Mortgage & Finance Resources – Brilliant Finance Solutions1

Generally, you will need a deposit ranging from 5% to 20% of the property's value, depending on the lender and the type of loan. First home buyers may be eligible for schemes that require deposits as low as 5%, while investors typically need at least 20%. A larger deposit can help you avoid Lenders Mortgage Insurance (LMI) and secure more favorable interest rates.

Fixed interest rates remain constant for a specified period, typically between 1 to 5 years, offering you payment certainty. Variable interest rates, on the other hand, can change with market conditions, potentially saving you money when rates decrease but increasing your payments when rates rise. Split loans combine both fixed and variable rates, providing flexibility and partial protection against rate fluctuations.

Pre-approval typically takes 1-3 business days with complete documentation. Formal approval after finding a property usually takes 2-3 weeks, depending on the lender and complexity of your application. We streamline this process by ensuring your application is complete and properly presented from the start.

In addition to the deposit, you should budget for several other expenses when purchasing a property. These include stamp duty (typically 3-5% of the property's value), legal fees (ranging from $1,500 to $3,000), building and pest inspections (between $500 and $1,000), lender's mortgage insurance if applicable, and moving costs. First home buyers may be eligible for stamp duty concessions or exemptions in some states.

Yes, self-employed individuals can secure loans, although the documentation requirements may vary. Typically, you will need to provide at least two years of tax returns, business financial statements, and possibly BAS statements. Some lenders offer low-documentation loans for well-established businesses. We specialize in identifying the right lenders for self-employed clients.

You should consider refinancing your mortgage if you can secure an interest rate that is at least 0.5% lower than your current rate, need to access equity for renovations or investments, desire better loan features, or if your financial situation has significantly improved. We offer free loan health checks to help identify potential savings opportunities.