What is a variable rate home loan?

A variable rate home loan is one in which the interest rate you pay is not set in place, and can fluctuate over the life of the loan, depending on the market conditions and the decisions of the lender.

Do I have enough equity in my home to use as a deposit on another property?

Equity is the difference between your property’s current value and what you still owe on your mortgage. To use it as a deposit for another property, lenders typically require that you have enough equity to cover at least the deposit and associated costs. At Fox Home Loans, we can help assess your property’s equity and guide you on how to leverage it safely for your next investment.

How much can I get my home loan pre-approval for?

Your home loan pre-approval amount depends on your financial situation, including your income, expenses, existing debts, and credit history. Lenders use this information to estimate how much you can borrow, giving you a clear idea of your budget before you start house hunting. At Fox Home Loans, we can guide you through the process to get the most accurate pre-approval for your circumstances.

How long does a home loan pre-approval last for?

How Loan pre-approvals typically last from 60-90 days but can vary depending on your lender. When working with Fox Home Loans you will have your own dedicated mortgage broker will explain your options if your pre-approval is about to expire.

Does making too many credit enquiries affect my credit rating?

Yes, making too many formal credit enquiries can affect your credit score. That’s why at Fox Home Loans we start with a soft credit check which doesn’t leave a mark on your credit file. This allows us to review your situation and compare options across our panel of 50-plus lenders, helping you find the best deal without impacting your credit rating.

Do I need to pay lenders mortgage insurance (LMI)?

You usually need to pay Lenders Mortgage Insurance (LMI) if your deposit is less than 20% of the property’s purchase price. LMI protects the lender if you can’t repay the loan, not you. To help determine if you need to pay for LMI, give us a ring and one our experienced mortgage broker will be able to walk you through your options.

What is a cross-collateralization loan and how does it work?

Cross-collateralization is when multiple properties are used as security for a loan. It can boost your borrowing power, but it also gives the bank control over all linked properties, which can make selling or managing them a little more complicated in certain circumstances

What is an offset account?

An offset account is a great way to reduce the interest you pay on your home loan. It’s a transaction account linked directly to your mortgage and every dollar in it offsets your loan balance, helping you pay off your home sooner.

Why use a Fox Home Loans mortgage broker instead of going direct to the bank?

When you go straight to a bank, you only see that bank’s loans. A Fox Home Loans our mortgage brokers compare dozens of lenders for you, finds a loan that really fits your situation, and takes care of the paperwork from start to finish. It’s an easier, smarter way to get the right deal.

What does a Fox Home Loans mortgage broker do?

A mortgage broker is your personal home loan specialist. We compare offers from multiple banks and lenders, explain your choices in simple terms, and take care of the paperwork to make the process smooth and stress-free

Can I refinance my investment property loan?

Refinancing is available for most property loans, subject to terms and conditions. Reviewing your loan each year can show where you could save, whether through a lower interest rate, cashback offers, or a product with reduced fees. Working closely with your mortgage broker and staying open to all options is key during the investment property refinancing process. By tailoring solutions to your profile, we ensure you have access to the most competitive products available when your loan is reviewed.

How does the rental income affect an investment property loan?

Rental income can help you qualify for an investment property loan because lenders count part of that income when working out how much you can afford to borrow. However, they don’t count 100% of the rent, you’ll usually get credit for around 70-90% of the rental income, since banks allow for things like vacancies and expenses. Some lenders also allow for Air BNB and short-term rental income to be used but may reduce the % of income they will accept due to the inconsistency and seasonality. This means rental income can boost your borrowing power, but it won’t fully cover the loan on its own.

What are the tax implications of an investment property loan?

Several genuine tax deductions can be made for an investment property. These can include: maintenance costs (upkeep of the dwelling, gardening, plumbing etc.) Property agent fees Land taxes We have partners that can assist in discussing what you can and can’t claim. Just ask one of our friendly mortgage brokers to find out more.

How much deposit do I need for an investment property loan?

The general rule for a property loan deposit is between 20% of the purchase price as a minimum. The higher the deposit, the lower the risk is for the lender to offer the loan product. You can purchase an investment with a higher LVR however this will potentially incur Lender Mortgage Insurance (LMI) Speaking to one of our dedicated mortgage brokers will give you a clear indication of how much deposit will be required to propose an offer for the investment property.

How is an investment property loan different from a traditional home loan?

An investment property loan works much like a home loan, but the key difference is that it’s for buying a property you rent out, not one you live in. Because of this, lenders often charge higher interest rates, may require a bigger deposit, and look at your expected rental income when deciding how much you can borrow.

What is a split loan?

A split loan is when your home loan is divided into two parts, one with a fixed interest rate and one with a variable interest rate. This way, you get the security of fixed repayments on one portion, while still having the flexibility to make extra repayments or benefit if variable rates go down on the other.

What home loan can I afford based on my income?

Banks and other home loan financiers do consider your income, as well as other criteria, before approving a loan application. On average, banks will lend up to 95% of the value of property. This is known as the Loan-to-Value ratio (LVR). Talk to our team of Home Loan Specialists for a free servicing calculation to help determine your borrowing power. Contact our friendly team on 1300 665 906 or apply now - its obligation free.

What is a fixed rate home loan?

A fixed rate home loan is one in which the interest rate you pay is locked in place or ‘fixed’ for a certain period usually between one and five years.

What are Low Doc Loans?

Low-doc home loans which may also be referred to as Alt-Doc Loans are designed for self-employed clients who can’t provide standard proof of income, like tax returns or financials. Instead, the lender may use other evidence to assess your ability to repay, such as: 6 months bank statements Business activity statements (BAS) Signed accountant’s letter These loans usually have higher interest rates and stricter conditions because they carry more risk for the lender.

Are there any benefits for Medical Professionals?

Yes! Many lenders offer special benefits for eligible medical professionals, including: Nurses Doctors Paramedics Physiotherapist Chiropractors Dentists Veterinarians These benefits can include having Lenders Mortgage Insurance (LMI) waived or reduced. While most buyers need to pay LMI if their deposit is less than 20%, medical professionals may be able to purchase a home with just a 5% or 10% deposit, potentially saving a significant amount on LMI costs.

Do I need Lenders Mortgage Insurance?

This depends on your deposit, the amount you're borrowing, and several other factors. Our Lending Specialists can let you know if you qualify for a product without, or if it's something you'll require to proceed.

Would there be any benefit/concessions for me if I build?

There may be benefits, depending on the state where you build. First Home Buyer in particular, could be eligible for concessions that may save you thousands when constructing a new home. Let us handle the heavy lifting and call us today for obligation-free guidance.

What are the upfront fees and charges?

Upfront fees and charges are the costs you pay when taking out a home loan. They can include application or establishment fees, valuation fees, legal or settlement costs, and sometimes government fees such as stamp duty. These are usually one-off payments, separate from your ongoing loan repayments. To understand exactly what fees may apply to you, call us today for an obligation-free chat, no commitment required.

What is stamp duty and when is it applicable to pay this?

Stamp duty is a tax that we pay when we buy a house and is payable when the home contract becomes unconditional. The stamp duty amount that you are required to pay is different in each Australian State. Note that stamp duty is an overhead fee and cannot be included in your home loan (stamp duty is not included in the Loan-To-Value Ratio calculation).

How much deposit do I need for my first home loan?

For a first home loan, most lenders prefer a deposit of at least 20% of the property’s purchase price. If you have less than 20%, you may still be able to buy with a smaller deposit (as low as 5–10%), but you’ll usually need to pay Lenders Mortgage Insurance (LMI). At Fox Home Loans, we are just one call away to help you explore your options and find the best solution for your situation.

What is a pre-approval home loan?

A pre-approval home loan is when a lender assesses your finances and conditionally agrees to lend you a certain amount before you buy a property. It gives you a clear idea of your budget, shows sellers you’re a serious buyer, and can speed up the buying process once you find the right home. At Fox Home Loans, we can help you get pre-approved quickly and with confidence.

How much equity do I have in my home?

You can calculate your home equity by subtracting your outstanding mortgage from your property’s current market value. For example, if your home is worth $600,000 and you owe $400,000, your equity is $200,000. At Fox Home Loans, we can help you accurately assess your equity and show how it could be used for a new property or investment.

How much money can I save if I refinance my home loan?

The amount you can save by refinancing your home loan depends on your current interest rate, loan balance, remaining term, and the new loan’s rate and fees. Savings can come from lower interest rates, reduced fees, or cash-back offers. At Fox Home Loans, we can review your situation and help you explore options across our panel of 50-plus lenders. You can also use our Home Loan Refinance Calculator to see an estimate of your potential savings quickly and easily.

Can I use my parents’ property as equity?

Yes! If your parents have a property(s), we can potentially leverage the equity in those properties as part of your deposit toward 100% Lending. With a parent assisted home loan, you may be able to borrow up to 100% of the purchase price plus costs and your parents can have the opportunity to make a return on this investment.

What’s the best home loan rate on the market?

Home loan rates are determined on a case-by-case basis, dependant on several factors. It can be a minefield for homeowners. That's why it's a great idea to let our Home Loan Specialists do all the hard work for you! We'll find you the best home loan rate available for your circumstances - guaranteed! We'll help you to secure the best rate on the market by working through all of the aspects that determine rates: your deposit amount, your loan term, your credit history, your income and many other factors. We'll make the process easy for you – call us on 1300 665 906 or apply now to fast track the process - its obligation free.

What are my home loan repayments going to be?

Your mortgage repayments will depend on the amount that you borrow, and interest rate of the home loan. Use our home loan repayment calculator to get an indication of your repayments or give us a ring for a no obligation chat to one of our mortgage brokers today.

How does a guarantor work?

Guarantors are responsible for paying back the “guaranteed loan” or the entire home loan if the borrowers cannot afford to make their loan repayments. The guarantor’s level of responsibility for the loan depends on the type of guarantee they are providing - for example a Limited Guarantee, or an Unlimited Guarantee. While almost anyone can be a guarantor, it is usually a parent or close relative.

Mortgage Broker Sunshine Coast l Fox Home Loans.

5 Simple Steps
To Getting Your Home Loan

Enquire

Enter some basic details in our simple online form.

Speak With An Expert

Discuss your loan preferences and application information.

Get Pre-Approval

Your Lending Specialist will discuss all details of your pre-approval.

Sign Your Documents

With our technology, you can simply sign your loan documents electronically.

Settle Your Loan

Your loan funds will be processed when settlement is finalised. It's that simple!

Enquire Online Today
It takes just 2 minutes and its obligation free

5 Simple Steps To Getting Your Home Loan

1. Enquire

Enter some basic details in our simple online form.

2. Speak With An Expert

Discuss your loan preferences and application information.

3. Get Pre-Approval

Your Lending Specialist will discuss all details of your pre-approval.

4. Sign Your Documents

With our technology, you can simply sign your loan documents electronically.

5. Settle Your Loan

Your loan funds will be processed when settlement is finalised. It's that simple!

Enquire Online Today

It takes just 2 minutes and its obligation free

Sunshine Coast's Best Mortgage Brokers

Dedicated Lending Specialist

You will have a dedicated home loan specialist to guide you through our simple, fast online process and answer any questions that you may have along the way.

Why Fox Home Loans?

We have been helping our customers with the very best home loan options since 2006. Our team of experienced mortgage brokers have access to over 50+ lenders to help find you the best loan solution.

Home Loan Refinancing

As a local mortgage broker, we can help you navigate the refinancing process by assessing your current financial situation, identifying your goals and needs, and comparing offers from different lenders.

Home Loan Pre-Approval

Our home loan pre-approvals process costs you nothing and commits you to nothing. Once we present you with the best home loan option on the market, you choose which lender option is right for you.

Ready to apply or refinance your home loan?

Start your application online or call us on 07 3505 3099 to speak with a home loan specialist

Questions about Home Loans?

A variable rate home loan is one in which the interest rate you pay is not set in place, and can fluctuate over the life of the loan, depending on the market conditions and the decisions of the lender.
Equity is the difference between your property’s current value and what you still owe on your mortgage.

To use it as a deposit for another property, lenders typically require that you have enough equity to cover at least the deposit and associated costs. At Fox Home Loans, we can help assess your property’s equity and guide you on how to leverage it safely for your next investment.
Your home loan pre-approval amount depends on your financial situation, including your income, expenses, existing debts, and credit history. Lenders use this information to estimate how much you can borrow, giving you a clear idea of your budget before you start house hunting.

At Fox Home Loans, we can guide you through the process to get the most accurate pre-approval for your circumstances.
How Loan pre-approvals typically last from 60-90 days but can vary depending on your lender. When working with Fox Home Loans you will have your own dedicated mortgage broker will explain your options if your pre-approval is about to expire.
Yes, making too many formal credit enquiries can affect your credit score. That’s why at Fox Home Loans we start with a soft credit check which doesn’t leave a mark on your credit file. This allows us to review your situation and compare options across our panel of 50-plus lenders, helping you find the best deal without impacting your credit rating.

I have more questions

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