Refinancing

If your initial loan application is declined, this doesn't mean your home ownership dreams are over. As experienced mortgage brokers, we work with multiple lenders who each have different lending criteria and risk appetites. We'll review the reasons for the decline and assess whether your application might be more suitable with a different lender. Sometimes, we may recommend waiting a short period to improve certain aspects of your financial position, such as increasing your savings or addressing credit report issues. We'll provide you with clear guidance on steps you can take to strengthen future applications and continue working with you towards achieving your home ownership goals.

Our relationship with clients extends well beyond loan settlement. We provide ongoing support throughout the life of your mortgage, including annual reviews to ensure your loan remains suitable for your changing circumstances. We can assist with refinancing if better options become available or if your situation changes. If you experience financial difficulties, we can help you communicate with your lender and explore available solutions. We're also available to help with future property purchases or investment opportunities. Many of our clients return to us when they're ready to upgrade their homes or expand their property portfolios, and we're always happy to provide guidance and support for your evolving financial needs.

Pre-approval is a conditional assessment based on the financial information you provide, giving you an estimate of how much you might be able to borrow. It's useful for understanding your budget when house hunting and shows sellers that you're a serious buyer. However, pre-approval is subject to property valuation and final verification of your circumstances. Formal approval occurs after you've found a property and the lender has assessed both your finances and the specific property you wish to purchase. This includes a professional valuation of the property and final checks of your employment and financial status. Formal approval is what you need to proceed to settlement.

The choice between fixed and variable rates depends on your personal financial situation and risk tolerance. Variable rates can fluctuate with market conditions, which means your repayments may increase or decrease over time. Fixed rates provide certainty by locking in your rate for a specific period, usually one to five years, making budgeting more predictable. Some borrowers choose a combination of both through a split loan arrangement. We'll discuss your financial goals, risk appetite, and current circumstances to help you understand the implications of each option. This decision should align with your overall financial strategy and comfort level with potential repayment changes.

The timeline for home loan approval can vary significantly depending on several factors, including the lender's current workload, the complexity of your application, and how quickly you can provide required documentation. Generally, you can expect the process to take anywhere from two to six weeks from application submission to formal approval. Pre-approval, which gives you an indication of your borrowing capacity, is usually quicker and can often be obtained within a few days to two weeks. We work closely with our lending partners to ensure your application progresses efficiently and keep you informed throughout the process. Having your documentation well-prepared can help reduce processing times.

A mortgage broker acts as an intermediary between you and potential lenders, working on your behalf to find suitable home loan options. At Mobile Mortgage Solutions, we specialise in helping first home buyers understand their borrowing capacity and connect with lenders who match their financial situation. We handle the paperwork, communicate with lenders, and guide you through each step of the application process. Our role is to save you time by researching multiple loan products from various banks and non-bank lenders, rather than you having to approach each institution individually. This service is particularly valuable for first-time buyers who may not be familiar with the lending landscape.

While having a 20% deposit is often recommended, there are options available for first home buyers with smaller deposits. Some lenders will consider applications with deposits as low as 5% of the property's value, though you'll likely need to pay Lenders Mortgage Insurance (LMI). There are also government schemes available to eligible first home buyers that can help reduce the deposit requirement. We'll assess your individual situation and explore all available options, including any government incentives or grants you might be eligible for. The key is ensuring that your overall financial position is strong enough to service the mortgage repayments comfortably.

Lenders Mortgage Insurance (LMI) is a policy that protects the lender if you default on your loan repayments. It's typically required when your deposit is less than 20% of the property's purchase price. The cost of LMI varies based on your deposit size and loan amount - the smaller your deposit, the higher the premium. You can usually add this cost to your loan amount rather than paying it upfront, though this will increase your total loan balance. While LMI adds to your costs, it enables you to purchase a home sooner rather than waiting years to save a full 20% deposit. We'll help you understand these costs and factor them into your overall budget.

The documentation required for your home loan application will depend on your employment type and financial situation. Generally, you'll need recent payslips, tax returns, bank statements, and identification documents. If you're self-employed, you may need additional business financial statements and accountant-prepared documents. We'll provide you with a comprehensive checklist tailored to your specific circumstances and employment situation. Having these documents organised early in the process helps speed up your application. We'll review your documentation before submission to ensure everything is complete and presented in the most favourable way to potential lenders.

Mobile Mortgage Solutions receives compensation directly from the lenders when your home loan settles, which means there are typically no upfront costs for our clients. This commission-based structure allows us to provide our expertise and guidance throughout your home buying journey without requiring payment from you. We believe this arrangement works well for first home buyers who are already managing significant expenses related to purchasing their first property. Our focus remains on finding you a suitable loan that meets your needs, as our success depends on your successful loan settlement. In rare circumstances, where significant time and effort is required to prepare an application, a brokerage fee may be charged. However, this fee will be documented upfront and require your approval before any work is undertaken on your behalf.