Home Loan

Frequently Asked Questions

Why should I use a Mortgage Broker?

A mortgage broker helps by offering access to various lenders, personalised guidance, and expertise in navigating the complexities of home loans. They save you time by handling research and paperwork, provide tailored advice based on your financial situation, and often negotiate better terms with lenders. Their support extends beyond securing the loan, assisting with refinancing and ongoing advice, making the process smoother and more convenient for you.

What is the minimum deposit required to buy a home in Australia?

For first home buyers, the minimum deposit can be around 5% to 10% of the property's purchase price, thanks to government schemes and grants. However, for non-first home buyers, the typical deposit usually ranges from 10% to 20% of the property's purchase price, depending on individual circumstances and lender requirements.

What types of home loans are available, and how do they differ?

Home loans can vary, including fixed-rate, variable-rate, interest-only, and split loans. Each type has its pros and cons regarding interest rates, repayment flexibility, and stability.

What costs should I consider besides the property's purchase price?

Aside from the property's cost, you should also factor in additional expenses like stamp duty, legal fees, inspection costs, loan application fees, ongoing council rates, and potential maintenance or renovation expenses.

Are there any government grants or schemes available for first-time homebuyers?

Yes, various schemes and grants are available, such as the First Home Owner Grant (FHOG) and the First Home Loan Deposit Scheme (FHLDS), assisting eligible first-time buyers with their home purchase.

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Disclaimer

ACN 660 600 251. Authorised Credit Representative number 503408. Australian Credit License number 384704. Part of the Finance Brokers Association of Australia Limited (FBAA) and licensed to give you credit advice. The information provided on this site is on the understanding that it is for illustrative and discussion purposes only. Whilst all care and attention is taken in its preparation any party seeking to rely on its content or otherwise should make their own enquiries and research to ensure its relevance to your specific personal and business requirements and circumstances. Terms, conditions, fees and charges may apply. Normal lending criteria apply. Rates subject to change. Approved applicants only.

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