Frequently Asked Questions
Your questions, answered.
Why use a Mortgage Broker?

Mortgage Brokers will not only save you time and money, but we will find a loan product that suits your requirements. We look at your personal circumstances and then show you the most favourable options from a range of 300 different loans across all of Australia’s leading lenders. We do all the research for you and once you have selected the loan, we complete your application, liaise with the lender on your behalf and see the loan right through to settlement. We take the stress out of finding the right loan and getting it approved. We assign a designated Broker to you so you deal with the same person from start to finish. The Broker can come to your home or office either during or out of hours and provide a completely personal experience. We can help you structure your loan to achieve the best rate of approval and to have the best ongoing results for your needs.

What does it cost to use a mortgage broker?

It doesn’t cost you anything to use a Mortgage Broker. We are paid by the lenders so the majority of our services are free of charge. In some instances, such as extremely low loan amounts or commercial loans, we may charge a credit assistance fee which will be outlined upfront and provided to you in a written quote before proceeding. If you proceed with a loan, Lenders fees and charges may apply.

Please change to How many lenders do you compare?

Assured lending Mortgage Brokers are accredited with over 40 of Australia’s leading lenders, these include all the major banks as well as 2nd & 3rd tier lenders who specialise in the more complicated finance needs.

What areas do you service?

Assured lending Mortgage Brokers assist clients across Australia. We can do your entire application remotely by phone, email and video chat. If you live in the Sydney Metropolitan, Northern Beaches, Hills District & Westerns Suburbs areas, we can make a time to see you in person if you prefer a face to face interaction.

Can I arrange a meeting outside business hours?

We are happy to arrange a meeting with you either during or outside of business hours. Meetings can be conducted remotely via phone or video.If you are in the Sydney, Northern Beaches, Hills District or Western Suburbs areas, we can arrange to meet you in person after work on a weeknight or over the weekend.

Who uses Mortgage Broking services?

Our services are available to anyone looking for information and assistance with a home loan or business loan.  We assist first home buyers, refinances, investors, home owners looking to upgrade, business owners and people looking for self managed super fund loans and commercial mortgages.

What is the lowest home loan interest rate?

We work with over 40 different lenders who all have multiple lending products at different rates. These rates fluctuate regularly and also dependent on your specific circumstances such as the loan to property value ratio. An Assured Lending Mortgage Broker will compare the loans that meet your specific needs and provide you with a detailed summary of the best lender and loan options. Sometimes the loan with the lowest interest rate is not always the best option for a client as they may not meet the lending criteria or the terms and conditions may not suit your needs. Our brokers have excellent relationships with all the lenders and depending on your circumstances, we can often negotiate an interest rate for you that is cheaper than the lenders advertised rates.

How do I apply for a loan?

Our Brokers will discuss your current situation and what your needs are with you and then we will advise you of the best options for your loan. Once you have selected the loan and the lender, we will put together  and submit your application for you. We will advise you of all the documentation you need to provide  and explain all the terms and conditions to you. We will ensure your application is structured to give you the best chance of approval and will liaise with the lender on your behalf, constantly keeping you updated on the progress of your application. Once your loan is approved, we will complete all the requirements for final settlement.

What is the First Home Owners Grant

The First Home Owner Grant (New Homes) scheme was established to assist eligible first home owners to purchase a new home, build their own home or purchase a substantially renovated Home, by offering a $10,000 grant. The government gives you the First Home Owners Grant in the form of cash to add to your deposit and this is usually paid at the time of property settlement or if your building, when the slab is poured. As well as the NSW First Home Owner’s Grant (New Homes) Scheme, you may also be eligible for any of the following: First Home Buyers Assistance Scheme which provides exemptions or concessions on transfer duty (Stamp Duty). First Home Buyer Choice which allows you to choose between upfront stamp duty or annual property tax. First Home Guarantee which is an Australian Government initiative that provides a guarantee to eligible first home buyers to purchase a home with a deposit of as little as 5% without paying Lenders Mortgage Insurance.

In addition to the cost of the property itself, what other costs are involved ?

When purchasing a property you need to consider additional costs such as: Stamp Duty, Lenders Mortgage Insurance, Legal / Conveyancing fees, Pest & Building Inspections, Land Title Registration, Building & Contents Insurance, Utilities, Council Rates. Some of these costs can be included in your loan amount.

What is Lenders Mortgage Insurance ?

Lenders Mortgage Insurance is a one off fee paid to insure any loan where you borrow more than 80% of the property value. It protects the lender if for some reason, you are not able to continue making repayments on your loan. All loans are secured against the property itself incase you default on your loan, however if  property values decrease and the value of your home is less than the amount you owe, the lender will use this insurance to make up the balance.

What are the tax benefits of an investment property ?

There can be many potential tax benefits associated with owning an investment property. It’s essential to get professional tax advice specific to your circumstances prior to making an investment. The cost of your tax advice and having your tax returns professionally prepared for an investment property is tax deductible.
The following expenses can normally be claimed on tax for your investment property: Real Estate advertising for tenants Property management fees Accounting fees Borrowing costs ie: loan establishment & registrations fees as well as valuation fees Interest payments and ongoing loan fees Stationery, phone costs, book keeping fees Travel relating to the property Council rates, body corporate fees, land tax and strata fees Property maintenance & repairs Insurance premiums Pest control, cleaning and gardening Utilities that are paid by you ie: electricity, gas and water Depreciation of both the property and contents such as fridges, stoves & furniture

What is refinancing ?

Refinancing a home loan is when you take out a new loan that better suits your needs. Some or all of the funds from this new loan are used to pay out your current home loan.

How much deposit do I need for a Home Loan?

Your deposit will depend on the type of loan and the lender you select. As a general rule, the maximum amount most lenders are prepared to offer for an owner occupied home is 95% loan to property value ratio (LVR). This means your total loan amount, including all fees, cannot be more than 95% of the value of the property. If you are an investor, the maximum amount most lenders are prepared to offer is 90% loan to property value ratio (LVR), meaning your total loan amount, including all fees, cannot be more than 90% of the value of the property. In some cases it is possible to purchase a property with a higher loan to property value ratio (LVR). This can include first home buyers who are eligible for specific Government grants or people purchasing an owner occupied property with a family guarantee. This where a parent or immediate relative provide their property as additional security against the loan.

How much can I borrow?

Your borrowing capacity will depend on interest rates at the time, your income &  expenses and if you are purchasing a property your deposit amount or equity you have in an existing property and any potential rental income from investment properties. It will also vary from lender to lender. An Assured Lending Mortgage Broker can advise you of your maximum borrowing capacity and they can also get you a loan pre approval prior to looking at property.

I am a business owner with complicated finances; can I still get a loan?

We have Brokers who specialise in loans for business owners so we can position you in the best light to get a loan approved. Being self employed often means complicated financials that may not always tell the full story and getting the documentation a lender needs to establish the intimate details of your finances can be difficult in some circumstances. If this is the case, you may be eligible for a low doc loan. This is a loan designed for the self employed and as the name suggests, there’s less documentation that you are required to submit.

Can I get a loan if I have a default or credit impairment?

We have Brokers who specialise in complex loans for people with credit issues, as long as you advise us of any credit impairments up front, we have the experience to work with you to structure your loan application for the best chance of approval. We know which lenders have flexible lending criteria and we work closely with them during the application process. If you have been declined by the banks, we can help to find other lenders who will approve your home loan.

How can I get a Free Credit Report?

Your credit history is checked every time you apply for a credit facility. Prior to putting together a loan application, your Assured Lending Mortgage Broker will provide you with a free copy of your comprehensive credit report. If you are concerned about your credit score and would like a copy of your credit report prior to applying for a loan, a company called VEDA hosts this information and you can get one free summarised credit report per year from the ‘My Credit File’ website.

What is the difference between a fixed rate and variable rate loan?

Fixed rate home loans have interest rates and loan repayments that remain the same for an agreed period of time, usually 1 to 5 years. A variable rate home loan has an interest rate that fluctuates so can increase or decrease at any time.

Who has access to my personal information?

You can view our full privacy policy via the link on the front page of this website which includes details on the personal information we collect when you apply for a loan and what we do with your personal information.

What is Stamp Duty?

Stamp Duty is a state Government tax paid on the purchase of land or a property in Australia. The stamp duty you will be required to pay is calculated on the value of the land or property and varies between the different states. You can calculate how much stamp duty you will have to pay on a property using our instant stamp duty calculator

How do I get a home loan pre approval ?

A home loan pre-approval is a conditional approval by a lender to loan you up to a set amount of money, as long as the property you purchase meets the lenders valuation requirements. A pre-approval gives buyers a realistic budget to work to when looking for a property and is essential if you are considering purchasing at Auction. Most pre-approvals are valid for 3 months and can be renewed if you don’t find a property in this time. A pre-approval does not cost you anything and can be arranged by an Assured Lending Mortgage Broker.

Am I eligible for a first home owners grant?

To be eligible for the $10,000 NSW First Home Owners Grant, all applicants must have never purchased a property .The property must be a new build or a new existing property that has not previously been occupied or sold as a place of residence. The value of the property must not exceed $600,000 if it’s a new home or $750,000 if you are entering into a contract to build a home. As well as the NSW First Home Owner’s Grant (New Homes) Scheme, you may also be eligible for any of the following:

First Home Buyers Assistance Scheme which provides exemptions or concessions on transfer duty (Stamp Duty).

First Home Buyer Choice which allows you to choose between upfront stamp duty or annual property tax.

First Home Guarantee which is an Australian Government initiative that provides a guarantee to eligible first home buyers to purchase a home with a deposit of as little as 5% without paying Lenders Mortgage Insurance.

For more information on First Home Buyers, check out our First Home Buyers Page.

What is positive & negative gearing ?

Negative gearing is where the cost of owning an investment property is greater than the income earned from the property each year. This creates a taxable loss, which can be offset against other income like your wage or salary. Positive gearing is where an investment earns more in rental income each year than it costs to own the property. As this profit is taxable, you will need to set funds aside to cover the tax you will be required to pay on income earned from your investment each year.

What things can effect my credit score ?

Multiple Credit Applications – Your credit score can be affected if you have multiple credit enquiries over a small period of time (generally more than 5 in a 12 month period). Credit reports are obtained when you apply for any type of credit such as personal loans, mortgages, credit cards or utilities and these are recorded as enquiries on your credit file.

Late or outstanding debts – If your repayment on a loan or utility, including mobile phone bills, is overdue, it can be recorded on your credit file.

Recurring late payments – If you regularly make late repayments on any form of credit, this will be recorded on your credit history and you can be considered a bad risk with future lenders.

Court Judgements – If you have claimed bankruptcy or have a court judgement or court writ lodged against you, these will all be recorded on your credit file.

What does it cost to refinance my loan?

If you are refinancing to a new lender, you will be charged an exit fee from your current lender, you may be charged an application fee with the new lender and you will also be charged mortgage discharge & registration fees. These fees are all covered in the new loan amount. Your Assured Lending Mortgage Broker will ensure that a refinance is in your best interests and explain all the costs to you, allowing you to make an informed decision on the advantages and disadvantages of refinancing before you commence. The Mortgage Broking services of Assured Lending are free to you as the lenders pay us.