How much can I borrow?

Try our Loan Calculators to give you indication.

Do credit cards affect how much I can borrow on a home loan?

Yes they do, sometimes it is necessary to cancel or reduce the limits on your cards in order to achieve the approval amount that you require.

Should I pay off my car loan before I buy a house?

This depends on how much deposit you have. It may be necessary to reduce or cancel the car loan in order to achieve the approval amount you require on a home loan. Contact us to find out more.

What is the minimum deposit required?

In some circumstances the deposit can be as low as 3% of the purchase price of the property. There are various factors that need to be considered before we can advise what deposit you need in your own individual circumstances. Contact us to find out more.

What is mortgage insurance? Do I need to pay this?

Generally, this insurance is taken out by the lender when the amount borrowed is over 80% of the property value. This insurance covers the lender in the event that the borrower defaults on their loan and the sale of the property is unable to cover the outstanding debt. Mortgage insurance premiums are usually paid by the borrower. There is no protection for the borrower.

Should I apply for a loan before I find a house?

I would recommend strongly that you do. It is sensible to obtain finance approval prior to finding a property. This prevents possible disappointment (should you find a property and have your heart set on it and then have the loan declined). If you are attending an auction then you must have finance approval before you register to bid.

Should I pay weekly or fortnightly instead of monthly?

By paying fortnightly or weekly, the average 30 year home loan term can be reduced dramatically. Check this option out on our loan repayment calculator to see what a difference this can make to your proposed loan. We usually suggest that you pay fortnightly as you will also pay significantly less interest by the time your loan is paid off.

What is the maximum term of a loan?

Maximum term is 30 years depending on your age.

What sort of paperwork do I need to apply for a loan?


  • Certified Copy of Birth certificate or passport
  • Copy of Drivers Licence
  • Copy of Medicare Card and Utilities Bill showing current address
  • Rates Notice for all properties owned
  • Last 2 payslips + latest Group Certificate or Tax Return
  • Last 6 months savings history statements
  • Evidence of property sale/property purchase
  • Evidence of existing rental income for investment properties owned
  • Evidence of expected rental to be received on investment purchase
  • Evidence of Pensions or other allowances received
  • Last 6 months loan history for debts being refinanced/consolidated
  • Last statements for all debts held (eg: car leases, personal loans, interest free loans, etc)
  • Last 3 months credit/store cards statements

Note: Low doc applicants do not need to provide payslips or tax return.

SELF-EMPLOYED (as above plus these items that apply specifically to you):

  • Last two years full business/company/trust tax returns
  • Last two years ATO Notice of Assessments
  • Last two years personal tax returns
  • Copy of trust deed
  • Copy of Memorandum and Articles
  • Copy of Certificate of Incorporation

CONSTRUCTION LOAN (as above plus these items that apply specifically to you):

  • Copy of fixed price building contract/quote/tender
  • Copy of proposed building plans and inclusions list
  • Details of land purchase

How long will it take for my loan to get approved?

After your loan application has been completed by the mortgage broker, and you have supplied all the required supporting documents it usually takes 3 to 5 days for approval. If a property valuation is required it may take longer.

What does 'Exchange of Contracts' mean?

Once you have found a property (not purchased at auction) and your offer has been accepted, you then have two weeks to sign an unconditional contract of sale. During this two weeks you obtain full finance approval and have your buildings/pest inspections done.

You have ‘Exchanged Contracts’ once you and the seller have signed the Contract of Sale. After this point you cannot pull out of the sale without losing your deposit. We advise using a solicitor when exchanging contracts.

If purchasing at auction then exchange of contracts happens on the day at the fall of the hammer. After this point you cannot pull out of the sale with out losing your deposit.

How will my deposit be paid?

In most contracts of sale there is a minimum deposit required of 10% of the purchase price. This is paid using your savings, however if your home loan is more than 90% of the purchase price then we are able to issue a deposit bond.

What is a deposit Bond and how much do they cost?

A Deposit Bond is a guarantee that substitutes for cash deposit between signing contracts and settlements. Deposit Bonds can be issued for all or part of the deposit amount required, up to 10% of the purchase price.

The cost of a Deposit Bond is calculated at 1.2% of the deposit amount requested.

Example:  Purchase price $400,000, requires a 10% deposit of $40,000 at 1.2% = $480.

Will I need Bridging Finance?

Some borrowers use bridging finance if they need money to buy a new house while they are waiting for their existing house to sell. A bridging loan is obtained over a short period. Higher interest rates are usually charged for this form of finance, and it has to be paid back after an agreed time, usually within 12 months.

It depends on your financial situation though; in most circumstances bridging finance is avoided. To confirm your own situation please contact us to discuss.

Do I need a solicitor?

When purchasing a home we always recommend you use a solicitor for your conveyancing. It is one of the biggest investments you will make in your life and should be treated with care and respect.

If you are refinancing you do not need a solicitor.

What is settlement and what is the usual settlement term?

In most circumstances once you have exchanged contracts the usual settlement term is 30 days. However this can vary depending on the type of property you buy ie ‘Off the plan’ purchase or delayed settlement.

Settlement is the day that you finalise payment of the property at which stage your Home Loan is activated and you have become the legal owner of the property.

At what stage of the process would I pay my stamp duty?

Stamp duty is usually paid in the week prior to settlement, your solicitor will advise when it is due.

Do I need to get a building and pest inspection?

In Canberra it is compulsory that these reports be provided by the seller. If you purchase the property then you will refund the seller for the cost of the reports at settlement.

What is an Interest-in-Advance loan?

‘Interest-in-Advance’ loans are similar to most standard ‘Fixed-Rate Interest-Only’ loans but with one key difference: depending on their individual circumstances, borrowers can pre-pay the next year’s interest before 30 June and claim it as a tax deduction in the current year, where the underlying loan is used for income producing purposes.

You should consult your accountant or financial advisor before choosing any type of investment loan for taxation reasons.

What is an Interest-Only loan?

A loan where only the interest is paid for an agreed term (usually a period of one to five years) or during a construction period. The principle is then repaid over the remaining term of the loan by the conversion of repayments to Principle & Interest.

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Contact one of our brokers to discuss any questions you have.

We will come to you at your convenience to talk about all your options and to help find the best solution for your financial situation.