Expat Loans

Most of our services are provided at no upfront cost to you as the borrower. My Home Mortgages typically receives commission payments from the lenders when your mortgage settles successfully. This means you can access our expertise, market knowledge, and ongoing support without paying direct fees in most circumstances. However, some specialised services or complex loan structures may involve fees, which we will always discuss transparently before proceeding. We believe in clear communication about all costs involved in your mortgage journey, ensuring you understand exactly what you're paying for and when. Our goal is to make professional mortgage advice accessible to Australian homebuyers and property investors.

The mortgage approval timeline varies depending on several factors including lender choice, loan complexity, and how quickly documentation is provided. Pre-approval can often be obtained within 3-5 business days once all required documents are submitted. Full approval, which occurs after you've found a property and signed a contract, typically takes 1-2 weeks, though this can extend during busy periods or if additional information is requested. My Home Mortgages works to expedite this process by ensuring your application is complete and accurate before submission, maintaining regular communication with lenders, and addressing any queries promptly. We'll keep you informed throughout each stage and provide realistic timeframes based on your specific circumstances.

Absolutely. My Home Mortgages assists Australian homeowners in reviewing their current mortgage arrangements and identifying potential refinancing opportunities. Refinancing might help you secure lower interest rates, access additional features like offset accounts, consolidate debts, or release equity for investment or renovation purposes. We analyse your existing loan terms against current market offerings, considering factors such as remaining loan balance, property value changes, and your current financial situation. The refinancing process involves similar documentation to a new mortgage application, and we manage the entire process including liaising with your current lender for discharge arrangements. Our ongoing relationship means we can monitor market conditions and alert you to future refinancing opportunities that may benefit your financial position.

While a 20% deposit is often considered standard, many Australians successfully purchase homes with smaller deposits. You may be able to buy with as little as 5% deposit, though this typically requires Lenders Mortgage Insurance (LMI), which protects the lender if you default on the loan. Some government schemes, such as the First Home Loan Deposit Scheme, allow eligible first-time buyers to purchase with just 5% deposit without paying LMI. The deposit amount affects your loan-to-value ratio, interest rates, and overall borrowing capacity. My Home Mortgages can explain how different deposit amounts impact your borrowing options and help you understand which lenders offer the most suitable terms for your deposit level and financial situation.

Yes, self-employed individuals and those with irregular income can obtain mortgages, though the process may require additional documentation and consideration. Lenders typically want to see consistent income over at least two years, demonstrated through tax returns, business activity statements, and accountant-prepared financial statements. Some lenders specialise in non-traditional employment situations and may accept alternative income verification methods. My Home Mortgages has experience working with self-employed clients, contractors, freelancers, and commission-based workers throughout Australia. We understand which lenders are more flexible with income assessment and can guide you in presenting your financial situation in the most favourable light while ensuring all documentation meets lender requirements.

The documentation required depends on your employment type and financial situation, but generally includes proof of income such as recent payslips, tax returns, and employment letters. You'll also need to provide bank statements showing your savings history, details of any existing debts or credit commitments, and identification documents. If you're self-employed, additional documentation like business financial statements, accountant letters, and ABN details may be required. For the property purchase, you'll need the contract of sale and any building or pest inspection reports. My Home Mortgages will provide you with a comprehensive checklist tailored to your specific situation and guide you through gathering the necessary paperwork efficiently.

Beyond the property purchase price and deposit, several additional costs apply when buying a home in Australia. These include stamp duty (which varies by state), legal or conveyancing fees, building and pest inspections, loan establishment fees, and Lenders Mortgage Insurance if your deposit is less than 20%. You should also budget for mortgage registration fees, title search costs, and potentially mortgage broker fees depending on your chosen service provider. First-time buyers may be eligible for stamp duty concessions or exemptions in their state. My Home Mortgages provides detailed cost estimates tailored to your purchase price and location, helping you understand the total amount needed beyond your deposit to complete your property purchase successfully.

A mortgage broker acts as an intermediary between you and potential lenders, helping you find suitable home loan options across multiple financial institutions. My Home Mortgages works with various banks, credit unions, and specialist lenders throughout Australia to compare different loan products on your behalf. Rather than approaching each lender individually, we handle the research, paperwork, and negotiations to identify mortgage solutions that align with your financial circumstances and property goals. Our expertise in the Australian lending market allows us to present you with options you might not have discovered on your own, potentially saving you time and money throughout the borrowing process.

Fixed interest rates remain unchanged for a specified period, typically 1-5 years, providing predictable repayments regardless of market movements. Variable rates fluctuate with market conditions and lender policy changes, meaning your repayments can increase or decrease over time. Fixed rates offer budgeting certainty but may be higher than current variable rates and limit access to features like offset accounts or additional repayments. Variable rates typically offer more flexibility and product features but carry the risk of rate increases. Many borrowers choose a split loan, combining both fixed and variable portions. My Home Mortgages can explain how each option suits different financial situations and risk preferences, helping you make an informed decision based on your circumstances.

Your borrowing capacity depends on multiple factors including your income, existing debts, living expenses, employment stability, and the deposit amount. Lenders typically apply a debt-to-income ratio and conduct thorough serviceability assessments to ensure you can manage repayments under various interest rate scenarios. Your credit history, the property type and location, and current lending policies also influence the amount you can borrow. My Home Mortgages can conduct a comprehensive borrowing capacity assessment, considering multiple lenders' criteria to provide you with a realistic borrowing range. We'll also identify strategies to potentially increase your borrowing power, such as paying down existing debts or including additional income sources in your application.