Refinancing

Your bank can only offer you its own products, and it has no obligation to tell you a better deal exists elsewhere. As a Mortgage Broker I am legally bound by a Best Interests Duty - a duty banks do not have to adhere to, and I compare products from a broad panel of lenders, including the majors. Many of my clients come to me to compare their bank's offer with what else is available - it's a quick exercise, and there's no cost to finding out either way.

To be honest there isn't one, but it's a fair question to ask. I'm paid a commission by the lender when your loan settles, and commission rates are broadly similar across lenders, so there is no incentive for me to steer you towards any particular one. The lender’s rates are the same whether you come through me or walk into a branch - the difference is that someone has compared the market for you first, and you have one person looking after the whole process.

No - and this is worth understanding. I am required by law to act in your best interests, and to prioritise them over my own if there is ever a conflict. Banks selling you their own products have no such duty. Commission rates are also broadly consistent across lenders, so finding the loan that suits you best is absolutely my priority. If I don’t find something you are genuinely happy with, I may not get paid at all.

Often, yes - though it depends on your circumstances, and to achieve that we need to fully understand them. What I can say is that lenders generally reserve their sharpest rates for new customers, and that comparing a broader range of lenders reveals options a single bank simply cannot show you. Rate is also only part of it - loan structure, offset accounts and fees often matter as much over the life of a loan. Service levels and processing times also count for a great deal when comparing lenders, especially when you are purchasing.

A good broker should always be happy to share their knowledge with you freely and without obligation. Start with looking at their experience and reviews - how long they've been writing loans, and what past clients say. Then look at how they work - do you deal with the broker personally or get passed around a team?

Before, ideally. A chat early on helps establish what you can realistically borrow, which shapes where you look and saves you falling in love with a property in the wrong price bracket. It also means we can get a pre-approval in place before you make an offer. This enables you to move quickly and negotiate with confidence once you find the property you want.

It depends on your income, your existing commitments, your deposit/equity and, importantly - which lender you ask. The same person can get noticeably different answers from different lenders, because each one assesses income and expenses in its own way. Online calculators (- there's one on this site) give a useful starting point, but the more accurate answer comes from having a full understanding of your circumstances.

Usually you will need a minimum of 5 per cent of the purchase price. If you have 20 per cent or more you'll avoid 'lenders mortgage insurance' (LMI) - the one-off premium that applies to higher-ratio lending. Eligible first home buyers and some professionals can access schemes and waivers that can help avoid LMI, as will having a guarantor. Your deposit can come from savings, a gift from family, or equity in an existing property. If you're not sure where you stand, that's a five-minute conversation.

There's no universal answer - it depends on your circumstances, your plans and how much you value certainty versus flexibility. Fixed rates give you certainty of repayments, but less flexibility and potentially break costs if your plans change. Variable rates move with the market and come with more flexibility - features like offset accounts and unlimited extra repayments. You can also split the loan - part fixed, part variable. Working out what’s best for you is worth having a conversation about and won’t cost you anything.

Turnaround times and service levels can vary enormously between lenders and also change from week to week. Part of my job is to ensure we match you with not only the right product and the best rate, but also where timing may be critical, that the lender can deliver on time. Lenders publish and update their SLA’s (- service level agreements) regularly, and good brokers are always up to date on who can get the job done without delay.

For most applicants: photo ID, your two most recent pay slips, and recent statements for your bank accounts and any existing loans. Self-employed applicants usually provide tax returns and business financials instead of pay slips. I'll give you a checklist tailored to your situation and the lender's requirements, so nothing gets missed - having the paperwork right the first time ensures your application is processed without delay.

Self-employed borrowers have more options than most people expect - the paperwork is just different, and some lenders can make it much easier than others. Most want to see two years of financials, but there are good-quality lenders with low-doc options using bank statements or an accountant's declaration instead. A good broker knows how to match you with the right lender according to their policy and the documents you are able to provide.

There's no single magic number - every lender scores differently, and your credit history (- missed payments, defaults, how many applications you've made recently, etc) matters more than the score itself. A strong score helps, but a modest one rarely rules you out; it may just change which lenders suit you best. If you're not sure where you stand, don't apply everywhere to find out - every application leaves a mark on your file. Talk to a broker who can match you to the right lender the first time.

Often, yes. A broad lender panel includes specialist lenders whose whole business is helping borrowers who don't fit the standard mould - past defaults, irregular income, impaired credit history. Sometimes the right answer is a specialist loan now with a plan to refinance to a mainstream lender later. Either way, you'll get constructive advice on how best to move forward.

You'd be surprised how often I'm asked this - and the answer is almost always more encouraging than people expect. Lenders can't decline you simply because of your age. What they do need, for a loan that runs past your likely retirement, is an 'exit strategy' - a sensible answer to how the loan gets repaid down the track. That might be your super, downsizing plans, an investment property, or the sale of the property itself. I regularly arrange 30-year loans for clients in their 50s and 60s. If age is the thing holding you back, then call and let me talk it through with you.

Moving from one property to the next and how to manage the timing of this is one of the most common challenges people come to me for help with. Simultaneous settlements of your sale and your new purchase may be far easier to achieve if you know and understand the right strategy to use. Where this is not possible, then bridging finance can be an ideal solution. It’s not as costly as most people think, and we can even set up a pre-approval that covers you for bridging finance if you need it, which can then switch back to a standard loan if you don’t. I've written a plain-English guide to explain how it works in the blog section, or you can book a chat and I'll explain exactly how it may help you.

No - settlement is a milestone in our relationship, not the end of it. I review my clients' loans at regular intervals to make sure the rate remains competitive and the product still the right one for them. I'm the first person you call for anything loan-related; questions about your offset account, plans for a renovation, your next purchase, or dealing with your lender if your circumstances change. Much of my business comes from referrals from existing clients, and that only happens because I take care of my clients for the life of their loan.

I'm based in Newport on the Northern Beaches, and many of my clients are local - but I also have many customers Australia-wide and overseas. Wherever you are, everything can be done by phone, video call and email, and you get to deal with me directly from our first chat, through to settlement and beyond.