That all depends on your current income levels, the existing liabilities and debts you have such as credit card limits and personal loan payments. The banks also factor in living expenses for your personal situation. Best to call a mortgage broker and get an accurate guide.

A variable rate loan varies, the interest rate goes up and down depending on the reserve bank and lenders changing rates. Variable rates give you flexibility, option to have redraw, often offset accounts and ability to pay extra without penalty . A fixed rate loan is a loan where the interest rate is locked in for a specific time. For example 1, 2, 3, 4,.5 etc. years. So a fixed rate loan for 3 years would mean that the rate and the payment would not change for that 3 years. There are limits to how much extra you can pay and there can be penalties if the loan is paid off during the fixed rate term. Fixed rates give certainty of payments for a set time frame.

Mortgage brokers help you arrange the finance for that home or investment property purchase. Many also help arrange finance for other things, some examples are share portfolios, cars, renovations, plant and equipment, business purposes and personal loans. We guide you through the different banks policies and niches. We recommend the right bank and products that suits your needs. We help fill out all the bank loan applications and collect the supporting documents, then submit the loan application on your behalf. The mortgage broker then liaises with the bank to get the loan formally approved for you. Many brokers go the next step and also help you go thru and sign your loan offer documents with you. They should also liaises with the bank and settlement agent to make sure it settles on time and there are no delays.

Mortgage brokers make the research easy as they do it for you. Giving you choice. They make it simple, they can access a wide range of lenders in one place. Saving you time and money. They know the jargon and can explain it to you. They know the policies and procedures of the lenders and can make recommendations that suit your needs. Saving you time and money. Also the advice they give you is invaluable. Generally that advice is no charge to you – they get paid by the lender you select.

As a general rule no. Most Mortgage brokers don’t charge an upfront fee. Mortgage brokers get paid by the bank, when they get a loan approved for you AND the loan settles and goes ahead. (This has to be disclosed in the Credit Proposal). Some brokers do change an additional, direct fee but they have to fully disclose that to you UPFRONT and you are required to sign a Credit Quote in order for them to charge it. No signature, no additional fee.

That’s depends on the current banks policies and your circumstances. Before the GFC, no, at that time you could have 100% home loan. Now, in the current credit climate, the answer is generally yes. MOST lenders require a 5% deposit of the purchase price. SOME lenders only need 2% deposit. There are other lenders that will accept gifted deposits, guarantors and savings plans. Using equity from another property is also acceptable. It all depends on your circumstances, so it’s best to talk to us and get the right advice.