FAQS
Buying a home or refinancing can feel overwhelming — especially when you’re faced with unfamiliar lending terms, bank policies, and big financial decisions. That’s exactly why I’ve created this FAQ page.
Here you’ll find clear, straightforward answers to the most common questions I’m asked about home loans, refinancing, investment lending, and working with a mortgage broker. From first home buyer basics to more complex scenarios like upgrading, investing, or structuring loans smartly for the future, this page is designed to help you feel informed and confident at every stage of your journey.
If you don’t see your question answered here, or if your situation is a little more nuanced (and most are!), I’m always happy to chat. Every borrower’s circumstances are different, and personalised advice can make all the difference.
Think of this page as your starting point — and me as your guide through the lending process.
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What does a mortgage broker do?
A mortgage broker helps you find, compare, and secure a home loan that suits your financial situation and long-term goals. Instead of dealing with just one bank, a mortgage broker works with multiple lenders, giving you access to a broader range of loan options. Your broker acts as your guide through the entire lending process, including: Assessing your income, expenses, and borrowing capacity Comparing home loan products from a wide panel of lenders Recommending a loan structure that suits your goals (first home, upgrading, refinancing, or investing) Preparing and submitting your loan application Liaising with lenders, solicitors, and other parties throughout the approval process Supporting you right through to settlement — and beyond Mortgage brokers also help navigate lender policies, explain lending terms in plain English, and identify options you may not be aware of by going directly to a bank. If you’d like to understand your borrowing options or want someone to compare lenders on your behalf, a quick conversation can point you in the right direction.
How much does it cost to use a mortgage broker?
In most cases, there is no direct cost to you to use a mortgage broker. Mortgage brokers in Australia are typically paid a commission by the lender you choose, once your home loan settles. This commission is built into the loan pricing and does not increase your interest rate or loan repayments compared to going directly to a bank. There are two main types of commission a broker may receive: Upfront commission – a one-off payment paid by the lender when your loan settles Trail commission – a small ongoing payment paid over time while your loan remains in place Both types of commission are fully disclosed to you before you proceed, so there are no surprises. In some more complex scenarios — such as SMSF lending, commercial loans, or unusually complex structures — a broker may charge a professional fee. If this applies, it will always be discussed with you upfront so you can make an informed decision. The value of using a mortgage broker isn’t just in the cost — it’s in the access to multiple lenders, tailored loan structures, and ongoing support, including future reviews to ensure your loan continues to suit your needs. Happy to explain exactly how brokers are paid and what that means for your loan — just ask.
How much deposit do I need to buy a home?
Most lenders prefer a deposit of around 20 percent, however there are many options available with as little as 2 percent if you meet certain criteria. Factors like your income, savings history and the type of property all play a role. Kira can walk you through your options and help you choose the pathway that suits your budget and goals.
Can I refinance even if my current interest rate is fixed?
Yes, you can. Refinancing a fixed-rate loan may involve break costs, and the amount varies depending on how much time is left on your fixed term. Kira compares the savings versus the fees to help you decide whether refinancing now or later works best for your financial situation.
I am a first homebuyer. Am I eligible for any government grants or schemes?
As a first home buyer, you may be eligible for government grants, concessions, or support schemes, depending on your state or territory, the type of property you’re buying, and your individual circumstances. Each Australian state and territory offers different first home buyer grants and schemes, with varying eligibility criteria, property price caps, and rules around whether the home must be new, existing, or owner-occupied. Common support options can include: - First Home Owner Grant (FHOG) – usually available for eligible buyers purchasing or building a new home - Stamp duty concessions or exemptions – which can significantly reduce upfront costs - Low-deposit schemes – such as government-backed guarantees that allow eligible buyers to purchase with a smaller deposit - Shared equity or regional buyer schemes – available in some states for qualifying applicants Eligibility is often affected by factors such as: - Property value and location - Whether the home is new or established - Your income and residency status - Whether you’ve owned property before Because grants and schemes change regularly and differ between states and territories, it’s important to check what applies to your location and purchase plans before you commit. If you’d like help understanding which first home buyer grants or schemes you may qualify for — and how they can work alongside your home loan — I’m happy to walk you through your options.