Home loans
Home loans for buying, refinancing, building and investing
We arrange home loans for people in Sydney, across NSW and, by phone and video, anywhere in Australia. Start with the situation closest to yours. Each page explains what lenders look at, what it costs and what to prepare.
01Start here
What we help with
Pick the situation closest to yours. If two apply, such as a first home on a 491 visa, start with the one that feels less certain.
02The basics
Four things decide most applications
Lenders word their policies differently, but nearly every home loan comes down to these. Knowing where you stand on each tells you which lenders to approach.
Your deposit and the LVR
The loan-to-value ratio is the loan divided by the property’s value. Above 80%, most lenders add lenders mortgage insurance, a one-off cost that protects the lender, not you.Income a lender can count
A base salary is simple. Overtime, bonuses, casual hours, rent and self-employed income are each treated differently, and often only part of them counts.What you owe and spend
Card limits count even with a zero balance. Car loans, buy now pay later, HECS-HELP repayments and your actual living costs all reduce what lenders offer.The property
Lenders have rules on size, type and location, and every lender relies on its own valuation rather than the price you agreed.
On top of these, banks regulated by APRA must test whether you could still make your repayments if the interest rate were at least 3 percentage points above the loan’s rate. Your residency status matters too: see visa and PR home loans.
03Costs
Costs beyond the deposit
Buying a home costs more than the deposit. These are the usual items, who sets each one, and what to watch for.
| Cost | Set by | What to know |
|---|---|---|
| Transfer (stamp) duty | State government (Revenue NSW in NSW) | First home buyer concessions may reduce or remove it |
| Lenders mortgage insurance | The lender’s insurer | Usually applies above 80% LVR; can often be added to the loan |
| Lender fees | The lender | Application, valuation, settlement or ongoing fees, depending on the loan |
| Mortgage and transfer registration | NSW Land Registry Services | Fixed government fees, paid at settlement |
| Conveyancer or solicitor | Whoever you engage | Get a written quote before you exchange |
| Building, pest and strata reports | Your inspector | Before you exchange, or during the cooling-off period |
04How we are paid
Who pays a broker, and why it matters to you
In most cases the lender pays us, not you. When your loan settles, the lender pays an upfront commission, and most also pay a smaller trail commission each month while the loan stays open. Both are worked out from the loan amount, and neither is added to what you owe.
Because lenders pay different amounts, the law requires us to act in your best interests and to put your interests ahead of ours where they conflict. Before you apply, we tell you in writing what we expect to be paid. Fees to you: [Client fee statement (from Credit Guide)].
05Questions
Before you start
Answers to what people ask before their first consultation.
Do I need a 20% deposit to buy?
No, but it changes the cost. With 20% of the value, most lenders won’t charge lenders mortgage insurance (LMI). Many lenders will lend with a smaller deposit if you pay LMI, and eligible first home buyers may be able to buy with 5% and no LMI under the Australian Government 5% Deposit Scheme.
My bank has said no. Can you still help?
Often. Lenders assess the same application differently, especially for visa holders, self-employed income, casual work and recent job changes. We start by finding out why the application was declined, then look for lenders whose policy fits. Sometimes the answer is to wait, and we will say so.
Will talking to you show up on my credit file?
A consultation doesn’t. A lender checks your credit file when you apply, and that enquiry is recorded. That is one reason we choose the lender before lodging, instead of applying to several at once.
How do you choose a lender for me?
We compare the lenders on our panel against your situation: whether their policy accepts your income type, visa and deposit, the total cost including fees, and the features you need. You get our recommendation in writing, with the reasons and the alternatives we considered.
Why don’t you publish interest rates?
Rates change often and depend on your LVR, loan type and lender, so a published rate is rarely the one you would get. At your consultation we show current rates for your situation, with their comparison rates.
Other finance
Beyond home loans
We arrange credit. We don’t give tax, financial product or migration advice. Where you need it, we suggest you speak to a registered tax agent, a licensed financial adviser or a registered migration agent.
Talk your situation through with Sulav
Morning, midday and evening times, 7 days a week. We reply to enquiries within 1 business day.