These are commonly asked FAQs, if your question isn’t here, shoot it across to me on the contact form!
Q: “I am a first home buyer, can I use the First Home Buyers Grant as my deposit?”
A: You can use the grant towards your total funding from your end, bringing your end loan down, but the bank will need to see at least 5% savings from you
Q: “Are you able to negotiate lower rates?”
A: “Absolutely. Once you find the lender that matches your needs, I will go in armed with a competitor’s lowest comparable offer and get you that lower rate.
Q: “How long does it normally take to get an approval?”
A: It depends on many variables, but I would expect an indicative answer within 2-4 business days. Some lenders will even get back to me the same day!
Q: “How does the bank work out how much I can borrow for an investment property?”
A: The bank will include the coming rent as income as well as any negative gearing tax effect your new property will have on your income, which can be a significant boost to your borrowing power!
Q: “I was late paying my gas bill and now I have a mark against my credit file, can I still get a mortgage?”
A: Absolutely. There are some lenders that will lend up to 95% of your new home value even with minor telco or utility blemishes. The application will need to be strong in every other respect however!
Got a question? Send it in and I’ll answer it!
