Refinance your Loan

Determining readiness for homeownership involves several financial and personal considerations. You'll need a deposit (typically at least 5% of the property value), stable income to service loan repayments, and a good credit history. You should also consider additional costs such as stamp duty, legal fees, building inspections, and ongoing expenses like council rates and maintenance. At Vast Finance and Mortgage Broking, we help first home buyers assess their financial readiness through a comprehensive review of their circumstances. We can also explain government incentives available to first home buyers and help you understand the true cost of homeownership beyond just the mortgage repayments.

A mortgage broker acts as an intermediary between you and potential lenders, working on your behalf to find suitable home loan options. At Vast Finance and Mortgage Broking, we have access to a wide panel of lenders including major banks, credit unions, and specialist lenders. Our role involves assessing your financial situation, understanding your property goals, and presenting you with loan options that align with your circumstances. We handle the application process, liaise with lenders, and provide ongoing support throughout your loan journey. This service is particularly valuable for first home buyers and investors who may not have the time or expertise to research and compare multiple lending options themselves.

A declined application doesn't mean the end of your homeownership dreams. There are often specific reasons why applications are declined, and these can frequently be addressed. At Vast Finance and Mortgage Broking, we work to understand exactly why an application was unsuccessful and develop strategies to improve your position. This might involve improving your credit score, adjusting the loan amount, providing additional documentation, or approaching a different lender with more suitable criteria. Our knowledge of different lenders' policies means we can often identify alternative options that may be more appropriate for your circumstances. We provide honest advice about timeframes for reapplying and steps you can take to strengthen future applications.

The timeline for your home loan application can vary depending on several factors, including the complexity of your financial situation, the lender you choose, and how quickly you can provide required documentation. Generally, once we have all your paperwork, the process takes between two to six weeks from application to settlement. As your broker, we work to streamline this process by ensuring your application is complete and accurate before submission, which can prevent delays. We also maintain regular communication with lenders to monitor progress and address any queries promptly. For first home buyers, we take extra care to explain each step and keep you informed throughout the entire process.

The documentation required varies depending on your employment type and financial situation. Typically, you'll need to provide recent payslips, tax returns, bank statements, identification documents, and details about your assets and liabilities. If you're self-employed or an investor, additional documentation such as business activity statements, profit and loss statements, or rental income records may be required. At Vast Finance and Mortgage Broking, we provide you with a comprehensive checklist tailored to your specific circumstances. We review your documents before submission to ensure everything is in order, which helps avoid delays in the approval process and demonstrates to lenders that your application has been professionally prepared.

Yes, refinancing is one of our key services at Vast Finance and Mortgage Broking. Many homeowners can benefit from refinancing, whether to access equity for investment purposes, consolidate debt, or move to a loan with different features that suit their current needs. We review your existing loan arrangements and compare them with current market options to identify potential benefits. The refinancing process involves similar steps to a new loan application, and we handle all the paperwork and liaison with both your current and new lenders. We'll also calculate the costs involved in refinancing to ensure the move makes financial sense for your situation.

Absolutely. Self-employed individuals and those with irregular income often face additional challenges when applying for home loans, but there are lenders who specialise in these situations. Our extensive panel includes lenders who understand various employment structures and income patterns. We know which lenders are more flexible with self-employed applicants and what documentation they prefer. This expertise is crucial because different lenders have varying criteria for assessing self-employed income, and we can match you with those most likely to approve your application. We also help you present your financial information in the most favourable way possible, ensuring your application demonstrates your genuine capacity to service the loan.

When you approach a bank directly, you only have access to that institution's loan products and policies. As a mortgage broker, Vast Finance and Mortgage Broking provides access to multiple lenders, giving you a broader range of options to choose from. We can compare different loan features, policies, and lending criteria across our panel to find options that suit your specific needs. Additionally, we provide ongoing advocacy throughout the application process, working on your behalf to address any issues that arise. Our expertise in understanding different lender requirements can also improve your chances of approval, as we know how to present your application in the most favourable light to each specific lender.

Investment loans have different criteria and features compared to owner-occupier loans. Lenders assess investment loan applications differently, considering factors like rental income potential, your overall investment strategy, and your ability to service loans on multiple properties. At Vast Finance and Mortgage Broking, we understand the specific requirements for investment lending and work with lenders who are active in this market. We can help structure your loans to support your investment goals, whether you're purchasing your first investment property or building a larger portfolio. We also provide guidance on loan features that may benefit investors, such as interest-only payment options and offset accounts.

In most cases, our services don't cost you anything upfront. Mortgage brokers in Australia typically receive their payment through commissions from the lenders when your loan settles. This means we can provide our expertise and support without you having to pay consultation fees or application charges directly to us. However, we believe in complete transparency, so we'll always explain exactly how we're compensated and discuss any potential costs before you proceed with any loan application. Our priority is ensuring you understand all aspects of the process, including how our business operates and any fees that may apply to your specific situation.