Home Loan FAQs – Sydney & NSW

A mortgage is a loan used to purchase property, repaid over time with interest.

You borrow money from a lender and repay it in regular instalments over a set period.

Most home loans run for 25–30 years, though you can pay them off faster.

No, but a broker compares multiple lenders and handles the process for you.

Yes — brokers are paid by lenders, not by you.

Typically between 2–6 weeks depending on the lender and complexity.

Pre-approval is an indication of how much a lender may lend you before you buy.

It’s highly recommended so you know your budget and can act quickly.

It’s risky — pre-approval provides financial confidence and protection.

Your full loan application is submitted and assessed by the lender.

Some buyers need 20%, but many can buy with as little as 5–10%.

LMI protects the lender when your deposit is under 20%.

Yes — through higher deposits, government schemes, or family guarantees.

Stamp duty, legal fees, inspections, and moving costs are common.

Yes — depending on lender policies and documentation.

It depends on income, expenses, debts, and lender policies.

Yes — repayments reduce how much you can borrow.

Yes — even unused limits are counted as debt.

Yes — lenders factor these into expenses and liabilities.

Often yes — through better structuring and lender choice.

Yes — many lenders offer flexible options.

Usually 1–2 years, depending on the lender.

Yes — some lenders accept irregular income.

Often yes, if consistent and provable.

Fixed stays the same for a period; variable can change.

It depends on your goals and market conditions.

An account that reduces interest charged on your loan.

Allows access to extra repayments made.

Yes — many borrowers use part fixed and part variable.

FHOG, stamp duty concessions, and the First Home Guarantee Scheme.

Some grants apply only to new homes, but concessions may still apply.

Some do, others depend on property price.

In many cases yes.

Yes — eligibility and amounts can change.

Usually every 18–24 months or when circumstances change.

There may be fees, but savings often outweigh costs.

In many cases yes, depending on your situation.

Typically 2–6 weeks.

Often yes, depending on rates and structure.

Yes — most loans allow this.

Sometimes, especially with fixed loans.

Yes — many homeowners use equity for renovations or investments.

Yes — variable rates can change with market conditions.

A credit check occurs, but impact is usually minimal when done properly.