Home Loan Expert | Best Home Loans Mortgage Broker Sydney, Australia

Owner Occupied Loan

Owner-occupied home loans are available for borrowers who plan to borrow money to buy a property to live in. Those wanting to take out an owner-occupied home loan may want to purchase an existing home, build a brand-new property (land & construction), or renovate an established one.

When borrowing for owner-occupied property, you can borrow up to 95% inclusive of LMI. There are few banks who can lend up to 98% inclusive LMI but the higher interest rate will apply.

Genuine savings is essential as most lenders will want to see that you are able to save consistently and will usually require your last three to six months saving history prior to considering you for a loan.

First homeowners’ grants are offered by every state and territory government. These are cash grants available to buyers who have never purchased a home before. There are some stamp duty discount or exemptions available too, which can save you a lot of money.

Before purchasing a property, it is always important to get an idea of how much you need to borrow. How much you can borrow will depend on several factors including i.e. your income, eligibility for Homeowner Grant, what deposit is required, other loan repayments and commitments.

Sitting down with our trusted lending specialist will ensure you know which options are available to you.

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Investment Loan

It is a home loan taken out to purchase or renovate a property purely for investment purposes. Buyer will not live in this property and the sole purpose of this property is to rent it out or retain it for purposes of capital growth and building equity.

Generally, Investment loan interest rates are higher as compared to owner occupied loans. For example, a variable interest home loan for an owner-occupier might be available at 2.69 per cent but for investment mortgages, the interest rate for a comparable loan might be 3.29 per cent or more depending on if you chose to pay principal & interest or interest only repayments.

You also need to put forward a bigger deposit for an investment home loan, as most lenders restrict their maximum lending at 90% inclusive of LMI and with such lenders approx.12 per cent deposit is minimum requirement.

Most banks will use 70% to 80% of your rental income in the assessment and they will use negative gearing into account too when doing serviceability calculation.

Investment loans are generally a higher risk than standard home loans and tends to be a greater chance of default. Hence, you need to be in a strong financial position to qualify.

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Family Pledge Loan

Family pledge or family guarantee home loans allow you to utilise a family member’s home as security for your home loan meaning that you don’t need a huge deposit. It is a loan that allows the shortfall in your deposit to be secured by a family member’s property. It allows family members to assist you without giving you cash or putting cash in and only offering security guarantee. To give an example the family members property might be utilised to guarantee just 20% of the new loan and the property being purchased would be used as security for the other 80% of the loan. Either way the bank feels more comfortable as with this type of loan they have protection if first home buyers can’t make repayments or default on their loan.

For the first home buyers it means they can purchase a home, avoid the added cost of mortgage insurance and even be able to borrow more if for example, the property requires renovations. The family member needs to guarantee a minimum of 20% of the purchase price of the new property if the first homeowners do not have a deposit.

With this type of loan first homeowners can buy either a home to live in or investment property.

The other great news is that even if the loan is a family pledge/guarantee loan that the first homeowners are still eligible for a First Homeowners Grant in their State (if applicable) if buying property to live in.

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SMSF Loan

An SMSF loan is a home loan used by a self-managed super fund (SMSF) to buy residential or commercial investment property. The returns on the investment – whether that’s rental income or capital gains – are funnelled back into the super fund, increasing your retirement savings.

However, SMSF lending is complex and borrowers will need to ensure they have a qualified Accountant, qualified Financial Planner and a Lending Professional who understands SMSF loans and their requirements.

It is also important for buyers to note that Loan to Valuation Ratio are lower on SMSFs – usually only up to a maximum of 70%. Interest rates apply for SMSF Lending are lot higher than normal investment loan. Buyers need to have a minimum of $200,000 in Superannuation fund balance to be eligible to set up an SMSF and they will require assistance from a qualified accountant and financial planner.

Generally, banks will look at the current income of the trust based on its previous two years tax returns and will then assess if that income plus the proposed rental income will be sufficient to service the debt.

There are few transactions prevented in SMSF i.e. construction loans, buying a residential property where fund member or any related parties intend to live in, renting a residential property to fund member or any related parties. If your SMSF purchases a commercial premise, it can be leased to a fund member for their business. However, it must be leased at the market rate and follow specific rules

SMSF Lending can be a fantastic way of preparing for your financial future but having the right team of professionals is essential to help buyers understand the process and pave the way for a smooth transaction.

Consult your Lending specialist for more information about SMSF loans.

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Low Doc Loan

Low-documentation or low-doc loans are for people – generally the self-employed – who have difficulty getting the documentation together that is required to get a traditional home loan.

Traditionally, the interest rate offered on these types of loans was higher than for the standard variable rate. While lenders have various methods of establishing whether they will lend someone money, there are some major differences between mainstream and low-doc loans.

Low-doc loans do not require traditional proof of income such as company financials or tax returns. These loans typically suit self-employed people or full-time investors who may have difficulty showing a high level of income, as a result of either writing off a number of expenses, reinvesting profits into a business, or being slow in lodging their tax returns.

The main documents that can be used to verify your income are:

  • 12 months’ BAS statements showing a high turnover.
  • Accountant’s letter verifying your income.
  • 6 to 12 months Business bank statements showing a high turnover.

Always check with your broker if you would like to make any variations to your building contract, prior to proceeding. Upon completion of the dwelling, the construction loan will revert to the loan product originally chosen by you.

On completion of construction, you will need to obtain an Occupation Certificate, also known as an Occupation Permit, from your local council.

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No LMI Loan for professionals

One of the hardest parts of securing a home loan is saving the 20% deposit required by Australian lenders. Fortunately, medical professionals, lawyers and accountants are

eligible for an LMI waiver from the major banks and most smaller lenders, meaning that they can borrow up to 90% of the property value in metropolitan areas with no requirement to purchase Lenders’ Mortgage Insurance (LMI).

This is a great opportunity for these professionals to break into the home loan or property investment market and save tens of thousands of dollars on LMI costs.

The LMI fee pays for an insurance policy that covers the bank for losses they incur if the borrower cannot repay their mortgage.

Some lenders offer LMI waivers to borrowers who are employed within specific professions. As this offer is extremely lucrative, there are tight restrictions on the eligibility for the waiver. Generally, you must:

  • Have a clean credit history
  • Be employed as a lawyer, accountant or “preferred medical professional”, such as a doctor in any specialty, dentist, physiotherapist, chiropractor or select others.
  • Show a history of stable employment in your field
  • Be a member of an industry association that is acceptable to the lender (for example, the AMA for medical professionals)

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Construction Loan

Construction Loans can be quite different to a standard home loan, so it is important to understand what you are entering into.

Maximum percentage you can borrow is up to 95% of the value of the property including cost of Lenders Mortgage Insurance. Many Lenders also offer interest only repayments during the construction process which revert to principle and interest repayments once the construction is complete.

To qualify for a Construction Loan, you will need to have council approved plans and a fixed price tender from a registered builder. You should also note that you will need to use your saved funds or equity before drawing down on your Construction Loan.

The Construction loan is drawn down in stages (Base, Frame, Outer brick work, Lock up stage & practical completion) as your property is being built. This means that your monthly mortgage repayments slowly increase as the construction moves forward until finally at completion of construction the loan repayment reaches its full monthly repayment amount.

Always check with your broker if you would like to make any variations to your building contract, prior to proceeding. Upon completion of the dwelling, the construction loan will revert to the loan product originally chosen by you.

On completion of construction, you will need to obtain an Occupation Certificate, also known as an Occupation Permit, from your local council.

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Development Finance

Development finance is mainly for larger development for example commercial building, property development building apartments, land development etc.

Development finance typically operates as an interest-only, draw-down facility and the term of the loan would typically be 6 to 24 months, depending on the size and nature of the project. Usually the interest on a development loan is capitalised within the development period, with the entire loan inclusive of interest charged being repaid upon the sale of the property. Usually the interest can be rolled up into the loan, so there are no monthly payments.

Generally, lenders will lend you up to 60% to 70% of GRV (gross realisation value) and look for minimum 20% of profit margin.

Lender would also like to see following things before investing in any development funding.

  • Feasibility report
  • Location and type of the proposed development
  • What profit returns can project earn (minimum 20% profit margin)

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Commercial Loan

It is a type of loan which is taken by business or an individual for business purpose. The sole reason of loan is to fund commercial operation to develop business and expansion.

Different kind of commercial loans available are business overdraft facility, chattel mortgage, equipment & leasing finance, line of credit, business term loan, commercial property loan.

Commercial loans are commonly used to purchase or refinance existing commercial property. It involves paying GST which is 10% of property value and increase cost of purchase. When purchasing commercial property, lenders generally require 70%-80% deposit depending on the value of property.

When compared to residential lending, Income verification is less strict due to lesser legislative restrictions. Income verification can be done as

  • Full doc where you provide 2 years tax returns and financial statements
  • Low doc where you only need to supply BAS or letter from accountants or business bank statements
  • Some lenders can also use the forecasted financials which will include your P & L and expected future growth

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      Westpac

      $2,000 Refinance Cashback: For new refinance applications received between 23 September 2019 to 30 September 2020 and settled by 30 November 2020.

      Eligibility

      • Offer current as at 23 September 2019.
      • Offer available on the Premier Advantage Package and Flexi First Option Home Loans for Owner Occupier with Principal and Interest repayments and all Investment Loans.
      • Offer may be varied or withdrawn at any time.
      • $250k min loan per property refinanced.
      • Only 1 cashback per property refinance will be paid regardless of the number of loans involved.
      • Excludes Portfolio Loans, switches and refinances of home loans within the Westpac Group which include St.George, Westpac, Bank of Melbourne, BankSA and RAMS.
      • Offer not available for Owner Occupier Interest Only loans or residential lending originated under family or company trusts.
      • Applicants must have a Westpac Choice transaction account linked to the home loan at the time of settlement and must keep this account open for 60 days after settlement.
      • The cashback will be automatically deposited into this account within 60 days after settlement.

      Owner Occupied Loan

      Offering a Refinance Cashback of $2,000 to customers who refinance their home loan from another financial institution to St George. Excludes Portfolio Loans, switches, and refinances of home loans within the Westpac Group which include Westpac, Bank of Melbourne, BankSA and RAMS.

      For new refinance applications received between 1 April 2020 to 30 September 2020 and settle by 30 November 2020. This offer is not available for Bridging Loans.

      Eligibility

      • Credit criteria, fees and charges apply. Terms and conditions available at St.George
      • Offer available on the Advantage Package and Basic Home Loans for Owner Occupier with Principal and Interest repayments and Investment Loans.
      • Offer current as at 1 April 2020.
      • Offer may be varied or withdrawn at any time.
      • $250k min loan per property refinanced.
      • Only 1 cashback per property refinance will be paid regardless of the number of loans involved.
      • Offer not available for Owner Occupier Interest Only loans or residential lending originated under family or company trusts.

      Criteria

      • The cashbacks will be paid into a St.George transaction account within 60 days of settlement.
      •  The transaction account must be linked to the home loan at the time of settlement and kept open for 60 days after settlement.
      • Tax consequences may arise from this promotion for investors and customers should seek independent advice on any taxation matters.

      Notes

      • St George do have an online ONLY offer of $3,000 cash back for the first refinance Application.  Please note, this can be approved through BDM.

      First Home Buyer Lenders Mortgage Insurance (LMI) Offer5

      Offer details

      • For eligible first home buyers with a Loan to Value Ratio (LVR7) up to 85%, the LMI will be reduced to only $1.00.
      • This offer is not an LMI waiver and clients will be charged $1.00 for LMI which will be reflected in their Loan Offer Documents.
      • The offer is available on eligible home loan applications submitted from Monday 13 July 2020 and can be withdrawn or varied at any time.
      • Clients must adhere to LMI obligations during the loan agreement. The LMI factsheet will also be issued to the customer along with the other Loan Offer Documents.
      • Clients are not required to be receiving the First Home Owner Grant to be eligible for the First Home Buyer LMI Offer.
      • First Home Buyer Flag must be selected within Apply Online and notes section to include instructions to apply First Home Buyer LMI Offer. For more information, refer to the training pack on the secure portal.
      • Available with the Basic Home Loan and the Advantage Package6 Home Loan, both Fixed and Variable rate ($395 annual package fee applies).

      Eligibility criteria:

      • Applications must be for a first home loan for a first property (for joint applications, only one applicant must be a first home buyer).
      • Loans with an LVR7 up to 85% at the time of formal approval.
      • Owner Occupier with Principal and Interest repayments only.
      • Maximum loan size of $850,000.
      • Only one property to be financed per application.
      • Available for applications submitted from Monday 13 July 2020.

      Loans not eligible:

      • Owner Occupier with Interest Only repayments.
      • All Residential Investment Home Loans.
      • Portfolio Loans.
      • Construction Loans.
      • Offer not available in conjunction with the Family Pledge option.
      • Residential lending originated under family or company trusts.
      • Switches and internal refinances of home loans within the Westpac Group which include St. George, Bank of Melbourne, Westpac, BankSA and RAMS.

      Suncorp

      Offering a Refinance Cashback of $2,000 ($250k - $749k ) and $3000 ($750k+) to customers who refinance their home loan from another financial institution to Suncorp.

      Applications must be submitted before Wednesday 30 September, 2020, with loans funded by Tuesday 29 December, 2020. Minimum refinance amount $250,000. This offer is not available for Bridging Loans.

      Eligibility

      • Owner Occupied Home Loans; and
      • All Investment Home Loans; and
      • All Lines of Credit.

      Criteria

      • To be eligible, the approved loan/s must satisfy the following
      • Regulated Retail Home Lending
      • Minimum new home loan amount of $250,000, with the purpose of Refinance from an external financial institution
      • Application fully received before the 30th of September 2020
      • Settlement on or before the 29th of December 2020
      • Standard Variable, Back to Basics Variable and Fixed Rate Home Loans
      • Loan to Value Ratio (“LVR”) including Lenders Mortgage Insurance (“LMI”) is less than or equal to 90%

      Note

      • Personal/Owner Occupied & Investment lending
      • Principal and Interest or Interest Only
        • Annual Fee Offers

          • Home Package Plus: 1 x Annual Package Fee Waiver
            • Waivered for the first year – save $375. The first annual package fee is waived for new Home Package Plus customers only with new lending of at least $150,000.
          • Home Package Plus for first Home Buyers: Ongoing Annual Fee Waiver
            • For First Home Buyers, we’ll refund the $375 annual Home Package Plus fee for the life of the loan saving you up to $11,250 over a 30 year term. Applicable for Owner Occupier First Home Buyers who have never previously purchased a property. An eligible home loan has minimum new home lending in the Home Package Plus of $150,000 or more
            • Refinance Cash Bonus Offer (1) – how much is the customer eligible for?

              • >= $250,000 will receive $2,000, or
              • $750,000+ will receive $3,000

              Frontline Extra Cash Bonus Offer (2) – for eligible occupations

              • >= $250,000 will receive a total of $3,000 or;
              • $750,000+ will receive a total of $4,000

      ANZ

      Effective 1 June 2020, ANZ home loans eligible customers who are refinancing $150,000 or more from another lender (which may include some additional new lending), a cashback amount of upto $3,000 will be available. See below for details

      Eligibility criteria

      • Loan amount refinanced: at least $150,000 but less than $250,000 - $1,200 cashback
      • Loan amount refinanced $250,000 or more - $3,000 cashback

      Dates:

      • Loan applications must be submitted by 23 November 2020
      • Loans must be drawn down by 22 January 2021

      Eligible home loans

      • ANZ Standard Variable Rate Loan;
      • ANZ Fixed Rate Loan;
      • ANZ Simplicity PLUS Loan;
      • ANZ loan product which permits a borrower to draw down credit progressively for the purchase and/or construction of a property or a home;
      • ANZ bridging loan;

      Exclusions

      • Equity Manager
      • Other lines of Credit
      • Non-Credit Critical (NCC) Applications
      • Internal ANZ Refinances (e.g. New Loan containing the same borrower(s))
      • Credit Cards and Personal Loans

      Conditions

      • Must include an OFI Home/Residential Investment Loan
      • 1 cash back offer per customer within any 12-month period
      • This switching cashback offer is not available in conjunction with any other advertised switching offers (but is available in conjunction with any special interest rates discounts available to the customer)
      • Cash back account: Must be an ANZ Transaction Account (cannot be OFI/Cheque)

      Note

      Important note: ANZ's home loans switching cashback discretion can be varied by ANZ from time to time and may be withdrawn at any time.

      First home buyer conveyancing rebate

      Up to $1,000 rebate for eligible first home buyers (including recipients of State or Territory government first home buyer concessions) with home loans over $250,000.

      Apply by 30 September 2020 and draw down by 31 December 2020. Eligibility criteria and T&Cs apply.

      Eligibility

      • Offer is only available to eligible First Home Buyers (including recipients of a government First Home Owner Grant and/or first home buyer stamp duty concession and apply for an eligible ANZ loan [refer to www.firsthome.gov.au for eligibility details of the State or Territory government First Home Owner Grants and stamp duty concessions.]).
      • Offer available only on application and is limited to one rebate of up to $1,000 per single property purchase for eligible First Home Buyers who take out an eligible ANZ Loan for an owner occupier purpose.

      Other Conditions

      • To enable reimbursement of conveyancing fees, you must hold an ANZ Access Advantage or ANZ One account at draw down.
      • Offer is not available in conjunction with or in addition to any other offer, discount or benefit unless specifically advised by ANZ in writing.
      • Offer may be altered or withdrawn by ANZ at any time.
      • For full terms and conditions of the offer, contact any ANZ branch or ANZ Mobile Lender.
      • All applications for credit are subject to ANZ’s credit approval criteria.
      • Terms and conditions apply and are available on application.
      • Fees and charges and eligibility criteria apply.

      BOQ

      Cashback Offer for customers refinancing their existing lending to BOQ, meaning eligible customers will be able to take advantage of the $2,500 cashback.

      The end date for applications to be received is Saturday, 26 September 2020, with loans required to settle by Saturday, 12 December 2020.

      Eligibility

      • Personal customers taking out a new home loan with BOQ
      • The loan is refinanced to BOQ from another financial institution (excluding Virgin Money and BOQ Specialist)
      • Applications need to be submitted through ApplyOnline (and supporting documents received) on or after Wednesday, 17 June 2020 and on or before Saturday, 26 September 2020
      • Loans must settle prior to Saturday, 12 December 2020
      • Minimum new lending of at least $250,000 with maximum LVR of 70%
      • Lending must be flagged with refinance purpose on the loan application.

      All customers will be paid the cashback, provided the lending meets the eligibility criteria outlined above. Provided customers have opened a BOQ transaction account the cashback will be paid to the account within 30 days of the loan settlement.

      Note

      Special limited time $2,500 cashback offer only available for new refinance applications received between 17 June 2020 and 26 September 2020 (inclusive) and that settle by 12 December 2020. This offer is open to Australian residents aged 18 and over who are personal customers taking out a new home loan with BOQ, refinanced from another financial institution. Offer available on BOQ’s Clear Path, Economy, Intro Rate, or Fixed Rate home loan products only. Minimum total new lending of at least $250,000. Maximum loan-to-value ratio (LVR) of 70%. Not available for the refinance, restructure or switches of home loans within BOQ Group, which includes BOQ, Virgin Money (Australia) and BOQ Specialist. An applicant will be eligible for a maximum of one cashback payment during the offer period, regardless of the number of loan applications they are party to, provided the total amount drawn at settlement across all loans is at least $250,000

      CBA

      Offering a Refinance Cashback of $2,000 to customers who refinance their home loan from another financial institution to CommBank.

      Applications must be submitted before Saturday 31 October 2020, with loans funded by Thursday 31 December 2020. Minimum refinance amount $250,000. This offer is not available for Bridging Loans.

      Eligibility

      • Owner Occupied Home Loans; and
      • All Investment Home Loans; and
      • All Lines of Credit.

      Criteria

      • Owner Occupied Interest Only are eligible if funded on or from 7 April 2020.
      • Customers must refinance their eligible Home/Investment Home Loan from an OFI.
      • The refinance amount from the OFI must be $250,000 or more. New money and Top Up applications are not included in the $250,000.
      • Refinancing of an existing CommBank or Bankwest Home/ Investment Home Loan is not eligible for this offer.
      • Limit of one $2,000 cashback payment per borrowing entity and per customer over a 12-month period.
      • We will credit the $2,000 cashback amount only to a CommBank Transaction Account within two weeks of loan funding.
      • We will not combine the $2,000 cashback offer with our MAV fee waiver.

      Note

      • This offer is not available for Bridging Loans.
      • We reserve the right to terminate the offer at any time.