the right loan, there are thousands of home loan products provided by hundreds of lenders. As such, it is not only tedious to analyse every option to choose the best one, but also cumbersome to go through every option in detail. Thus, it is worthwhile that you consult a mortgage broker, who has already done the groundwork for you. Once you consult a mortgage broker, your hassle is taken up by them; they do the work for you from comparing rates, features and conditions of each option to preparing legal documents.

Types of Loans

A variable loan is the one in which the interest rates varies, that is, goes up or down depending on the official rate set by the Reserve Bank of Australia. Thus, the repayments vary from time to time. This is one of the most widely opted for loan because it allows one to make extra repayments. However, one of the biggest drawbacks of the variable loans is that the repayments fluctuate a lot, thus, one has to plan one’s finances accordingly.

A fixed loan is the one in which the interest rate is fixed for a certain period of time regardless of the official rate set by the Reserve Bank of Australia. Thus, the repayments in a fixed loan do not vary. One of the biggest advantages of the fixed loan is that one’s household budget does not get affected with the change in the official rates. However, one is not able to benefit from a decrease in the official rates and one may end up paying more than someone with a variable loan.

Split Rate
As the name suggests, a Split Rate loan is the one in which a part of the loan is variable and the other part is fixed. Significantly, it is the borrower who decides on the proportion of variable and fixed. Since this type of loans shares the features of both the variable and the fixed loans, the pros and cons of both these loans apply to this one.

Interest only
In ‘Interest Only’ type of loan, the borrower repays only the interest on the amount borrowed usually for the first one to five years of the loan, and it is only at the end of the ‘interest-only’ period that the borrower begins to pay off both the interest and the principal. This loan is quite popular because the monthly repayments are easily manageable and lower than the ones in variable or fixed loans.

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