Home Loan FAQ’s
Whether you are looking to buy your first home, renovate, refinance or invest, we’re here to negotiate the right loan for you.
It's a big decision, so it's good to have someone there to help you make the right one.
Talking home loans is what we know best and we understand it can be a confusing world sometimes. Below you will find some helpful information to assist you with finding the right home loan.
FAQ’s
How much money can I borrow?
How do I choose the loan that’s right for me?
How much do I need for a deposit?
Bridging Loans
What happens if I need the bridging loan for more than 12 months?
12 months is generally the longest lenders will provide a bridging loan. You should only consider taking out a bridging loan if you’re confident you can sell your current home within this timeframe.
If you take out a bridging loan and then realise you can’t settle the sale of your homein12months (or if you would like to explore options to keep your current home), contact us to discuss the relevant options available to you.
What if my current property doesn’t sell for as much as I expected?
Under the bridging conditions, you will still be required to repay the outstanding balance remaining on your bridging loan. Bridging loans have failsafes built in to allow for you to sell your property less than the valuation completed. We will let you know the minimum you need to be able to cover your bridging loan. Should your proposed sale price be less than this, reach out to us to discuss your options.
What if my current property sells for more than the property I am purchasing, do I still need an ongoing home loan?
Not all lenders offer bridging loan facilities, and of those that do, only one allows you to borrow for bridging with no end debt.
However, if you do secure more that will allow you to payout your end debt, we can certainly assist with helping you pay out the loan facility shortly after settlement.
Can I make lump sum payments or pay the bridging loan early?
Yes, you can make lump sum payments to the bridging loan. You may also pay back the bridging loan early if you choose – there are no penalties for early repayment. This will reduce your outstanding home loan balance, which will reduce the monthly interest charges.
If I can make Principal and Interest repayments on both home loans, can I still apply for a bridging loan?
Yes, if you have the capacity to be able to make the repayments, it will save you money. However, if a lender determines that you are able to borrow to cover both loans, a bridging option may not be the right product for you. There may be other products that would suits your circumstances and cost you less money in the long run.
Buying a home
Hundreds of Loans
There are literally hundreds of home loans available, with new products emerging all the time.
As a broker we can help you find a loan that suits your particular needs, help you complete the paperwork, professionally package it with your supporting documents and submit it to your chosen lender.