Got Mortgage Questions? We’ve Got Answers
Frequently Asked Questions
How much can I borrow?
Your borrowing power depends on your income, living expenses, debts, and credit history.
Most lenders allow around 4–5 times your annual income, but it can vary.
Next step: Check your borrowing power now — it’s free and only takes 2 minutes.
How much deposit do I need?
Generally, you’ll need between 5% and 20% of the property price. If you have less than
20%, you may need Lender’s Mortgage Insurance (LMI). Some government schemes let
eligible buyers purchase with just 5% deposit and no LMI.
Next step: Book a free eligibility check to see how much deposit you actually need.
What government grants or incentives are available?
Depending on your situation and location, you could access:
– First Home Owner Grant (FHOG)
– Stamp duty concessions
– First Home Guarantee
– Regional First Home Buyer Support Scheme
– First Home Super Saver Scheme (FHSSS)
Next step: Find out which grants you qualify for — you might save thousands.
What other costs should I budget for?
Aside from your deposit, you should plan for:
– Stamp duty (if applicable)
– Loan application fees
– Conveyancing/legal fees
– Building & pest inspections
– Lender’s Mortgage Insurance (if needed)
Next step: Get your personalised cost estimate so there are no surprises.
What’s the difference between fixed, variable, and split loans?
– Fixed rate: Your repayments stay the same for a set period — good for budgeting.
– Variable rate: Your rate can move up or down — giving flexibility and possible savings.
– Split loan: Part fixed, part variable — best of both worlds.
Next step: See which loan type suits you best — we’ll compare all your options.
Why use a mortgage broker instead of going directly to a bank?
Banks only offer their own products. As a broker, we compare loans from multiple banks
and non-bank lenders to find you the best deal — saving you time, effort, and often money.
Plus, our service is usually free to you as lenders pay us a commission.
Next step: Let us compare 40+ lenders for you — obligation-free.
When should I get pre-approval?
Ideally before you start house hunting. Pre-approval gives you a clear budget and shows
sellers you’re a serious buyer — which can give you an edge in a competitive market.
Next step: Apply for pre-approval today so you can shop with confidence.
Can refinancing save me money?
Yes! Refinancing can help you get a lower rate, reduce repayments, or access equity for
renovations or investments. We’ll review your loan for free and let you know if switching
could save you money.
Next step: Book your free home loan review and see if you can save.
What mistakes should I avoid when applying for a home loan?
Some common traps include:
– Taking on new debts or credit cards before applying
– Skipping building & pest inspections
– Not budgeting for all costs (stamp duty, legal fees, etc.)
– Only talking to one lender instead of comparing the market
Next step: Get our free “Home Loan Mistakes to Avoid” checklist.
How do I get started?
Simple — book a free, no-obligation chat with us. We’ll answer your questions, check your
eligibility, and walk you through your next steps.
Call us: +61 433 533 759
Email: ankur@myloanbuddy.com.au
