Home Loans

It depends on income type, existing commitments, dependants, living expenses and the lender’s assessment rate — and it varies meaningfully between lenders. We work out a realistic range across the panel before you start making offers.

Sometimes. The saving has to be weighed against discharge fees, application costs, any new LMI and the term you reset to. We compare the total cost over the remaining term rather than the headline rate.

Often, yes. Specialist and non-conforming lenders assess credit events on their size, age and cause rather than declining automatically. Rates are typically higher than a mainstream loan, and many borrowers refinance to a standard lender once their conduct history supports it. We will tell you honestly whether it is realistic now or worth waiting.

Commonly between 5 and 20 per cent of the purchase price, plus costs such as stamp duty and legal fees. Below 20 per cent, Lenders Mortgage Insurance usually applies. Some professions and government schemes have different requirements, which we check against your situation.

Lenders Mortgage Insurance protects the lender, not you, and generally applies where your deposit is under 20 per cent. It can sometimes be avoided with a larger deposit, a guarantor, or a lender that waives it for particular professions. We check which of those apply to you.

Yes. Self-employed income is assessed on tax returns, BAS or other evidence depending on the lender, and policies vary widely on which they accept. Our Self-Employed Finance page sets out how that assessment works.

Pre-approval is often days rather than weeks where your documents are ready. Full approval then depends on the valuation and the lender’s queue. We tell you what is realistic for the lender we recommend before you start making offers.