FAQs

We are your ‘ally’ through the maze of borrowing options and the buying process. Our mortgage brokers are here to answer any questions you may have.

Home loans FAQs

I am not in your area, can we still work together?

Sure thing! We are mobile brokers so we can come to you, plus most of the communication can be done over phone and email.

Don’t you just recommend the lender who pays you the most commission?

Absolutely not! There is legislation in our industry, called the National Consumer Credit Protection Act or NCCP, that is designed to protect consumers and ensure ethical and professional standards in the finance industry. we tell you upfront what commission we will be getting from the bank. Our job, our only job, is to find the best loan for your needs and serviceability.

How much can I borrow?

This will depend on how much you have saved for a deposit and what you current expenses are. Give us a call and we can go into your options in more detail, or check out the loan calculators page of our site!

Why should I use a mortgage broker if I can go with a bank?

When we talk about a ‘loan product’ we are referring to the thousands of options that are currently available for you for your loan. Each bank (or lender) has loads of different loan options – low doc, package loans, re-draw facilities, plant and equipment loans, fixed, interest only, interested in advance, variable, introductory variable… the issue you face as a consumer is ‘Which loan is right for me?’ And that is where a mortgage broker comes in. If you go direct to the bank, you will only be offered the loan options available through that one lender. As your mortgage broker, we do all the leg work for you. We are across many lenders and all of their loan products and our sole purpose is to find the right loan for your needs.

What happens if I don’t have the normal 20% deposit that most banks require?

We recently had a client wanting to refinance but it was going to be over 80% Loan to value ratio and in normal circumstances LMI (Lenders Mortgage insurance) would be payable.

The adviser  was able to source a loan through Citibank allowing up to 85% LVR without any mortgage insurance.

The rate was very sharp as well!

A good result for all!

Please contact Matt Mannaert, one of our credit advisers for more information. Got your own question? Ask us now!

Ask Matt Mannaert
Credit Adviser - Mortgages

Having completed a Diploma of Financial services, Matt joined Acceptance Finance in early 2009. Matt has quickly established himself as…

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My parents wish to sell me their house at below market, is there a bank that will use the higher valuation rather than the contract price in this circumstance?

Yes there is one bank who will do this. The sale must be to an immediate family member and a letter must be provided stating that the equity is being gifted.

Please contact Russel Shaw, one of our credit advisers for more information. Got your own question? Ask us now!

Ask Russel Shaw
Credit Adviser - Mortgages

After entering the Broking Industry in 2007 Russel joined the Acceptance family in May of 2010. Now operating between our…

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I need to borrow against my home to pay ATO/tax debt. Is there a bank that can help me?

Most major lenders are unwilling to lend against a residential property for the purposes of paying tax debt. But we do have access to a couple of lenders who are accepting of this purpose, and can provide the finance at very competitive interest rates.

Please contact Jonathan Cornish, one of our credit advisers, for more information Got your own question? Ask us now!

Ask Jonathan Cornish
 Credit Adviser - Mortgages

Jonathan joined Acceptance Finance in November 2007 after having gained vast experience working in the finance and property investment industries…

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I’m looking to build two or three houses/townhouses on my current property, can you assist with funding the project?

We have relationships with a number of lenders that can provide construction lending to build two or three units on one title at standard home loan rates and fees, so you can avoid paying the high costs which are associated with development/private funding. Each scenario is assessed on its merits, but we are more than happy to talk through your project to see where we can place it to get the most competitive and suitable option.

Please contact Andrew Sanger, one of our credit advisers, for more information Got your own question? Ask us now!

Ask Andrew Sanger
Credit Adviser - Mortgages

Andrew joined us in 2004 after spending an extensive amount of time in the financial planning and mortgage industry, working…

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What is the maximum Loan to Value Ratio (LVR) on Community title properties?

Many banks will treat community titles the same as normal strata titled properties, particularly for NSW and SA.  This means they will allow loans to 80% without Mortgage insurance or even 95% with Mortgage Insurance.

Please contact Sally Whitworth, one of our credit advisers, for more information Got your own question? Ask us now!

Ask Sally Whitworth
SALES MANAGER

Entering the finance industry in 1999, Sally joined Acceptance Finance in 2001 as a Credit Adviser in both mortgages and…

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Is it possible to have an Offset Account against a fixed rate loan?

Yes it is. We have a number of lenders that can provide the flexibility of having an offset account against a fixed rate loan. Its great to have to have the certainty that a fixed rate loan brings, plus the flexibility to reduce the interest paid with funds sitting in the offset account.

Please contact Jonathan Cornish, one of our credit advisers, for more information. Got your own question? Ask us now!

Ask Jonathan Cornish
 Credit Adviser - Mortgages

Jonathan joined Acceptance Finance in November 2007 after having gained vast experience working in the finance and property investment industries…

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I am an Australian citizen but currently work and reside overseas. Can I borrow to purchase a property in Australia for investment purposes or alternatively to live in as an owner occupier if I return to Australia?

Yes you can borrow to purchase a property in Australia while working overseas.

The appropriate lender for your loan request will be determined by what currency you are being paid in, which country you are working in and whether you are self employed or salaried. Generally you can borrow up to a maximum of 80% of purchase price on this type of loan request.

Please contact Jonathan Cornish, one of our credit advisers, for more information. Got your own question? Ask us now!

Ask Jonathan Cornish
 Credit Adviser - Mortgages

Jonathan joined Acceptance Finance in November 2007 after having gained vast experience working in the finance and property investment industries…

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I’m a director of a large number of companies, do I need to provide tax returns for all the companies to prove my income?

Whilst normally a lender would require to review the financial statements and tax returns for all business entities you are a director of, we do have a method to stream line the documents involved by having your accountant provide a declaration which reflects your overall financial positions.

Interest rates and fee’s will be competitive with full documentation applications.

Please contact Russel Shaw, one of our credit advisers, for more information. Got your own question? Ask us now!

Ask Russel Shaw
Credit Adviser - Mortgages

After entering the Broking Industry in 2007 Russel joined the Acceptance family in May of 2010. Now operating between our…

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My loan has been declined. What can I do?

Yes, even though your application may not have fit the credit policy of bank you applied to, we have many lenders on our panel each with their own credit policy we you may be a perfect fit. As credit advisors, we are experts in only recommending lenders and loan products to you that meet your individual requirements.

Please contact Jonathan Cornish, one of our credit advisers, for more information. Got your own question? Ask us now!

Ask Jonathan Cornish
 Credit Adviser - Mortgages

Jonathan joined Acceptance Finance in November 2007 after having gained vast experience working in the finance and property investment industries…

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My bank won’t lend me the amount I need, what can I do?

Yes, even though your lenders credit policy may limit your borrowing capacity to a certain amount, each lender has their own method for calculating what you can borrow. As credit advisors, we are experts in only recommending lenders and loan products to you that meet your individual requirements.

Please contact Jonathan Cornish, one of our credit advisers, for more information. Got your own question? Ask us now!

Ask Jonathan Cornish
 Credit Adviser - Mortgages

Jonathan joined Acceptance Finance in November 2007 after having gained vast experience working in the finance and property investment industries…

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The valuation of the property I bought came back low. Is there anything I can do?

Yes. Whilst in most cases a bank will have to accept the first valuation they order and not allow a second valuation to be used, we can often argue on your behalf directly with the valuer if we feel they have underestimated the property valuation.

Please contact Jonathan Cornish, one of our credit advisers, for more information. Got your own question? Ask us now!

Ask Jonathan Cornish
 Credit Adviser - Mortgages

Jonathan joined Acceptance Finance in November 2007 after having gained vast experience working in the finance and property investment industries…

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How do I apply for a home loan?

Easy, simply call us on  03 9854 3500 and speak with one of our credit advisors. They will be able to talk you through your borrowing capacity, how to correctly structure your loan, suitable loan products, the documents needed to support your loan application, and the entire process. We do this every day, and we do it well.

Please contact Jonathan Cornish, one of our credit advisers, for more information. Got your own question? Ask us now!

Ask Jonathan Cornish
 Credit Adviser - Mortgages

Jonathan joined Acceptance Finance in November 2007 after having gained vast experience working in the finance and property investment industries…

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I am a first home buyer with limited savings, what sort of assistance can my parents provide?

Guarantor Support allows others to help you by mortgaging their own property as additional security for your home loan. This may allow you to borrow more or avoid paying mortgage insurance if you do not have sufficient security yourself.

Please contact Russel Shaw, one of our credit advisers, for more information. Got your own question? Ask us now!

Ask Russel Shaw
Credit Adviser - Mortgages

After entering the Broking Industry in 2007 Russel joined the Acceptance family in May of 2010. Now operating between our…

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How long do I have to stay as guarantor on my children’s loan?

Once the loan has been reduced by the amount of the family guarantee, the Guarantor may wish to be released from their obligation. This can be done in a combination of ways:

  • Via paying down the loan
  • an increase in property value which reduces the Loan to Value ration (LVR)

Please contact Russel Shaw, one of our credit advisers, for more information.

Got your own question? Ask us now!

Ask Russel Shaw
Credit Adviser - Mortgages

After entering the Broking Industry in 2007 Russel joined the Acceptance family in May of 2010. Now operating between our…

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Can a person other than a parent or close relative provide guarantees to loan applications?

Yes,  there are some lenders who will allow guarantors to not be personally related to applicants.

With most lenders, the guarantor can be a parent, child, de facto/spouse, company, Aunt or Uncle, or Parent-in-law of the borrower, but with one or two lenders even a friend can provide the guarantee.

Whenever a guarantee is required, its important for the guarantor to considerer obtaining independent legal advice. It may also be a requirement of the lender.

The most common type of guarantee at the moment is a security guarantee, where the guarantor provides their property as an additional security for the bank, often secured by a first or second mortgage. This is commonly done to avoid the borrower incurring lenders mortgage insurance (LMI).

Less common today are income support guarantee’s. The borrower must normally show their income is sufficient to cover the loan against their property, plus the second loan secured against the guarantors property.

Please contact Russel Shaw, one of our credit advisers, for more information. Got your own question? Ask us now!

Ask Russel Shaw
Credit Adviser - Mortgages

After entering the Broking Industry in 2007 Russel joined the Acceptance family in May of 2010. Now operating between our…

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When providing security guarantees, can the guarantor keep their property with their existing bank if it is not the same as the bank who is issuing the loan?

Yes, there are banks who will take second mortgage on the guarantor security property so there is no requirement to change loans or bank.

Please contact Russel Shaw, one of our credit advisers, for more information. Got your own question? Ask us now!

Ask Jonathan Cornish
 Credit Adviser - Mortgages

Jonathan joined Acceptance Finance in November 2007 after having gained vast experience working in the finance and property investment industries…

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My builder says the building contract will be a Split Contract. Can you help me structure my finances with this type of contract?

Yes we can! We understand the ins and outs of all types of building contracts, including split contracts where your funds are only required at the final two stages of the build.

Please contact Martie Irwin, one of our credit advisers, for more information. Got your own question? Ask us now!

Ask Martie Irwin
Credit Adviser - Mortgages

Martie joined the Acceptance Finance team in October 2013. With 4 years banking experience at both Westpac and Bank of…

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Are there any alternatives to an offset account?

Whist an offset account is a unique product, some of the benefits of an offset account can be mimicked in other products. One of the main features of an offset account is the ability to reduce the interest charged by the bank if you have funds sitting in the offset account. Another option is by placing your extra funds directly into the loan account, and because interest is charged based on the account balance, the interest cost will drop. If you are making principle and interest repayments, your repayment amount will remain the same, but a bigger portion of you repayment will go towards paying the principle balance of the loan. If you are making interest only repayments, you repayments will decrease as those repayments are based on the loan balance (this is similar to a line of credit product also). By using the redraw feature of a loan instead of an offset account, you can also save the ongoing fees which are commonly linked to offset accounts.

Please contact Jonathan Cornish, one of our credit advisers, for more information. Got your own question? Ask us now!

Ask Jonathan Cornish
 Credit Adviser - Mortgages

Jonathan joined Acceptance Finance in November 2007 after having gained vast experience working in the finance and property investment industries…

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Is it worth paying extra fees for an offset account?

A simple way to calculate is to work out if the savings it will bring you each year will cover the ongoing fees. Here’s a simple calculation:

  • Annual fee for offset account (or loan package fee) = A
  • Home loan interest rate = I
  • A ÷ I = the average amount of money you need to have in your offset account to save the cost of the annual fee

Eg. $350 annual fee ÷ 5% home loan interest rate = $7,000 on average you need to have in your offset account to save $350 annually.

Please contact Jonathan Cornish, one of our credit advisers, for more information. Got your own question? Ask us now!

Ask Jonathan Cornish
 Credit Adviser - Mortgages

Jonathan joined Acceptance Finance in November 2007 after having gained vast experience working in the finance and property investment industries…

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Can we borrow if it’s a community title?

Yes you can, and we have lenders who will be able to provide loan up to 95% of the property value.

Please contact Jonathan Cornish one of our credit advisers, for more information. Got your own question? Ask us now!

Ask Jonathan Cornish
 Credit Adviser - Mortgages

Jonathan joined Acceptance Finance in November 2007 after having gained vast experience working in the finance and property investment industries…

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What to do when your loan application has been declined

Being declined by a lender isn’t a great feeling, but that doesn’t mean every lender will feel the same way. Each bank has slightly different policy, so where you may not be the right fit for one lender, there may be others where you will meet all requirements. We are able to look at your complete situation and advise of which lenders policy you have the best chance to meeting all the requirements.

Please contact Jonathan Cornish, one of our credit advisers, for more information. Got your own question? Ask us now!

Ask Jonathan Cornish
 Credit Adviser - Mortgages

Jonathan joined Acceptance Finance in November 2007 after having gained vast experience working in the finance and property investment industries…

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Why was I declined by lenders mortgage insurance?

When a loan needs to be approved for Lenders Mortgage Insurance (LMI), its normally assessed under a stricter set of rules compared to the banks requirements. Common reason’s an application will be declined by a Mortgage Insurer are a poor credit report, the income serviceability is too tight for loan amount requested, your employment history is unsatisfactory, security property is unacceptable.

Whatever the reason for your decline, it is still worth giving us a call so we can investigate whether you should meet the requirements for one of the other mortgage insurers. It’s important to know that there are two mortgage insurers who insurer the majority of banks in Australia, so if you are declined by one Mortgage Insurer, its important that you don’t apply to a lender who uses the same Mortgage Insurer.

We can assist with this selection process.

Please contact Jonathan Cornish, one of our credit advisers, for more information. Got your own question? Ask us now!

Ask Jonathan Cornish
 Credit Adviser - Mortgages

Jonathan joined Acceptance Finance in November 2007 after having gained vast experience working in the finance and property investment industries…

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I am a self-employed non-resident, is there a bank that will lend to me for property purchases in Australia?

Yes, there are some banks that will do finance for Self-employed non-residents.

Please contact Russel Shaw one of our credit advisers, for more information. Got your own question? Ask us now!

Ask Russel Shaw
Credit Adviser - Mortgages

After entering the Broking Industry in 2007 Russel joined the Acceptance family in May of 2010. Now operating between our…

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Are there any banks that only require three month loan statements for refinances?

Yes, there are banks that will do refinances using only three months loan statements.

Please contact Russel Shaw one of our credit advisers, for more information. Got your own question? Ask us now!

Ask Russel Shaw
Credit Adviser - Mortgages

After entering the Broking Industry in 2007 Russel joined the Acceptance family in May of 2010. Now operating between our…

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What does a mortgage broker do?

Mortgage brokers are professionals in the home loan industry. They work with you to determine your borrowing needs and how much you can borrow. Brokers help ensure you don’t take out a loan that is too big for you. Professional Mortgage Brokers only focus on loans. If you have a toothache, you go to the dentist not a florist. If your car is broken you take it to a mechanic not a librarian. You go to someone trained to help you with your specific need. It’s the same when you need a loan. Brokers have access to a wide variety of loans. This means your broker can find a loan that is just right for you.

Do you charge fees for home and investment loans?

Normally we do not need to charge a fee. Brokers get paid commission by the bank for bringing new business to them, and this does not impact your rate or level of service you receive.

For some complex transactions, we may need to charge a fee for our services. We will disclose this fee upfront to you so you know what you will be up for if you engage in our services.