Frequently Asked Questions
Michael Roberts, founder of Roberts Money, is a highly experienced Mortgage Broker with over 17 years helping clients achieve their property goals. This FAQ provides quick answers about his expertise, services, and commitment to guiding clients through every step of the lending process.
FAQs for Home Loans / Mortgage Broking
1. What is a home loan or mortgage?
A home loan, also known as a mortgage, is a loan used to purchase property. The property serves as security for the loan, and you make regular repayments over an agreed period.
2. How much can I borrow?
The amount you can borrow depends on your income, expenses, credit history, and the lender’s criteria. A mortgage broker can help assess your borrowing capacity based on your financial situation.
3. What are the main types of home loans?
Common types include variable rate, fixed rate, interest-only, and split loans. Each offers different features and benefits depending on your financial goals.
4. Do I need a deposit to get a home loan?
Most lenders require a deposit, typically ranging from 5% to 20% of the property’s purchase price. Some options, like guarantor loans, can help you buy with little or no deposit.
5. What is mortgage pre-approval and is it free?
Pre-approval is a preliminary assessment that confirms your borrowing capacity. It’s free and allows you to shop with confidence, knowing your budget.
6. How long does the home loan approval process take?
It typically takes anywhere from a few days to several weeks, depending on your circumstances and the complexity of the application.
7. What documents are needed to apply for a home loan?
Common documents include proof of ID, income verification (pay slips, tax returns), bank statements, and details of your assets and liabilities.
8. What are the benefits of using a mortgage broker?
A broker can access a wide range of lenders, negotiate better rates, simplify the process, and tailor loan options to suit your needs.
9. Can I refinance my home loan later?
Yes, refinancing allows you to switch lenders or change your loan terms, often to secure a better rate or access equity. It’s a common way to improve your financial position.
10. What fees and costs should I expect?
Costs can include application fees, valuation fees, settlement fees, and potential ongoing fees. Your broker will help clarify all applicable costs upfront.
11. What is mortgage insurance, and when is it required?
Mortgage insurance protects the lender if you default. It’s usually required if your deposit is less than 20%, but options like guarantor loans can avoid this cost.
12. How can a mortgage broker help me find the best home loan?
A broker assesses your financial situation, compares options across lenders, and helps you choose the most suitable and affordable loan.
13. What should I do if my financial situation changes during the loan process?
Inform your broker immediately to review your options. Adjustments may be possible, like extending your approval or modifying your loan application.
14. Is it possible to buy a property without a deposit?
With certain options like guarantor loans, you can buy with little to no deposit, provided a family member guarantees your loan.
15. What happens after my loan is approved?
Once approved, you’ll sign the loan documents, settle the property purchase, and start making regular repayments according to your loan terms.
Helpful Links
1. Australian Government – First Home Owner Grant (FHOG)
https://www.consumer.gov.au/articles/first-home-owner-grant
Provides information on the First Home Owner Grant available nationwide, including eligibility and application processes.
2. State Government Housing Departments / Office of State Revenue
• New South Wales (NSW): https://www.revenue.nsw.gov.au/grants-schemes/first-home-buyer
• Victoria: https://www.sro.vic.gov.au/first-home-owner
• Queensland: https://www.qld.gov.au/housing/buying-owning-home/help-schemes/first-home
• Western Australia: https://www.wa.gov.au/government/publications/first-home-owner grants
• South Australia: https://www.revenuesa.sa.gov.au/supporting-south-australians/first-home-owners
• Tasmania: https://www.siv.tas.gov.au/services/first-home-owners
• Northern Territory: https://nt.gov.au/property/home-ownership/first-home-owners-grant
• Australian Capital Territory: https://www.accesscanberracom.au/home-buyers/first-home-buyer-advantages
3. Australian Taxation Office (ATO) – Stamp Duty
https://www.ato.gov.au/Business/Stamp-duty/
Information on stamp duty regulations and exemptions applicable in different states.
4. National Housing and Homelessness Information
https://www.aihw.gov.au/reports-data/housing-wellbeing/housing-wellbeing
Provides broader context and data related to housing assistance programs.
5. HomeBuilder Scheme & Other Incentives
https://www.abc.net.au/news/2020-11-30/homebuilder-scheme-mortgage-boost/12940094 (for current incentives and updates)
📞 Let’s Talk
Whether you’re buying your first home, refinancing, or growing your investment portfolio, Roberts Money is here to help you every step of the way.
Smarter loans. Stronger financial futures.
Get in touch today or call 0419 325 219 to start your journey