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Frequently Asked Questions

Find Answers to Common Questions

Common Questions About Home Loans

What documents do I need for a mortgage application?

You'll typically need: Proof of income (payslips, tax returns), bank statements, proof of identity, employment letter, and details of your expenses. Our brokers will provide a complete checklist.

How long does the loan approval process take?

Pre-approval typically takes 24-48 hours. Full approval can take 7-14 days depending on the complexity of your application and verification requirements.

What is Lenders Mortgage Insurance (LMI)?

LMI is insurance that protects the lender if you default on your loan. It's required when your deposit is less than 20% of the property value. It can be paid upfront or added to your loan amount.

Can I pay off my loan early?

Most loans allow extra repayments without penalty. Some loan products have restrictions, so we'll ensure your loan has flexible features that allow you to pay off your mortgage faster if desired.

What's the difference between fixed and variable rates?

Fixed rates remain the same for the fixed period, providing payment certainty. Variable rates can change with market conditions. Both have advantages, and we help you choose based on your situation.

Do I need to provide a large deposit?

While a 20% deposit is ideal, many lenders offer loans with smaller deposits (5-15%). Depending on the deposit size, you may need to pay LMI, but we can discuss all options.

What are broker fees?

We receive commissions from lenders when you choose their loan product. This means our service is often free to you! Any additional fees will be clearly disclosed upfront.

Can I refinance if I have poor credit?

It may be more challenging with poor credit, but options exist. We work with specialist lenders who consider individual circumstances beyond just credit scores.

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