More Queries?

Additional FAQs
Finance Avenue

Asset finance is usually set over a period of one year through to seven years.

A residual amount (sometimes referred to as a balloon payment) is a one-off payment at the end of the loan term. This is factored into the total cost of your loan at the beginning of the term.

In almost all scenarios you are not required to pay a fee for our services. Instead, we’re paid a commission by the lender you choose through.

There are many grants that are available for those wanting a home loan and the options differ from state to state. To find out what grants you are eligible for, get in touch.

Some of the costs you’d expect to pay include discharge, application and settlement fees so you need to be sure the long term savings outweigh the upfront cost. To find out how much you can save by refinancing your loan, give us a call.

Typically lenders ask for 20% of the total house price before they’ll consider giving you a loan but there are a number of ways around this. Some lenders will accept a smaller deposit but it’s likely that you’ll need to pay Lenders Mortgage Insurance (LMI). There might also be grants that you can take advantage of. Get in touch to chat about your options.

Of course! Borrowing capacity refers to how much you can borrow from a lender. To get an estimate of your borrowing capacity go to our calculator: How much can I borrow? If you want to get an in depth review of your borrowing capacity, get in touch today.

There are several fees that often aren’t discussed in length when buying a property. These include stamp duty, application fees, pest and building inspections and more. Get in touch with a broker today for an up-front conversation about all the hidden fees.

Equity is the price of your home subtracted by the amount you still owe the bank. For example, if your price is worth $700,000, and you have $350,000 to pay off on your loan, your equity is $350,000 ($700,000 - $350,000).

A grant is a non-repayable fund given by a particular party, often a nonprofit organization or government institution.

There are benefits to both renting or buying a home. Renting offers flexibility to relocate and frees up your savings. Buying provides stability and equity. A broker can help navigate this decision with you by looking at your financial situation and dreams for the future.

Timing will pay a big part in this decision and there are pros and cons either way. It's best to get advice from a professional. Get in touch to chat about your options.

A deposit bond is a document that promises the seller that the deposit will be exchanged during settlement rather than the contract exchange. A company will cover the deposit cost, leaving the buyer to pay back the company, generally when their property has sold. This is a good alternative to a short-term credit.

A redraw facility is attached to your home loan and acts as a place for you to store your savings you're planning to use to pay off your mortgage. The benefit? It has the ability to save you interest on your home loan.

It depends on several factors, including your current income and the amount you have saved. To get an estimated result you can use our borrowing power calculator or give us a call.

Genuine savings are funds that you have saved over a certain period of time (typically 3 months) as opposed to money that has been gifted to you.

An offset account is a transaction account linked to your home loan where you are free to make deposits or withdrawals at any time. There can be benefits to holding money in that account as it might help reduce the amount of interest charged on your loan. Give us a call to chat through any questions.

A residual amount (sometimes referred to as a balloon payment) is a one-off payment at the end of the loan term. This is factored into the total cost of your loan at the beginning of the term.

Each interest rate depends on loan type, repayment plan and several other factors. This means a good interest rate for you may not be a good interest rate for someone else. Speak with a broker to find out which loan type, repayment plan and lender will give you a competitive interest rate for your needs.

As the name suggests, you only pay the interest on the principal balance for a set term, with the principal balance unchanged.

A bank will offer you their product; whether that is fitted to your needs or not. A broker (like me) will scour the market, comparing various products from many banks or lenders to find the right loan for you. With Best Interest Duty (BID) brokers have to work in your best interest. There is no similar requirement for banks. Check out more benefits of using a broker here.

A bridging loan helps you purchase a new home whilst you wait for a buyer to purchase your current one. The loan works by covering the cost of your new property with the idea that this debt will be paid off when your old property sells.

A mortgage broker (like me) helps borrowers (like you) find a loan that is well suited to their needs. Mortgage brokers have access to a range of products and lenders, giving their clients more choice than going directly to a bank or lender. They also work with borrowers throughout the duration of their loan, to help them save money in the long term as the market and personal situations change.

LMI protects your lender if you can’t pay your loan. It’s an additional fee and is only applicable if your loan poses a higher risk to the bank – typically when borrowing more than 80% of the purchase price.

A conditional pre-approval is an indication from a lender that you’re eligible to apply for a home loan up to a certain limit. It is important to be aware you’re under no obligation to take the loan, and the lender has no obligation to lend you that amount. Depending on the lender, further conditions will have to be met including verification of the information you have provided and confirmation on the suitability of the property prior to formal approval being issued.

Stamp duty is a state government tax (including transfer and mortgage duty, mortgage registration and transfer fees) on your property. How much you have to shell out depends on which state you live in and the price of your property. Use our stamp duty calculator to find out an estimate of how much it would cost and get in touch with any questions.

Generally you have two options for switching your current loan. You can refinance with the same lender (or a new lender) or pay out the existing loan and take out a new one with your new property. We can help you determine what you can afford and which option may be right for you.

With over 60 lenders, you and I are spoiled for choice. I narrow my search down through talking to you about your wants and needs. I will show you your options, listing the pros and cons of each loan and ultimately we will come to a decision together.

Whilst they both have the ability to save interest on your home loan the key difference lies in their flexibility. An offset account allows you to withdraw money at ATMs and set up a debit card for your own use. A redraw facility acts as a storage unit for your savings meaning you can’t access your money with as much ease.

Typically, variable rate home loans offer flexibility as the interest rate you pay will fluctuate with the market. Fixed rate loans offer predictability as the interest rate will be locked for an agreed amount of time. Our brokers can explain the pros and cons of each. Give us a call.

Frequently Asked Questions

Other Loan Types

Have questions? We’ve got answers! Find clarity with our comprehensive FAQ section designed to guide you through every step.

Personal loans can be used for almost anything. The two most purposes are for paying down existing debt at a lower rate, also known as refinancing or credit card consolidation, or for making a purchase when you don’t have the money currently available. Examples include refinancing credit card debt, financing home improvements, buying a car, financing your wedding or paying for a funeral.

It’s always good to go through a pre-approval process so you know where you stand. Getting a pre-approval costs nothing.

A secured car loan usually means that your car will be the security for the loan. For example, if you don’t pay the loan repayments in time, the lender could step in and repossess your car.


An unsecured loan on the other hand means that you don’t need to provide your car as security. In saying that, the interest rate could be increased and your borrow capacity could then decrease.

When you purchase a new car there are more costs to be aware of than the car loan itself, this includes stamp duty, registration, car insurance and running costs. I can help you weigh up how much your new car will cost and explore ways to bring these costs down.

Refinancing your mortgage means swapping out your current loan with a new loan from a different lender. In essence, you pay off your old mortgage with the new one. Generally this is done to secure a lower interest rate or different loan features that weren’t available with the original loan.

Negative gearing is where the expenses of an investment property is more than its earnings. Expenses include loan interest and repayment and maintenance costs. The earnings of a property is typically rent. Positive gearing is when these earnings are more than the expenses, resulting in a net profit.

Absolutely! You can use your existing home to buy your investment without needing to dive into your savings. This equity can be used for various different reasons, such as a deposit, bonds, renovations or to take out a line of credit.

It depends. Ask yourself, can I afford it? What do I want from an investment property? What are my long and short term goals? Property investment is a popular way to grow wealth but it needs to be well thought out. It is also important to chat with your financial planner or accountant to make sure this is the right step for you.

Words like ‘negative-gearing’ and ‘cash flow strategy’ are often thrown around. If you’ve made the decision to invest, the next question should be 'what strategy'? Your choice should depend on several factors, the most common being the length of time you plan on having the investment property, how much capital you're willing to initially put down on the property and what are your other financial goals? We can help - give us a call.

The ideal loan should maximise your goals for cash-flow and capital growth. One of the first considerations for your loan is will it have a fixed or variable interest rate? Different lenders also play a part as they all offer different loan options. Talking to a broker about finding the right loan with the right features could save you both time and money.

Once you’ve selected a loan product, a formal pre-approval is the next critical step in purchasing an investment property. Pre-approval is when a lender approves a maximum amount to lend you based on a full assessment of your financial situation and the type of investment you’re making.

More Queries?

Why use a mortgage broker?

There are a wide range of mortgage products out there and it can be confusing to try and compare them all. A Mortgage Broker will help navigate through the options by explaining the differences between products and help the borrower choose a loan that suits their specific needs. Once a product is chosen, a Mortgage Broker will make sure things happen on time and the borrower is fully informed every step of the way.

How much do I need to save for a deposit?

A First Home Buyer needs to save at least a 5% deposit* but, the more that is contributed now, the less interest is charged in the long run and the lower the repayments. If the deposit is less than 20% + the stamp duties, lenders mortgage insurance may apply (explained further down the page). If you are purchasing a subsequent home or refinancing, it is likely you will have more equity so we recommend you put down at least 20% + the costs.

What is a pre-approval?

A pre-approval is confirmation from the lender they are happy with the scenario your broker has prepared and submitted, providing their conditions are met. There may be specific conditions requested but there are some that are standard as follows:


  • A satisfactory valuation result
  • Employment check
  • Formal acceptance from the mortgage insurer (if applicable)

A pre-approval usually lasts for 90 days, at which time your broker will be in touch to renew, if you haven’t made a purchase by that time.

Do I need a Conveyancer?

We recommend the use of a Conveyancer because they specialise in property, that is all they do so they can fully focus on your property purchase to ensure the process is smooth. The Conveyancer will perform all the necessary property checks and handle the actual settlement for you.

Can I use the equity in my home as a deposit?

Equity is the difference between the value of the property and any borrowings on that property. It may be possible to use this equity as a deposit or to increase your borrowings. When you buy a property, costs such as establishment fees, solicitor fees and stamp duty add up. Instead of trying to find cash to pay these fees, take them into account in your borrowings.

We don’t live in NSW. Can you still help us?

Our mortgage brokers help people across Australia. We've approved loans for customers in every state, from regional centres to inner-city suburbs. Even overseas investors can rely on us for Australian property loans. While we operate from a single office in Sydney to maintain strong relationships with lenders, we deliver results nationwide.

Can I borrow the stamp duty as well?

Most banks allow borrowing for stamp duty only with a guarantor. Some buyers, like first-time homeowners or those purchasing new properties, may be exempt from stamp duty based on government programs and incentives that vary across states.

I don’t fit standard bank criteria! Can I still get a good interest rate?

Yes! Choosing the right lender with flexible policies is key. Our expertise ensures you get great rates by matching you with the most suitable lender for your situation.

I’ve just moved to Australia and have no credit record here. Can you help?

Absolutely. Lack of credit history in Australia is not an obstacle for us.

I’m self-employed and can’t prove my income. Can you help?

Yes! We offer loan products that don’t require proof of income or an accountant's letter.

Can my application be done via the internet?

Yes. We provide an online application form and communicate via email for additional information and clarifications.

Who sets interest rates?

The Reserve Bank of Australia reviews the cash rate monthly, influencing lenders' rates. Mortgage brokers, like us, work within this framework to find the best deal for you.

How Experienced is the Broker in Helping People in a Similar Situation to You?

Ask your broker about their experience assisting clients with needs similar to yours. Inquire about how long they have been in the industry, their track record, and the relationships they have established with banks. Experienced brokers with strong connections in the banking sector can navigate complex situations, understand the lending criteria of various banks, and reach out to the right people when necessary. Their expertise can make all the difference if your loan requires a tailored approach.

How do I know if I'm eligible for the First Home Owner Grant?

As the funding for this national scheme is administered by the individual States and Territories, eligibility criteria will vary.

To see if you are eligible and to obtain more information about the First Home Owners Grant, please select the State or Territory below in which you intend to purchase your home.

Does the Broker’s company have a good track record?

One of the advantages of working with a broker is that you can establish a close working relationship. Over time they get to know you and your situation – usually hard to achieve when going directly to a large lender. However, this close working relationship is only advantageous if the broker also has similar relationships with the lending institutions. A good broker who works for an established company with a long track record of success adds another layer of assurance that you’re with the right person. Ask questions like:

  1. Do they have experience dealing in mortgages for over 10 years?
  2. Do they have established relationships with a range of lending institutions?
  3. Are they supported by a broker assistant or team to help if things get busy?
  4. Do they have specialists in other finance areas that can benefit you after your current needs are met?

How Can Finance Avenue Help?

Finance Avenue assists you in comparing a wide range of mortgages from various lenders, whether you're buying your first home or refinancing for a better deal. Our brokers can help you determine your borrowing power and find a loan that suits your financial situation. For tailored advice, consult with our professional finance specialists.

What Does a Lender Look at When You Apply for a Loan?

Lenders typically require two consecutive payslips, evidence of funds to complete (e.g., 3 months of bank statements), 100 points of ID, and a matching contract of sale if you've chosen a property. They also evaluate your liabilities to determine the size of the loan you can afford.

Why Do You Need a Solicitor or Conveyancer?

Conveyancing ensures all legalities of property transfer are handled, such as uncovering disputes, verifying land taxes, and ensuring proper title transfer. Professional indemnity insurance protects you against missed issues, whereas a DIY approach leaves you financially exposed to potential legal disputes.

Making Repayments

Reduce your debt faster by making extra repayments, focusing on loans with the highest interest rates. This saves on interest and lowers your long-term financial burden. Note: Fixed-rate loans may have restrictions on extra repayments.

Can I Use the Loan for Business or Investment Use?

Yes, you can use the loan for business or investment purposes, provided the loan is secured by residential property.

Can I Save Money by Reviewing My Mortgage?

If you're paying high interest rates on your mortgage or other loans (e.g., car, personal, credit cards), reviewing your mortgage could help you find debt consolidation or refinancing options that may save you hundreds or even thousands of dollars each month, improving your household cashflow.

Will a Mortgage Review Affect My Credit File?

No, using Finance Avenue to review your mortgage will not affect your credit file. We do not leave a credit inquiry on your file as we are an access seeker. However, if you apply directly with a lender, they may perform a credit check that could impact your credit score.

Is It More Difficult Now with Comprehensive Credit Reporting to Apply for Finance?

Comprehensive Credit Reporting may cause issues for borrowers with poor repayment history, as the report now includes repayment details for the past 2 years. If you have any concerns, a broker can guide you through your options and help you understand how it impacts your application.

How Do I Calculate a Deposit?

When buying a property, you will need a deposit typically between 5% and 10% of the property's value. For example, for a $600,000 property, the deposit would be between $30,000 (5%) and $60,000 (10%). If you only have 5%, you will need to show the bank that this money has been saved over the past 3 months. Exceptions may apply, so contact us for advice based on your situation.

How Do I Buy Property with No Deposit?

If you don’t have a deposit but are financially stable, you may qualify for a guarantor or family pledge loan. A guarantor, usually a family member, takes on the responsibility of repaying a portion of the loan (typically 20%) if you are unable to make payments. These loans carry significant risks for the guarantor, so it’s important to seek advice before proceeding.

Does my credit history matter?

All lenders will base their credit decision on several variables, this always includes your credit score. If you are concerned about what your credit score is you can get a free report from Equifax.

Did you know that credit enquiries will impact on your credit score? Please be very careful when enquiring online for credit card balance transfers, interest free offers, ZipMoney or AfterPay and similar as all of those enquires will impact your credit score.

Will the Bank Do a Valuation Over My Property?

As part of the credit assessment process the bank wants to know that the property you are offering them as security is suitable. Sometimes this means that the bank will pay for an independent valuer to have a look at the property.

A valuation is not always required, and this will depend on the overall strength of the application. As we have been dealing with banks and valuers for years please give us a call about any valuation questions or concerns.

How long does it take to get an approval?

You may obtain a conditional approval within 24 to 48 hours of submitting your completed application. A formal loan approval can take up to a week or it could take a little longer in some circumstances. So the quicker the documentation is received from you, the speedier the application process can be.

I have some unpaid defaults and I have been told to pay them first before applying for a loan. However, I want to pay them off now but do not have enough money to do so. Can you help me consolidate all of my debts without waiting?

Yes! We speak to many people in similar circumstances. We are often able to assist clients who may have defaults, judgements or are behind in their loan repayments (arrears). It is important to note that you will need to have residential property as security for a loan. Please call to speak to a consultant to discuss your individual circumstances and finance requirements.

How do I get a mortgage?

Buying a home is a huge financial commitment – probably one of the most significant purchases you’re ever likely to make. To do this, you’ll need a mortgage.

The process of applying for a mortgage involves lots of parties; from mortgage brokers, to solicitors, to the lenders themselves. The time involved in getting a mortgage very much depends on your circumstances and can take anything from weeks to months. We’d generally recommend allowing yourself 30 to 45 days to complete the process.

To avoid any difficulties, it helps to do your homework and familiarise yourself with the factors that could affect your eligibility for a suitable mortgage deal, which will include:

  • your employment status and salary
  • how long you’ve been employed
  • how much you spend each month (it’s advisable to have a record of your expenditure over the last few months)
  • whether you’ve saved a large enough deposit (lenders normally require a minimum deposit of 5%)
  • if you have any existing debts
  • the strength of your credit rating

Can a Finance Broker refinance my existing home loan to save me money?

If your Home Loan is more than 3 years old, chances are it’s out of date.

The average interest rate on existing home loans verses new (including refinanced) home loans in the last 3 months is currently approximately 0.50% higher – this equates to over $50,000 in interest on a $500,000 mortgage over 30 years.
Reserve Bank of Australia (RBA) https://www.rba.gov.au/chart-pack/interest-rates.html

Refinancing your home loan at a lower rate will reduce the amount of interest you pay. You can use this to reduce your loan repayments or keep your repayments at a higher level to reduce your loan term and save more in interest.

With a network of lenders, Finance Avenue works one-on-one with each individual client to evaluate your specific needs, find lenders that personally suit you and ensure there is competition between lenders for your home loan.

WARNING: This Comparison is based on Average outstanding variable rate (Securitised housing loans) published January 2019 by the RBA of 4.52% and a new loan of 4.00% and is true only for the example given and does not include all fees and charges. Different terms, fees or other loan amounts will result in a different result. This is general advice only and does not take into account your personal needs and financial circumstances.

CAR Loan

Frequently Asked Questions

Have questions?

Still Need Help?

What is a Pre-Approved Car Loan?

A pre-approved loan is one where the application is processed up to the ‘approved’ stage before committing to an actual car purchase. The alternative is to select the car, arrange the deal with the dealer, pay a deposit, and then seek financing. With pre-approval, the exact loan amount may not yet be determined. Applicants can request approval for a specific dollar amount with or without a particular vehicle in mind.

Yes, all loan applications follow the same eligibility criteria. Loans for private vehicles are considered consumer finance, and lenders are required to adhere to the regulations set out by ASIC.

Yes, the interest rate for a pre-approved loan or a loan arranged post-purchase will match the current car loan rate at the time of application.

Absolutely. Finance Avenue conducts the same sourcing and negotiation process for all loans, including pre-approvals. This means we work to find the most competitive options and negotiate favorable terms and conditions on behalf of our clients.

Pre-approval is available across our full range of personal and business vehicle finance options, including:

  • Secured Car Loan
  • Car Loan for Sole Traders
  • Lease
  • Commercial Hire Purchase
  • Novated Car Leasing with Salary Sacrificing

There is no obligation to proceed when requesting pre-approved finance. If you decide not to proceed with the purchase, the loan offer simply expires.

Pre-approved loan offers are valid for a set period, which will be advised at the time of approval. This validity period may vary depending on the lender. Contact our team for specific details before applying.

Once the pre-approved loan period designated by the lender expires, the loan offer is no longer valid. A new application can be submitted if needed.

If the vehicle is available within the valid period of the pre-approved loan, simply contact your Finance Avenue consultant to finalize the loan and coordinate with the dealer for settlement. If it’s beyond the expiry period, we’ll provide you with an updated quote. Assuming your financial details remain the same, the application process can be quickly completed.

If your pre-approved loan expires and a new loan quote is required, the rate at that time will apply. To ensure you qualify for the lowest interest rate possible, keep your credit profile in good order. Regardless of the rate environment, Finance Avenue always strives to secure the best rate for our customers.

Even if the pre-approved loan expires before delivery, there are still benefits. A pre-approved loan lets you know what you can afford. You can use the pre-approval to place a deposit on a future shipment, potentially locking in the current advertised price.
For those uncertain about their credit rating, pre-approval provides insights into how much you may be approved to borrow and what the repayments will look like.

Car loan calculators provide rough repayment estimates and help form ideas around your loan structure. However, calculators are general tools and don’t account for the specifics of individual loan applications, so results may vary from those in a formal quote.
We hope this information is helpful, and we invite you to contact us to discuss pre-approved car finance.
For pre-approved motor vehicle finance, call Finance Avenue at 1300 669 396 or apply online.
DISCLAIMER: This information is provided as general guidance for car buyers and those seeking finance. It is not intended as comprehensive financial advice. We encourage anyone seeking advice specific to their situation to consult with a financial advisor.

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