Frequently asked questions
Quick answers to some of your most common questions about our services.
First Home Owners
What’s the first step to buying my first home?
The first step is understanding your borrowing capacity. As your broker, we will assess your income, expenses, deposit, and financial goals to help you set a realistic budget and get pre approved for a loan. From there, you’ll know exactly what you can afford before you start house hunting.
What documents do I need to apply for a loan?
How much deposit do I need as a first home buyer?
Typically, you’ll need at least 5–10% of the property’s value. However, if your deposit is less than 20%, lenders mortgage insurance (LMI) may apply. Some government schemes may help you buy with a smaller deposit.
Can I use a guarantor for my first home loan?
Are there any government grants or incentives for first home buyers?
Yes! Depending on your state, you may be eligible for the First Home Owner Grant (FHOG), stamp duty concessions, or schemes like the First Home Guarantee (formerly First Home Loan Deposit Scheme). We help you navigate what you qualify for.
What is stamp duty, and do I have to pay it?
You’ll generally need proof of ID, income (such as payslips), savings history, and a summary of your assets and debts. We will give you a checklist tailored to your situation.
Yes, a guarantor (usually a parent) can help you buy with little or no deposit by offering their property as security. It can help you avoid LMI and get into the market sooner. We will walk you through the risks and benefits.
Stamp duty is a state government tax on property purchases. As a first home buyer, you may be eligible for exemptions or concessions. We will explain what applies in your state or territory.
Home Loans
What’s the difference between a fixed and variable rate loan?
A fixed rate locks in your interest rate for a set period (usually 1–5 years), providing repayment certainty. A variable rate can change, but may offer more flexibility, such as offset accounts and redraw facilities. Some loans offer a mix of both.
How long does home loan approval take?
Pre approvals can take 1–5 business days. Full approval after a property is found can take 5–10 business days, depending on the lender and your documentation. We keep things moving and guide you every step of the way.
What is Lenders Mortgage Insurance (LMI)?
LMI protects the lender (not you) if you default on your loan. It usually applies if your deposit is less than 20%. We help you understand if LMI applies and how to reduce or avoid it.
How much can I borrow?
Your borrowing capacity depends on your income, living expenses, existing debts, credit score, and the lender’s criteria. We do the legwork to find out how much you can comfortably and safely borrow.
Refinancing
When should I consider refinancing my home loan?
If it’s been a while since you reviewed your loan, your interest rate is higher than current market rates, or your financial situation has changed, it might be time to refinance. We compare your current loan with better or more favourable options.
Are there any costs involved in refinancing?
There can be discharge fees, new application fees, and possibly break costs if you’re on a fixed rate loan. We help you do the sums and decide if it’s worth it.
Can I refinance to access equity in my home?
Absolutely. You can unlock equity for renovations, investment, or debt consolidation. We will help structure the loan to suit your goals while maintaining affordability.
Should I consolidate my debts when refinancing?
Consolidating credit cards or personal loans into your mortgage can simplify repayments and reduce interest but it may increase long term costs. We will help you weigh up your options.
Commercial Loans
What can a commercial loan be used for?
Commercial loans can fund the purchase of commercial property, business premises, equipment, or be used for business expansion. Whether you’re an investor or owner occupier, We will structure a solution that meets your business objectives.
How much deposit do I need for a commercial loan?
Can I get a commercial loan through my company or trust?
Yes. Many businesses purchase property through companies or trusts for asset protection and tax reasons. We will help structure the loan accordingly and liaise with your accountant if needed.
What documents do I need for a commercial loan?
What is a lease doc or low doc commercial loan?
Lease doc loans rely on the property’s lease income, while low doc loans require minimal financials. These options suit investors or self employed borrowers who may not have full documentation.
Usually 20–30% for standard commercial property. Some lenders may allow lower deposits with strong income or security. We will help you compare options.
Typically: business financials (profit/loss, tax returns), lease agreements (if applicable), and details of the property. Low doc options may require less documentation. We will tailor the checklist to your needs.
Investor Loans
Can I borrow more with an investment loan?
Potentially yes lenders often consider rental income as part of your overall income. This can increase your borrowing power, but they’ll also factor in additional costs like property management, insurance, and vacancy risks.
Can I use the equity in my current home to invest?
Yes. You can leverage the equity in your home to fund a deposit or even purchase an entire investment property. We will help you access it in a way that suits your financial goals and risk appetite.
What’s negative gearing and how does it work?
Negative gearing is when your rental income is less than your expenses, creating a loss that may reduce your taxable income. It’s a strategy many investors use, but it’s important to get financial advice before proceeding.
Can I borrow using a trust or company structure?
Yes, many investors use trusts or companies to buy property. We have experience in structuring these loans efficiently.
How do lenders assess rental income?
Most lenders will “shade” rental income by 20–30% to account for vacancy and expenses. We will ensure we use the lender most favourable to your investment strategy.
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