Frequently Asked Questions

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A Mortgage Broker is a licensed professional who helps you find and secure tailored loan options for your circumstance, from a wide range of lenders.

Mortgage Brokers work for you, not the Bank, and provide impartial advice to help you make informed decisions about your lending needs.

Our Mortgage Broking services are a complimentary service that we provide for our customers. We are paid by the lenders on a commission basis, once a loan has successfully settled.

Mortgage Brokers are paid a once off upfront commission approximately one-two months after settlement, and in most cases are paid a monthly trail commission  that usually continues for the life of the loan.

Mortgage Brokers are required to disclose the commission they will receive on each loan to their client.

Using a Mortgage Broker gives you access to a wide range of loan products from different banks and lenders. 

Mortgage Brokers are informed on lender policies and are able to find lending solutions that meet your requirements. This can help you find a loan option with better rates, more flexible terms, and specialised loans to meet your requirements. 

Brokers also handle the loan application process, including the paperwork and legwork, saving you time and effort. 

You will need to provide proof of identity documents (e.g. drivers licence, passport), proof of income (e.g. payslips, payment summaries, tax returns), bank statements (including bank accounts and credit facilities), details of your assets and liabilities, information about your employment, and income and living expenses. 

Your borrowing capacity depends on various factors, including your income and employment, your current liabilities, your living expenses, and your credit history.

A Mortgage Broker can help assess your current financial situation and calculate your borrowing capacity, while also providing lender options that suit your circumstances. 

The required deposit may vary between lenders. To avoid paying Lenders Mortgage Insurance (LMI) you will need a deposit of 20% of the property value (plus funds to cover settlement costs e.g. stamp duty, conveyancer fees etc).

Many lenders offer loans with lower deposit requirements and options to capitilise the LMI premium into the loan amount. The deposit requirements for these loans can be as low at 5%, with lenders like Keystart allowing borrowers to purchase with as little as a 2% deposit and no LMI

In some circumstances there are other alternatives to traditional cash deposits, for example:

• Guarantor Loans - A close family member (typically a parent) uses the equity in their property as security for your loan
• Equity release - Using an existing property as additional security for your loan
• First Home Guarantee Scheme (FHLDS) - A government backed initiative where eligble first-home buyers can purchase a home with as little as 5% deposit, without paying LMI

For more information on the above please contact us.