Australian Credit Licence Number 389274
Australian Credit Licence Number 389274
Whether you're looking to purchase your first home, add to your investment portfolio, upgrade, or even downsize, it's essential to consider all your options.
We consistently stay up to date with all government grants available and ensure that you maximise your borrowing capacity and have a great experience while doing so.
Did you know that your credit rating is affected each time you unsuccessfully apply for a home loan? Our finance brokers look at all available loans in the market and offer honest advice to suit your circumstances, ensuring that you get the right loan without affecting your credit score.
Our service doesn't stop once you've received your loan; we know that rates are constantly changing. That's why we audit your loan every 24-36 months to ensure that you're still receiving the great deal we helped you achieve in the first place.
Buying a home should be an exciting chapter of your life. Make it even easier by letting us do all the hard work for you.
How much can I borrow for my home loan? Should I get a pre-approved loan? What is stamp duty? Am I eligible for the first home buyers grant?
Purchasing your first home is meant to be an exciting time, but we understand it can also be confusing.
Our experienced finance brokers take the stress out of your first purchase, so you can focus on creating happy memories in your new home (and all the fun things like picking furniture etc.).
We have been guiding first home buyers through their purchases for over 35 years. We take pride in finding you the best loan for your needs while ensuring you can still live comfortably.
Not sure if you want to go fixed or variable? Why not split your loan and have the best of both worlds.
If you would like the flexibility of a variable rate but with the certainty and security of a fixed rate, there is an option. Called a split loan, lenders allow you to have a portion of your loan on a fixed rate and the other on a variable. There are no restrictions on how you split your loan, so it could be 50/50, 70/30 or 90/10!
This can be a great way to give you peace of mind when it comes to your household budget. You have the security of knowing what the repayment will be on the fixed portion of your loan while having the flexibility to make additional repayments and redraw on the variable loan amount.
Our expert team at Finance Brokers has years of experience with split loans and will discuss the best option for your needs.
For most people, purchasing a home may be a better long term financial decision than renting. We understand that with the high cost of real estate, saving for a deposit has never been harder.
Almost half of first home buyers are now turning to their parents for assistance to help with their deposit. Affectionately known as the bank of mum and dad, parents can contribute in a couple of different ways.
Through an informal cash loan (or gift). Parents can contribute from their savings or by refinancing their home loan and accessing cash this way. Along with your contribution, you will increase your deposit, reduce the amount you need to borrow and potentially eliminate the need for lender's mortgage insurance (LMI).
Using property as additional security. Known as a security guarantee, this allows a family member to use equity from their own home (or holiday home) to provide additional financial security to your lender.
Regardless of how your parents assist with the deposit, you will still need to meet the lenders serviceability requirements. This means you will need to demonstrate to the lender that you can afford to make the repayments on your mortgage.
A variable-rate home loan means that your interest rate may increase or decrease during the life of your loan. When the Reserve Bank of Australia changes the official cash rate and/or your lender adjusts their variable home loan rate, your repayments will change.
Variable home loans often come with additional features such as the ability to have an offset account, a free (or low cost) redraw facility and the ability to make extra repayments.
Not sure whether to go variable, fixed or even split your loan? Speak with one our home loan experts, they will discuss your financial situation and help you make the right decision for your individual needs.
Fixing the interest rate on your home loan can give you peace of mind, when it comes to budgeting as your payment will be remain the same for the fixed period. Typically, fixed terms last anywhere from 1 to 5 years.
While fixing the rate on your loan can offer certainty, there are a few things to consider before locking in. You may have to pay additional charges to lock in the rate, you may have less flexibility to make additional repayments and redraw may not be allowed.
It is important to consider that the fixed interest rate may be higher than the variable rate and if interest rates go down during your fixed period, you won't benefit from the reduced rate.
It's also important to be mindful of revert rates. When your fixed period ends, your loan will revert to the current variable rate and you will need to be aware how this will affect your budget.
If you think that fixing your home loan is too restrictive, a variable or split loan may be a better option for you.
Applying and having pre-approval before your start your new home search is one way to be prepared, lets you know your budget ahead of time and allows you to focus your search in the right price range.
Also known as indicative approval, approval-in-principle, or conditional approval, having pre-approval lets vendors and real estate agents know you are serious.
You should be aware that not all pre-approvals are the same. System generated approvals, which you complete online are not the best indicator that your loan will be approved. You need to complete a full assessment of your financial position to have the best indication that your loan will be approved.
Even with a full assessment pre-approval, you are not absolutely guaranteed that your mortgage will be approved so never sign an unconditional contract. You should always include a finance clause to allow you time to finalise your loan.
Lastly, pre-approved loans are valid for up to 3 months, so don't apply too early. But having 3 months gives you time to make the right decision and find your dream home.
Whether you're buying your first investment property or if you are a seasoned property investor, Finance Brokers Victoria can help you build your property portfolio.
Investing in property can be a great way to build your long-term wealth but it is essential to understand the risks. Speaking with one of our brokers can help you to understand your borrowing power and make suitable investments to help you grow and diversify your portfolio.
If you already have property, you may not need a cash deposit to purchase your investment property. You may be able to use the equity in that property as additional security, to fund your investment. Equity is the difference between the current market value of your home less the amount of money you still owe.
If using the equity, rather than a cash deposit, it is important to remember that you will need to prove to the lender that you will be able to service the loan. This means you will need to show you will have the ability to make the repayments on the total purchase price of the investment.
It is important to consider all the risks. Through our personal and industry experience, our mortgage brokers will work with you to fully understand what's involved and help you find the right loan product to meet your individual needs.
These days, more and more Australian's work for themselves and unfortunately this can make it more difficult when applying for a home loan.
Being self-employed often means it can be challenging to prove your income and your businesses cashflow. Thankfully, Finance Brokers have years of experience arranging loans for self-employed clients.
While the guidelines may differ, most mortgage lenders require proof of at least two years of steady self-employment. However, some lenders may still consider your application favourably if you have just one year of self-employment but can prove a two-year history in a similar line of work.
At Finance Brokers, we understand what it's like to be self-employed. Because we are a full-service broker, offering commercial loans and personal lending, we have years of experience working with business owners and can tailor a loan arrangement to suit your needs and fit your lifestyle.
Unlike a standard home loans, a reverse mortgage allows you to borrow money against the equity in your home with out the need to make regular repayments.
You will still own your home and you can continue to live there for as long as you choose and when you or your estate sell your home, the loan including interest and fees is payed back to the lender in full.
As you are not making repayments, the amount of interest you pay each month will continue to grow and over time will reduce the equity in your home. It is also important to note that the interest rate is also likely higher than a standard home loan.
If you're over 60, you could be eligible for a reverse mortgage. Our reverse mortgage specialists are available to help you today.
When purchasing a home, there are fees and expenses that you will have to pay on top of the agreed purchase price.
While there maybe State and Federal Grants that first home buyers can access to help with some of these costs, you should be prepared to consider:
Another thing to consider in your budget are the ongoing costs once your property has settled. Depending on your living situation, the location and the property itself, these charges will differ, but it’s essential to consider the below when budgeting:
We are certainly not trying to put you off from purchasing a home but we believe in your loan working for you, not you working for your loan. That’s why at Finance Brokers, we consider all of these expenses to ensure your financial journey is a comfortable one.
Many business owners dream of owning their own workshop, warehouse, retail space, offices or commercially zones vacant land - and a commercial property loan will help you to achieve this goal.
Our finance brokers have extensive experience in obtaining commercial property finance, and have helped our clients turn property dream into a reality.
With interest only and principal and interest loan options available, from our panel of lenders means we can offer excellent commercial finance options - some you may not have even considered.
If your business is looking for extra funds to help their business, an unsecured business loan could be a consideration.
An unsecured business loan doesn't require you to provide physical assets or collateral for security. Generally these are for smaller loan amounts offered over a short period of time.
Before applying for a loan, it's important to speak with an experienced broker who can advise whether this is the best loan for your business requirements.
At Finance Brokers Victoria, we'll take the time to get a full understanding of your business in order to provide the best advice and connect you with the most appropriate finance option.
As the name suggests, a secured business loan means that you will have collateral (an asset) to secure or support your loan – this might included property, accounts receivable, or inventory.
Secured loans are generally for higher amounts, with longer payment terms and lower interest rates. Offering collateral provides the lenders with more assurances that you can repay on time and if repayments are not made, the bank can sell the asset to recoup the funds.
Applying for a secured loan is more likely to be successful if your business is more established, particularly with value assets and a strong credit history. If you don’t think your business will meet the stricter requirements of a secured loan, you might need to consider an unsecured loan.
When you're looking to buy or upgrade your car, invest in a motorbike or buy a new boat or caravan, we understand it can be difficult to understand all the loan options available.
Should you go secured or unsecured, should you use the equity in your home? These are all great questions and by speaking with one our experience brokers, we can go through the finance options available to you so you can be confident you have made the right choice.
With our range of lenders, we can often beat the dealership's interest rate which means more cash in your pocket - exactly where it should be. So talk to us today!
A self managed super fund (SMSF) is an alternative way to save for your retirement. They differ from a normal superannuation fund as the members of the fund are normally also the trustees and make the important decisions on how funds are invested.
A SMSF gives flexibility and control over where your retirement funds are invested, including the opportunity to borrow funds to invest in residential and commercial property.
A SMSF is not just for those who are self-employed. To find out more, check out What is a SMSF? and then speak with one of our brokers who specialises in borrowing through a SMSF.
Whether you have conservative or grand plans for your home, it can often be hard to save whilst making your home repayments.
Taking out a personal loan to renovate and improve the value of your home is a much more cost-effective solution than using your credit card.
Your loan details will change depending on how much you need to borrow, but once you're approved, you will be sent the agreed amount in full, meaning you can get started asap!
If you've had your home loan for a few years, it may also be beneficial to get it revalued, as you may be able to borrow from the equity of your existing home loan instead.
There are many reasons why you may choose to refinance your current home loan. You may be concerned about your interest rate, you might be considering renovating, buying a new car or buying an investment property. These are all reasons to talk to your mortgage broker about refinancing.
Thinking of refinancing? When was the last time you checked your home loan rate? Have you heard of loyalty tax? Just like gyms, telephone companies and other service industries, lenders may be charging their loyal customers a higher rate of interest than their new customers.
We recommend speaking with one of our mortgage brokers every 2-3 years to ensure you are getting the best deal for your individual needs. Speaking with one of our home loan specialists could save you thousands of dollars and years off your home loan.
If you are looking to purchase an investment property, refinancing you existing home loan can be a great opportunity to utilise the equity to help finance the purchase. This may get you into the market years earlier than you expected.
Looking to make some home improvements or want to buy a new vehicle or other large ticket item? Refinancing your home can be a cheaper option than a personal loan.
Breaking into the real estate market has never been harder. The bank of mum and dad is becoming a popular way for parents to help their children buy their first home. Refinancing and using the equity in their home to provide a cash gift or additional security is becoming a common practice.
No matter your priorities, working with one of our mortgage brokers is the best way to ensure your home loan is paid off quickly and in the most cost-effective way.
So you have found the perfect NFT which is guaranteed to give you a high return on investment - it can't fail! Sound risky? This may not be the right investment to consider taking out an investment loan
Also known as gearing or leverage, an investment loan gives you the ability to borrow money to invest. So if you have identified an investment opportunity that has a high return on investment and a low level of risk, but don't have the capital, you make choose to take out a loan to invest.
Be warned though, that the risks can be high! You may receive bigger returns if the markets go up, but you'll have larger losses if the markets fall and you will still need to repay the loan and interest regardless of how the investment performs.
Talk with one of our finance brokers today. Their extensive experience in the industry means they can provide you with solid advice on whether an investment loan is appropriate for your situation.
A car lease is an arrangement where the lender purchases a vehicle on behalf of a customer. The customer then leases the car back from the lender and makes regular payments for an agreed period of time.
At the end of the agreed period, the vehicle is returned and a new lease can be negotiated.
It's also important to remember that leasing a car is no different to renting a house, you do not have complete ownership of the vehicle, and there may be restrictions around its use.
If you are not sure whether a car lease, chattel mortgage or car loan is the right financial option for you, contact one of our knowledgeable brokers for a chat today.
Personal loans are generally taken out for big purchases like a car, boat or caravan. However, personal loans can also be used to fund smaller home renovations or to consolidate your credit cards and other debts into one manageable repayment.
The interest rate on personal loans is often less expensive than credit cards and other forms of credit and gives you the ability to make one manageable weekly, fortnightly, or monthly repayment which allows you to take back control of your finances, could save you money and get the debt paid back sooner.
However, as a personal loan is generally unsecured, the interest rate can still be higher than other loan products. By working with one of our experts, we can help you make the right decision for your financial circumstances.
