Whether you’re buying your first home, refinancing, renovating, upgrading, consolidating debts or investing, getting the right answers early can save time, reduce stress and help you make better decisions.
Below are some of the most common questions we receive from our Melbourne and Victoria borrowers.
If you can’t find the answer you’re looking for, our team is happy to help.
Thinking of buying your first home in the next few years? This is the best time to speak to a Mortgage Broker. They can help you plan out your finances so that when you’re ready to buy you have everything in place to be eligible for a loan.
Many lenders accept deposits starting from 5% of the purchase price, although eligibility requirements apply and additional costs such as stamp duty, legal fees and lender fees should also be considered which means a higher deposit is typically required.
The right deposit amount depends on your financial position, property goals and lender requirements. We can help you understand your options and estimate how much you may be able to borrow.
Borrowing capacity depends on factors including:
Different lenders assess applications differently, which is why borrowing capacity can vary significantly between lenders.
Many borrowers benefit from reviewing their loan every two years.
Reasons to refinance can include:
At Finance for Living, we proactively review customer loans after settlement to ensure they continue to meet changing needs.
A straightforward refinance can often be completed within two to four weeks, although timing varies between lenders and application complexity.
Factors that may influence timing include:
We provide realistic timelines upfront and keep customers informed throughout the process.
Refinancing usually involves a credit assessment, which may result in a credit enquiry being recorded.
For most borrowers, a properly managed refinance has minimal long-term impact. The focus should be on whether the refinance improves your overall financial position.
Yes. It is a fairly simple process commonly known as refinancing… We would recommend that you review your loan every two to four years to assess whether refinancing would be beneficial.
The process is fairly straight-forward if you are on a variable loan. To make it even easier, a lot of the larger banks offer incentives to switch.
If you’re purchasing a property for the first time, investing or taking out a loan… you really need to understand the benefits that fixed or variable interest rates can have.
Many homeowners use available equity to fund renovations such as kitchens, bathrooms, extensions and structural improvements.
The amount available depends on:
We can help determine what may be possible before you commit to renovation plans.
There is no single answer.
The right choice depends on:
We help customers compare the financial implications of both options so they can make informed decisions.
In many cases, yes.
Homeowners may be able to use available equity from their current property to assist with the purchase of an investment property.
The appropriate strategy depends on your financial position, borrowing capacity and long-term goals.
An interest-only loan requires repayments on interest only for an agreed period.
A principal-and-interest loan reduces both the loan balance and interest over time.
Each option has advantages and trade-offs depending on your goals, cash flow and investment strategy.
Many borrowers use debt consolidation to combine:
This may reduce monthly repayments and simplify finances, although the long-term cost should always be considered.
We help customers understand both the benefits and trade-offs before proceeding.
It can, but not always.
The answer depends on:
We assess the total cost over time, not just the monthly repayment difference.
If you’re passionate about the future of our environment you may be pleasantly surprised to know that you can choose a mortgage through a bank that doesn’t invest in or finance investment in fossil fuels.
An ethical home loan is generally provided by a lender that applies responsible banking, environmental or social principles to its operations and investments.
Examples may include:
Yes. Some ethical and customer-owned lenders offer highly competitive rates and features.
However, lender selection should always consider:
Not just interest rates.
A bank can only offer its own products.
A mortgage broker can compare multiple lenders and explain how differences in rates, policies, features and approval pathways may affect your outcome.
This helps borrowers make more informed decisions.
In many standard residential lending scenarios, brokers are paid by the lender after settlement.
If any fees apply to a particular service, we explain them clearly before proceeding.
Best Interests Duty requires mortgage brokers to act in the customer’s best interests when providing credit assistance.
This obligation helps ensure recommendations are based on suitability and customer outcomes rather than lender preference.
You can have your loan reviewed every two to four years, just to see what the interest rate is, how it compares to current products, and you might want to refinance your loan.
Getting the right loan, the right structure of loan, that meets your personal needs is more important than the absolute best rate.
It’s a more tax-effective way of investing your money these days. Rather than earning a low interest in a savings account, you can offset your loan on your mortgage on a much higher interest rate.
We keep in touch regularly and keep an eye out for better options for you. But if you see something in the market of interest, just give us a call.
Yes, compliance is critical and we are governed by the NCCP Act.
We primarily help customers throughout:
We can also assist customers in other locations Australia-wide depending on the lending scenario.
We treat all our customers as if they were my most important customers because to us, they are.
Our relationship doesn’t end at settlement.
Finance for Living follows a structured review process that includes:
These reviews help ensure your loan remains aligned with your goals and continues to provide value over time.
Our office is located at Level 5, 111 Cecil Street South Melbourne, VIC 3205 though these days many of our customers find Facetime or Zoom meetings more convenient.
Yes, we know many excellent like minded professionals who can assist.
Thinking of buying your first home in the next few years? This is the best time to speak to a Mortgage Broker. They can help you plan out your finances so that when you’re ready to buy you have everything in place to be eligible for a loan.
Many lenders accept deposits starting from 5% of the purchase price, although eligibility requirements apply and additional costs such as stamp duty, legal fees and lender fees should also be considered which means a higher deposit is typically required.
The right deposit amount depends on your financial position, property goals and lender requirements. We can help you understand your options and estimate how much you may be able to borrow.
Borrowing capacity depends on factors including:
Different lenders assess applications differently, which is why borrowing capacity can vary significantly between lenders.
Many borrowers benefit from reviewing their loan every two years.
Reasons to refinance can include:
At Finance for Living, we proactively review customer loans after settlement to ensure they continue to meet changing needs.
A straightforward refinance can often be completed within two to four weeks, although timing varies between lenders and application complexity.
Factors that may influence timing include:
We provide realistic timelines upfront and keep customers informed throughout the process.
Refinancing usually involves a credit assessment, which may result in a credit enquiry being recorded.
For most borrowers, a properly managed refinance has minimal long-term impact. The focus should be on whether the refinance improves your overall financial position.
Yes. It is a fairly simple process commonly known as refinancing… We would recommend that you review your loan every two to four years to assess whether refinancing would be beneficial.
The process is fairly straight-forward if you are on a variable loan. To make it even easier, a lot of the larger banks offer incentives to switch.
If you’re purchasing a property for the first time, investing or taking out a loan… you really need to understand the benefits that fixed or variable interest rates can have.
Many homeowners use available equity to fund renovations such as kitchens, bathrooms, extensions and structural improvements.
The amount available depends on:
We can help determine what may be possible before you commit to renovation plans.
There is no single answer.
The right choice depends on:
We help customers compare the financial implications of both options so they can make informed decisions.
In many cases, yes.
Homeowners may be able to use available equity from their current property to assist with the purchase of an investment property.
The appropriate strategy depends on your financial position, borrowing capacity and long-term goals.
An interest-only loan requires repayments on interest only for an agreed period.
A principal-and-interest loan reduces both the loan balance and interest over time.
Each option has advantages and trade-offs depending on your goals, cash flow and investment strategy.
Many borrowers use debt consolidation to combine:
This may reduce monthly repayments and simplify finances, although the long-term cost should always be considered.
We help customers understand both the benefits and trade-offs before proceeding.
It can, but not always.
The answer depends on:
We assess the total cost over time, not just the monthly repayment difference.
If you’re passionate about the future of our environment you may be pleasantly surprised to know that you can choose a mortgage through a bank that doesn’t invest in or finance investment in fossil fuels.
An ethical home loan is generally provided by a lender that applies responsible banking, environmental or social principles to its operations and investments.
Examples may include:
Yes. Some ethical and customer-owned lenders offer highly competitive rates and features.
However, lender selection should always consider:
Not just interest rates.
A bank can only offer its own products.
A mortgage broker can compare multiple lenders and explain how differences in rates, policies, features and approval pathways may affect your outcome.
This helps borrowers make more informed decisions.
In many standard residential lending scenarios, brokers are paid by the lender after settlement.
If any fees apply to a particular service, we explain them clearly before proceeding.
Best Interests Duty requires mortgage brokers to act in the customer’s best interests when providing credit assistance.
This obligation helps ensure recommendations are based on suitability and customer outcomes rather than lender preference.
You can have your loan reviewed every two to four years, just to see what the interest rate is, how it compares to current products, and you might want to refinance your loan.
Getting the right loan, the right structure of loan, that meets your personal needs is more important than the absolute best rate.
It’s a more tax-effective way of investing your money these days. Rather than earning a low interest in a savings account, you can offset your loan on your mortgage on a much higher interest rate.
We keep in touch regularly and keep an eye out for better options for you. But if you see something in the market of interest, just give us a call.
Yes, compliance is critical and we are governed by the NCCP Act.
We primarily help customers throughout:
We can also assist customers in other locations Australia-wide depending on the lending scenario.
We treat all our customers as if they were my most important customers because to us, they are.
Our relationship doesn’t end at settlement.
Finance for Living follows a structured review process that includes:
These reviews help ensure your loan remains aligned with your goals and continues to provide value over time.
Our office is located at Level 5, 111 Cecil Street South Melbourne, VIC 3205 though these days many of our customers find Facetime or Zoom meetings more convenient.
Yes, we know many excellent like minded professionals who can assist.
Every lending scenario is different.
If you’d like personalised guidance on buying your first home, refinancing, upgrading, renovating, investing, reverse mortgages or exploring ethical lending options, we’re happy to help.
