FAQs

That will depend on you, and how quickly you provide the information we require to do a full comparison. In most cases, we can have an answer within 48 hrs.

Doing a comparison 3 months before your fixed rate expires will give you time to shop around. An easy way to be prepared to refinance is to register for our Rate Monitor service and let us keep an eye on the rate changes and opportunities for you. Register here

In some cases, they may, however they won’t let you know if another bank is offering a better product, so it’s always advisable to go through a mortgage broker who will have access to a large and diverse range of lenders in the market.

There’s never one answer to this question; it could be due to a range of things. This is the perfect time to shop around. There are many lenders out there who are looking for new business, and your loyalty could be costing you thousands. Don’t assume because your bank said no that there aren’t other options out there.

There are always lenders who will consider an application if you have bad credit, however your interest rate may be higher than someone with a higher credit score. Our mortgage brokers have access to a credit repair company that may be able to assist you in increasing your credit score, which may help you in your quest to get a lower rate or buy your first home.

In Australia, a credit score above 600 is considered good, whilst a credit score above 800 is deemed to be excellent.

There are many reasons your credit score may have reduced over time. Sometimes it can be little things like missing a repayment on a loan from a financial institution, credit card or even just not paying your electricity bill on time. You may also have high credit card or buy now pay later debts. Applying for multiple lines of credit in a short period of time may also lower your score. It is useful to understand your utilisation ratio. There are ways to fix your credit score when things like fraud, or inaccurate information appears on your credit report.

There are many benefits in taking out life insurance once you have secured a home loan. Life Insurance can provide a payout for your family if the worst was to happen and one of the borrowers passes away unexpectedly. Providing your family with that security will allow them to continue to stay in the family home and ease the pressure on the surviving borrower. It can be advisable to seek financial advice on this subject if you are unsure.

If you need some cash to help pay for a holiday or any unexpected expenses, it may be possible to refinance and borrow on the equity you have built up on your home. It would only be advisable to do this if you’re keeping your LVR (Loan to Value) ratio under 80%. You’ll also need a credit score over 620 in most cases. Our mortgage brokers will explain to you how this will work and if you are eligible to do this. We will run through the positives and negatives of what your options are, and the cost involved.

It’s not always beneficial to fix your rate, and in some cases, it could cost you more money long term. Locking in a rate is basically a gamble, because you are hoping that the rates don’t go down, and that you’ll benefit if they go up. Our mortgage brokers are experts in knowing what the market is doing and if it’s a good time to lock in a rate. We’d be happy to go through the pros and cons for you, so you can make an informed decision.

The costs in refinancing will vary from lender to lender, however the closing costs on a current mortgage may be between 2 and 6% of your total mortgage costs. Fees covered in this may include the loan application fee, loan origination fee, home appraisal fee, possible lenders mortgage insurance and lenders fees. On a $200,000 mortgage, this could add up to as much as $12,000. Our mortgage brokers will work out those costs and ensure the refinance is going to benefit you.

It could be, however as explained in the previous question, there are closing costs involved in getting out of your current mortgage and setting up a new one. Our team will do a costs analysis and help you decide if getting the $4,000 is worth it. Banks are getting quite aggressive in the market and using a few different tactics to attract new business. Our experienced brokers know what to look out for and what to avoid. Before jumping ship, let our team help you make an informed decision.

This situation is known as the “loyalty tax”. It’s not an actual government tax, it’s a term we use in the industry for clients who don’t shop around and get punished with a higher rate. Banks are always after new customers and will offer lower rates to attract that new business. Meanwhile, the customers who have been loyal, pay a higher rate. This is why having a good mortgage broker can be the difference between paying too much and saving thousands. A mortgage broker’s job is to ensure you’re aware of your options and taking advantage of opportunities to better your financial situation. They work for you, not the lender.

According to the MFAA, over 74% of all home loans in Australia are written through a mortgage broker. This number has considerably increased over the years as more and more people are becoming aware of the benefits of what a mortgage broker can provide. Mortgage brokers get paid a fee from the lender that the client chooses to use for their mortgage. The broker will also get a small ongoing fee to service that loan and make sure you are always getting the deal that best suits your needs. When you have your loan directly through a lender, you may not always be able to speak with the same person each time you call, as staff change on a regular basis. This can be frustrating having to explain yourself to different people all the time. Creating a long-term relationship with a broker can help with any future loan applications, saving time if that broker already has your financial details.

Recent payslips to verify your income. Your latest tax assessment notice. If you are PAYG, a letter from your employer confirming your employment status and salary. Identification certificates like your license or birth certificate. Current bank statements, credit card statements and current mortgage documents. For self-employed people, check with your broker as low-doc home loan options are designed to help you demonstrate your income without the standard paperwork.

You can refinance as often as you like, however many lenders require a waiting period between refinancing, which is generally at least 6 months. You should also be mindful that frequent refinancing can impact your credit score, plus there are fees to consider.

When you build a relationship with a mortgage broker, they will always be able to advise you of the pros and cons of refinancing, specifically tailored to your circumstances. They should always be on the lookout for opportunities to reduce your repayments or help you pay your loan off quickly. A good broker will do a review of your loan every 6 -12 months to make sure you’re getting the best results. For real-time rate monitoring with Secure Finance, register for our rate monitoring service and be notified when opportunities arise without waiting for scheduled reviews.

This is a question for the ages! The Australian banking landscape is dominated by the ‘ Big Four ‘ banks. Nearly 75% of all mortgages in the nation – both owner occupier and investment – are provided by CommBank, Westpac, NAB or ANZ. These days there are many lenders with hundreds of different products and lending policies. A mortgage broker will help you find the lender that will best fit your needs and goals. No one bank has a product that is right for every situation, so it will always come down to the requirements of each individual borrower.