How much can I afford to borrow?

As a rough guide, your should aim to save 20% of the purchase price, plus enough to cover costs. If you borrow more than 80% of the purchase price, you may have to pay lenders' mortgage insurance (LMI). This is an insurance that protects the credit provider from the borrower(s) not being able to repay the loan.Ask you Collins Mortgage Broker about other options for financing your loan such as a guarantors loan or borrowing money with family and friends.

I am a first time borrower

You may be eligible for a one-off payment through the Australian Government's First Home Owner Grant scheme. There are some restrictions to eligibility, such as you must live in the property for a period of time and you must be over 18 years of age and a permanent resident or Australian citizen.

There are a raft of new incentives for first home buyers, including stamp duty relief and new home loan grants across Victoria and NSW. Learn More

Should I obtain a pre-approval?

Securing a pre-approval with Collins Home Loans is a good idea as it will give you the confidence  to borrow - as you will know your spending limit. It will also demonstrate that you are a serious buyer - that you have done your homework and are ready to proceed with a purchase. Learn More

What type of loan is right for me?

Start by asking your mortgage broker to explain the key facts for each loan you are considering, and compare interest rates and fees. A simple comparison chart will the best place to start. You can then discuss which features will be right for you. Typically, the interest rate on a 'no-frills' loan will be lower than on one that offers more features. Discussing this upfront with your mortgage broker will ensure you are not paying extra for things you don't need.

What can I expect at my first meeting with a mortgage broker?

It’s good to be prepared when you see a mortgage broker for the first time, so plan to bring along the following documentation. It’s also your chance to ask any questions you may have about home loans and home buying. The more prepared you are, the quicker things will move along for you.  

When you first meet with your mortgage broker, it is a good idea to prepare the following information, so things will move along quickly.

ID -It is a good idea to bring along your ID and copies that you can leave with the broker - like your passport, driver's licence or proof of age card.

Income -Next up, a broker will need to see evidence of your income. If you are employed, then you will need to provide your latest two consecutive, computer-generated payslips, or ask your employer to provide a letter of employment stating your salary.If you are self-employed, you will need to provide your last two years of tax returns plus tax assessment notices. Loans.

Evidence of savings -Lenders like to see evidence of savings over six months. If you are receiving a gift to make up your deposit,  you'll need to bring along a Statutory Declaration from the person/s making the gift.

Assets and Liabilities -Lenders need to to know that you can manage your loan repayments and so need a full list of any debts you may have including personal or car loans plus credit card or store card statements. These will be balanced against your assets and how much equity you hold against any asset you own.  Don’t panic if your debts add up, as there are many options we can consider.

Property details -And finally, if you have already identified a property to buy, bring along a copy of the contract of sale. If you're building a new home, you will need a building contract or plans approved by council. If you are planning to refinance your current home, include a rates notice or a valuation if you have one.That will be enough to enable your mortgage broker to make some general assumptions about your situation. There will likely to be questions along the way from the lender but we'll keep you informed at every stage.

What is the difference between variable and fixed rates?

Click here for a comparison of all the different loan types available, including their pros and cons.

Why use a Collins Home Loans broker?

With over 24 years experience in the mortgage business,  Collins Home Loans has helped helped thousands of Australians reach their financial goals by securing great quality home loans though its accredited lenders, who compare 30 lenders and hundreds of  products.

  • Experienced - over 24 years in the industry.

  • Ethical and professional service.

  • Flexible loan solutions.

  • We take the time to listen to your needs.

What are the upfront costs of buying a home?

There are a number of upfront costs to consider when you buy a home -  the most significant being a deposit. Other costs include:

  • Stamp Duty, which differs in each state ( you can calculate your stamp duty here).
  • Legal and conveyancing fees
  • Property valuation
  • Application Fee.

For more details on the costs associated with buying a home, contact us here. 

How do Mortgage Brokers get paid?

As mortgage brokers, we charge a fee for our service, a small proportion is paid by you, the borrower and the remainder is paid for by the lender. The fee is a small percentage of the loan amount and will vary depending on the lender as well as the volume of the transactions but as a general rule these are between 0.4% - 0.6% of the loan value.

Why use a mortgage broker instead of going straight to a bank?

While banks can help you secure a home loan, there are differences between the services they offer and a mortgage broker. A mortgage broker will be working for YOU at all times and will help you navigate the home loan market to ensure you get the best deal. They will know the subtleties of lenders' credit policies, and will be able to direct you to lenders best suited to your circumstances.

A mortgage broker will also guide you through the whole process, whereas with a bank, you are likely to be moved around to different departments and consultants.

A Broker can often obtain a better deal from your existing bank as they are well practiced in finding and negotiating  the best deals.

How many lenders on your panel?

Collins Home Loans is accredited with over 30 lenders including credit unions, small banks and major banks. Of this 30 lenders, we deal mainly with 6-8 lenders including Columbus Capital,  Adelaide Bank, RESIMAC, ANZ, Bank of Melbourne. Liberty, CBA and Westpac.

Learn More

What type of information will I need to apply for a home loan?

When you first meet with your mortgage broker, it is a good idea to prepare the following information, so things will move along quickly.

ID -It is a good idea to bring along your ID and copies that you can leave with the broker - like your passport, driver's licence or proof of age card.

Income -Next up, a broker will need to see evidence of your income. If you are employed, then you will need to provide your latest two consecutive, computer-generated payslips, or ask your employer to provide a letter of employment stating your salary.If you are self-employed, you will need to provide your last two years of tax returns plus tax assessment notices. Loans.

Evidence of savings -Lenders like to see evidence of savings over six months. If you are receiving a gift to make up your deposit,  you'll need to bring along a Statutory Declaration from the person/s making the gift.

Assets and Liabilities -Lenders need to to know that you can manage your loan repayments and so need a full list of any debts you may have including personal or car loans plus credit card or store card statements. These will be balanced against your assets and how much equity you hold against any asset you own.  Don’t panic if your debts add up, as there are many options we can consider.

Property details -And finally, if you have already identified a property to buy, bring along a copy of the contract of sale. If you're building a new home, you will need a building contract or plans approved by council. If you are planning to refinance your current home, include a rates notice or a valuation if you have one.That will be enough to enable your mortgage broker to make some general assumptions about your situation. There will likely to be questions along the way from the lender but we'll keep you informed at every stage.

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