Frequently Asked Questions (FAQs) — All your mortgage & home finance questions answered
I want to buy a home but I don’t know where to start…
How do I know which lender to choose for my mortgage?
How do I know if I qualify for a mortgage?
How much can I borrow?
How long will it take for my mortgage to be approved?
Why should I choose Resolve over other mortgage brokers?
What is income protection insurance and why is it important?
What is a settlement agency/conveyancer?
What is stamp duty?
Still have questions about the mortgage process?
I want to buy a home but I don’t know where to start…
If this is the case then you should definitely talk to us! Getting your finance in order should be the first step when looking to purchase a property, so you know exactly how much you can borrow and, therefore, what you can afford. We can talk you through the process of buying a home, answering your questions and giving you all the information you need.
How do I know which lender to choose for my mortgage?
Choosing a lender can be tough. From a distance, they all seem to have great offers, but when you try to compare apples with apples, you find the fine print impenetrable, and they all use different jargon. That’s where your Resolve Finance Home Loan Specialist comes in. They know that the advertised interest rate isn’t always the best indicator of whether a loan is right for you. They take into consideration set up and exit fees, ongoing fees and a myriad of additional product features and conditions.
How do I know if I qualify for a mortgage?
No one can tell you with 100% certainty whether you’ll qualify for a home loan, until you apply. Lenders base their approval process on a number of complex factors; if two lenders have exactly the same product, one may approve your loan and the other may not. That said, we have extensive knowledge and experience in home finance, and we can give you a good indication of whether you will qualify for a home loan and where you should apply. To find out if you qualify for a home loan, visit our ‘Do I Qualify’ page, and one of our home loan specialists will call to discuss your responses with you in detail, answering all your questions along the way.
How much can I borrow?
As a very rough guide, you can borrow around four times your annual salary. Of course, lenders take many other factors into account when assessing your loan application, such as what other debts you have (car/personal loan/store credit cards) and whether you have any dependent children. For a better estimate of your borrowing capacity, use our borrowing calculator, or call us on 1300 883 292 with your questions.
How long will it take for my mortgage to be approved?
Mortgage approval turnaround times vary greatly, depending on your circumstances and what you’re applying for. But the real delays usually result from a poorly completed or mismanaged finance application. To fast-track your mortgage approval, you need to make sure you dot your i’s and cross your t’s. Fortunately, you’re not alone in that. We’ve helped thousands of people get their mortgage approved, and we can help you too. We have the knowledge and experience required to get your home loan approved quickly and efficiently.
Why should I choose Resolve over other mortgage brokers?
Resolve Finance is an award-winning mortgage broker that is often able to assist where others can’t (or won’t). We have access to unique loans unavailable anywhere else on the market, particularly for people building a new home and for first home buyers. Plus we specialise in construction and first home buyer finance, and can even manage your application for the First Home Owners Grant.
Of course, you’ll also appreciate our exceptional customer service. Our priority is making sure the entire home finance process is hassle-free, so you can actually enjoy buying or building your new home.
What is income protection insurance and why is it important?
Income protection insurance ensures that you don’t go without income if something happens to you, and you can no longer work due to an accident or illness. With a properly set up income protection insurance policy, even if you’re unable to earn an income, your family will be able to keep the house and continue enjoying their current lifestyle. This type of insurance is usually paid by the month, and the fee varies based on your income and situation.
What is a settlement agency/conveyancer?
A settlement agency prepares all the necessary paperwork and legals, when you buy and/or sell a home. This includes changing the name on the title deeds of the properties involved, organising the adjustment of shire and water rates on your behalf, and liaising with all the relevant parties involved in the settlement process.
What is stamp duty?
Stamp duty is the tax you pay on the sale of a property to cover the legal costs of the transaction. It can vary based on the state you reside in. Use our simple stamp duty calculator to find out how much you’ll pay.
- WA first home buyers — If you’re buying your first home (up to $500,000), you don’t have to pay stamp duty at all! It’s waived by the WA government.
- Victorian first home buyers — If you’re buying your first home (up to $600,000), you get a 20% discount on your stamp duty.
Still have questions about the mortgage process?
Enquire below to have one of our mortgage brokers call you back within 24 hours. They’ll walk you through the entire mortgage/home finance process, and answer all your questions.
