/* Finance Family — full FAQ page (content supplied by the client). */ (function () { const GROUPS = [ { h: "Starting out", items: [ { question: "What's the difference between a mortgage broker and going directly to a bank?", answer: "A mortgage broker works with dozens of lenders — not just one. We compare options across banks, credit unions and non-bank lenders to find a loan that fits your situation. Banks can only offer their own products. Our job is to find the best fit for you, not the best deal for the bank. And in most cases, our service costs you nothing." }, { question: "How does a mortgage broker get paid?", answer: "We're paid a commission by the lender when your loan settles — called an upfront commission. There's also a small ongoing \u201ctrail\u201d commission paid each year while your loan is active. This is disclosed in your Credit Proposal before you commit to anything. The lender pays us — not you." }, { question: "Do you charge a fee?", answer: "For most standard home loans, there's no fee to you — our commission is paid by the lender. In some specialist situations (complex commercial lending, certain SMSF structures), a broker fee may apply — and we'll always be upfront about this before we start work." }, { question: "How much can I borrow?", answer: "It depends on your income, expenses, existing debts, deposit size and the lender's assessment policy. As a rough guide, most lenders use a figure of 5–7x gross annual income, but serviceability calculators vary significantly. The best way to know your real number is a proper assessment with us — about 20 minutes for a genuine answer, not a guess." }, { question: "What is a pre-approval and how long does it last?", answer: "A pre-approval (also called conditional approval or approval in principle) means a lender has assessed your position and is willing to lend up to a certain amount — subject to finding a suitable property. Most last 90 days, though some lenders offer 3–6 months. It's not a guarantee of finance, but it gives you confidence and credibility when making offers." }, ], }, { h: "The application", items: [ { question: "What documents do I need to provide?", answer: "Standard documents include recent payslips (usually 2), last 2 years of tax returns and NOAs (if self-employed), 3–6 months of bank statements, photo ID and details of any existing debts. If you're self-employed, we'll also need your business financials. We'll give you a personalised checklist based on your situation — no guessing." }, { question: "Will applying for a home loan affect my credit score?", answer: "A formal loan application creates a \u201chard enquiry\u201d on your credit file, which can slightly reduce your score. However, checking your borrowing capacity or getting pre-approval with a broker typically doesn't require a full credit check upfront. We're careful about when and how we submit applications — we don't shotgun applications to multiple lenders." }, { question: "How long does it take to get approved?", answer: "For a standard PAYG application with clean documents, most lenders turn around a conditional approval in 3–10 business days. Non-bank lenders are often faster. Complex files (self-employed, trust structures, construction loans) may take longer. We'll set realistic expectations based on your file and the lender we're recommending." }, { question: "What's the difference between fixed and variable rates?", answer: "A fixed rate locks in your interest rate for a set period (usually 1–5 years) — your repayments don't change regardless of what the RBA does. A variable rate moves with the market — it can go up or down. Many borrowers split their loan: part fixed for certainty, part variable for flexibility. We'll help you decide what makes sense for your situation." }, { question: "What is a comparison rate and does it matter?", answer: "The comparison rate is the \u201ctrue\u201d cost of a loan — it includes the interest rate plus most fees and charges, expressed as a single annual percentage. It's useful for comparing loans like-for-like. However, it's based on a standardised $150,000 loan over 25 years, so it may not perfectly reflect your situation. Use it as one indicator, not the only one." }, ], }, { h: "Approval & conditions", items: [ { question: "What is LVR?", answer: "LVR stands for Loan-to-Value Ratio — the percentage of the property's value you're borrowing. If the property is worth $700,000 and you're borrowing $560,000, your LVR is 80%. Most lenders have a maximum LVR of 95% for standard loans. LVR affects your interest rate, whether LMI applies, and which lenders are available to you." }, { question: "What is LMI and when do I pay it?", answer: "Lenders Mortgage Insurance (LMI) protects the lender (not you) if you default on a loan with an LVR above 80%. Despite the name, it's a cost borne by the borrower — paid upfront or capitalised into the loan. On a $600,000 loan at 90% LVR, LMI could be $10,000–$15,000. Some professions qualify for LMI waivers at 85–95% LVR." }, { question: "What happens after my loan is conditionally approved?", answer: "Conditional approval means the lender has approved your application subject to conditions — usually additional documents, a property valuation, or verification of income. We'll help you gather what's needed. Once all conditions are satisfied, the lender issues formal (unconditional) approval, and settlement can be booked." }, { question: "What is the cooling-off period?", answer: "After signing a contract of sale in Victoria, most buyers have a 3-business-day cooling-off period during which they can withdraw without losing their deposit (a small fee may apply). It doesn't apply at auction or for some commercial properties. Finance conditions in your contract are separate — these protect you if finance is genuinely declined." }, { question: "What is stamp duty and how much will I pay?", answer: "Stamp duty (land transfer duty) is a state government tax on property purchases. In Victoria, the amount depends on the purchase price and your circumstances. First home buyers purchasing under $600,000 pay no stamp duty; there's a concession up to $750,000. On a $750,000 property for a non-FHB, stamp duty is approximately $40,000. We'll give you an estimate when we discuss your purchase." }, ], }, { h: "Settlement & beyond", items: [ { question: "When does settlement happen and when do I get the keys?", answer: "Settlement is the legal transfer of property ownership — when the loan funds are released and you receive the keys. In Victoria, settlement typically occurs 30–90 days after contract signing (as specified in your contract). We coordinate with your solicitor and the lender to ensure it goes smoothly, and you'll be notified when it's done." }, { question: "What happens if I can't make a repayment?", answer: "Contact us or your lender as soon as possible — don't wait for a missed payment to become two. Most lenders have hardship provisions: temporary repayment pauses, interest-only periods, or restructured schedules. Early communication almost always leads to a better outcome than silence, and we can advocate on your behalf." }, { question: "Can I make extra repayments?", answer: "On most variable rate loans, yes — and there's no limit. On fixed rate loans, lenders typically allow extra repayments up to a capped amount (often $10,000–$20,000 per year) before a break fee applies. If making extra repayments matters to you, we'll factor it into our lender recommendation." }, { question: "What is an offset account and should I get one?", answer: "An offset account is a transaction account linked to your home loan; the balance reduces the amount of your loan that interest is calculated on. A $500,000 loan with $50,000 offset means you only pay interest on $450,000 — over the life of a loan, that can save tens of thousands. Whether it's worth it depends on your savings habits and the loan's rate or fees; we'll help you model it." }, { question: "Can I refinance later?", answer: "Yes — and you should review your loan regularly. Rates, lending policies and your situation all change. We recommend a loan health check every 2 years. Refinancing can reduce your rate, access equity, consolidate debt, or change lenders. We'll be proactive about flagging when it makes sense for you — that's part of the ongoing relationship." }, ], }, ]; function FaqPage() { const { Accordion, Button } = window.FinanceFamilyDesignSystem_66efc3; const Icon = window.Icon; return (
Your questions, answered

Everything you wanted to ask.

The whole loan journey — from first enquiry to long after settlement — explained in plain English. Still stuck? We're a phone call away.

{GROUPS.map((g, i) => (

{g.h}

))}

Still have a question?

Book a free, no-pressure call and we'll talk it through — in plain English, at your pace.

This content is general in nature and does not constitute financial or credit advice. Your personal circumstances will determine what's right for you.

); } window.FaqPage = FaqPage; window.FF_FAQ_GROUPS = GROUPS; })();