FAQs

The answer is yes! And you should absolutely consider it if you have the means and opportunity. Because display homes are often a great property investment. They’re built to the highest standards and have carefully-maintained landscaping. They’re also guaranteed to be rented for a specific period, too. To top it all off, the tax depreciation is very appealing. One thing to bear in mind is that loans for display homes are a little different with their lease back options and the like. Lots of upsides, but lots to consider too. That’s where we can help you out.

There is no single way to answer that question. There are many approaches, and each one is different. A great starting point is to check your finances and gauge how much you can borrow. This is also a good opportunity to discuss an overall strategy and your appetite for risk. Here at Mortgage Domayne we can discuss the various loan investment options and do all the application heavy lifting for you.

Yes, you can. Equity is a great way for owner-occupiers to branch out and purchase another property – be that a holiday house or for an investment property portfolio. At Pinnacle Mortgage Solutions we can advise you on the most effective way to maximise your existing equity to facilitate another purchase. There’s a bit to consider and understand, but we’ll ensure you have the most suitable loan possible.

Generally speaking, you can use the First Home Owners Grant towards your deposit for your first property. It is usually regarded as a part of your savings. As there are a number of different grants and initiatives, with varying eligibility criteria and cut-offs, we recommend you talk with us about the best approach. We’ll ensure that you maximise the various grants and get into your first home sooner!

It really depends. Even with a bad credit history, there are specialist lenders who might offer you a home loan. So yes, there are options out there. As always, every situation and circumstance is different, so it’s important to talk it through with our brokers. They can help you minimise future bad credit marks, too.

There’s no hard and fast percentage amount. The required deposit depends on your situation and the way that the lender assesses your borrowing limits. With home loans, generally speaking, the lower the deposit, the more likely you’ll need to pay mortgage-based insurance or have additional conditions applied.

Depending on your personal circumstances, there are a number of ways you can consolidate your debt. For example, you might be able to bundle all your debts into your mortgage. As property loans generally have a lower interest, you could save yourself plenty on repayments. Not to mention making your life so much easier with a single monthly repayment. There are a lot of options available – the trick is to devise and implement the optimum strategy for your individual circumstances.

That’s where we can help. We’ll take the time to examine your financial situation, explain everything clearly, then recommend an appropriate debt consolidation strategy. Talk to us today.

This situation often arises when your deposit falls short and you want to avoid paying Lender’s Mortgage Insurance. (Of course, there are other scenarios, but this is what we’re seeing most commonly with first home buyers.) It basically works like this: while the primary security for the loan remains your property, the lender also gets a mortgage over your guarantor’s property. This just supports your guarantor’s obligation to meet the financial needs of the loan if you can’t. Of course, every situation is different, so contact us today to discover how a guarantor loan might work for you.

There is no fixed time you have to wait. But there are a few important things you need to consider. Every time you refinance (change your mortgage), there are associated fees and costs, which vary from lender to lender. The other important consideration is that refinancing may increase the length of the loan or increase the repayments. So, there are lots of variables that need to be considered. We always recommend having a chat with us so the big picture can be taken into account. Only then will you know if it’s a good time to be changing your mortgage.

Basically, if you don’t have a deposit of around 20% you’ll generally have to pay LMI. This essentially safeguards the lender if you can’t make your repayments. Think of it as their safety net. While LMI is often regarded as an extra expense, there are some potential upsides. Most notably, you can get into the property earlier and without saving a sizeable deposit, which might take years. As with everything loan-related, it always pays to have a discussion specific to your circumstances. And that’s where we come in – talk to us today.

An offset account is simply a regular transaction account linked to your loan. The beauty of an offset account is that it can significantly reduce the amount of interest you’ll pay over the life of your loan. This is how it works: the balance (or proportion thereof) of your offset account is ‘offset’ against your home loan balance, and you’re only charged interest on the difference. Here at Pinnacle Mortgage Solutions we can help find you the best offset option and outline a strategy to really help you save on interest.

A redraw facility allows you access any additional loan payments you’ve made on top of the minimum loan repayments. And while those additional payments are parked in your loan, they reduce the interest you pay, much like an offset account does. Importantly, it provides you with a heap of flexibility. You can park money for a rainy day and potentially reduce your interest payments and loan term. Different lenders have different types of redraw, so it’s well worth having a chat with us about making redraw work for you.

Generally speaking, your interest rate will revert to the standard variable rate when your fixed term expires. The key word here is ‘generally’, because this isn’t the case for all loans. So talk to your broker well before your fixed rate term expires to find out exactly what will happen.