A Mortgge Broker will consider loans from a range of lenders and find you a product that best suits your circumstances. As a mortgage broker, I act in your best interests when recommending a home loan, whereas a lender has no legal obligation to do so

Along with Home and Business loans, Moving Forward Finance can also provide access to other services such as house and contents insurance, compare our offerings before you commit to other providers.

Our fee's or commissions are usually paid by the lender whose products we recommend. The difference between commission paid on products is marginal and consumers should not be concerned that this commission will impact the quality of advice you are given. As a mortgage broker. As a mortgage broker, I have a legal obligation to act in your best interests when making a credit recommendation

Based on knowledge of your unique circumstances, Moving forward Finance will source an appropriate loan for you and act as a liaison between yourself and the lender. When it comes to submitting a loan application, we will do the legwork for you and ensure your loan is processed as quickly as possible. As a mortgage broker, I act for you; a lender sells you products

Traditionally you need at least a 20% deposit to get a home loan. Moving Forward Finance has access to lenders that will allow a deposit from as low as a 5% deposit (plus upfront fees) with the use of products such as lenders mortgage insurance. If you don’t have a 20 per cent deposit, you will generally be required to pay for lenders mortgage insurance (LMI). Lenders mortgage insurance provides protection to the lending institution in the event that you default on your home loan. it is a one-off charge that gets included in your loan amount or is required to be paid upfront.A guarantor can also volunteer their home equity as security for your loan. In the event that you default on your loan, your guarantor would wear the responsibility of paying off the loan. The amount you need to save is dependent on the loan to value ration (LVR). LVR is the loan amount divided by the value of the property. For example, if you're looking at a property with a purchase price of $200,000 and have a deposit of $20,000 your LVR is 90% ($180k / $200k).

Stamp duty is a charge which is applied by state governments in Australia on transactions relating to the transfer of land or property. It is paid upfront and needs to be budgeted for in addition to your loan deposit. The amount of stamp duty you are required to pay differs in each state. Check out our hand stamp duty calculator to see how much this would be for the property you are looking at.

The key to increasing your borrowing capacity is to reduce your debt. One of the easiest ways to achieve this is to lower your credit card balance, reducing the perceived risk to lenders. Another was is to look for opportunities to increase your income.

If you earn less from an investment property than it’s costing you, you’re said to be negatively geared. The motivation to be negatively geared is that it reduces your taxable income and you accept a short-term loss in the hope of a capital gain later.

Unlike a home loan, costs associated with an investment loan are tax deductible (eg interest, repairs, rates, depreciation, etc). However, be aware that any rental income will generally increase your taxable income. Another key difference is that any appreciation in the value of an investment property (capital gains) is taxed.

Refinancing is when you change your current home loan to a new one that satisfies your current financial situation. It can either be done internally (with the same lender) or externally (with a different lender). We have a useful refinance calculator to help you see the potential savings of refinancing.

Apart from potential financial benefits, refinancing can allow you to access the equity of your home to cover major costs such as school fees or a family holiday. It can also allow you to renovate your property which could in turn add to its value.

When you're ready for more information about the many loans on the market, it's best to chat to one of our brokers. They'll be able to take your personal circumstances and your goals into account, and recommend something that is going to work for you. It might be a combination of different types of loans.

This will depend on the type of loan and lender that you will be going through and Moving Forward Finance will assist you with this, to give you an idea, Identification Passport, driver's licence, proof of age card, Birth certificate, citizenship certificate, Pension card Income Evidence of wages, payslip, contract. rental or investment income, and any Government income. Loans and Savings 3 months statements of bank accounts, and any secured loans. (we utilise a program to make this a simple process for you) Other If you've received a gift of money towards your deposit, a statutory declaration that the funds are an unconditional gift. If you're using your equity in an existing property, the rates notice with the street address and title reference of the property. If you've found the property you'll purchase, a Contract of Sale or Offer of Acceptance, and the contact details of your solicitor or conveyancer. If you're building: a fixed price building contract plus original council approved plans

A deposit bond is a guarantee from the bank to the seller that you will pay the home deposit at the time of settlement. It's a document, so not actual money changes hands. All of the funds, both the deposit and the purchase price, will be paid at the settlement. If the purchase does not go through for any reason and the deposit is forfeit, then the deposit bond is paid to the seller. A deposit bond is commonly used when: you make an off the plan purchase you intend to bid at auction you have equity in some property but no liquid assets you're waiting on funds to come through from another source.

A principle and interest loan is a regular home loan where your repayments pay the interest (costs of borrowing the money), but they also count towards paying off the home loan itself. This means with each payment you build equity in your home, and you owe the bank less in total. An interest only loan means that you have elected to pay only the interest on the home loan, and not contribute to paying off the total amount borrowed to purchase the home. You may be able to elect to pay only the interest on your own for a period of time, usually 1-5 years for owner occupied loans and 1-10 years for investment property loans.

With a fixed rate, your home loan repayments will be the same amount for the period of time you choose to fix the rate - this is usually between 1-5 years. At the end of the fixed period, you can choose whether to continue the loan at variable interest rates or to fix the loan at the current market rate for a further period. Why choose a fixed loan? You know in advance exactly how much each payment will be This means you can make a precise budget You’re protected from unexpected rate rises The flip side is if interest rates fall, you won’t benefit from a lower repayment. You’ll usually only be able to make a limited number of additional payments, and there’s a penalty for paying the loan out early.

For this part of the loan, you’ll just be paying only interest - usually for 1-5 years. Repayments will be lower than with a principal and interest loan. If you want to renovate or improve your property - particularly for an investment - this frees up the cash you’ll need, or allows you to focus on increasing your equity in your principal residence. But you’ve got to be prepared for the sudden increase in repayments at the end of the interest-only term. Your borrowing power will be a bit less than a full-term principal and interest loan because the lender assesses based upon your ability to make repayments once the interest-only term ends. For example if you take out a loan for 30 years for $250,000 with 5 years interest only your borrowing capacity will be calculated as if the loan is over 25 years as this is the remaining time to have your loan paid off, you will pay interest only repayments for the 5 years and after this time your loan balance will still be $250,000 which would then need to be paid off over the remaining 25 years. We have a great calculator to show you examples of how this works and your potential repayments. Interest only calculator

If you’re self-employed, you might not have the conventional proof of income documents, but you can still get a home loan approved. Using tax returns, BAS statements, bank account statements, and proof of ABN, Moving Forward Finance can put together an application for a loan amount you can realistically service. You'll need to have held a GST-registered ABN for a period of 6 months to 2 years, depending on the lender. The documentation that you'll need includes the following: A self-declaration of income Accountant's certified letter to verify personal/business solvency and trade position 12 months of BAS statements 3 months of business statements Low-doc loans tend to have higher interest rates, influenced by the lender’s risk evaluation. Interest rates may be 2-4% higher than a traditional loan - this will be determined by your individual assessment. Otherwise, the loan will have the features of a standard home loan.

This loan could be a good option if you’re renovating and you only want to borrow as much money as you’ll need. You only pay interest on the amount of money that you actually need. It’s best for the cautious, as the temptation to borrow more than you need can become expensive.

This loan allows you to allocate a portion of your loan amount to a variable interest rate, and to fix a portion of your loan. This’ll give you some certainty for budgeting, and protection from interest rate rises. You can still make additional purchases on the variable portion of the loan. Repayments still rise and fall with interest rates, but by a lesser amount than if you hadn’t fixed a part of the loan.

A variable rate home loan means that the interest rate you pay on the loan will fluctuate as the rates set by the Reserve Bank of Australia change. A number of your repayments will change as the interest rate rises or falls, so you need to be prepared. A variable rate home loan gives you more flexibility regarding early payment, the ability to make extra repayments, and a redraw facility.

The major difference between a standard home loan and a construction loan is that payments will coincide with the initial land purchase, and then each key stage of construction. You will only pay interest on the parts of the loan that have been paid out, or ‘drawn down’. Before building commences you will need to pay a deposit to your builder, as well as a deposit for the land purchase. As work progresses you make payments to the builder per the contract. Most loans can be setup to be interest only during the construction stge which will help to keep your repayments down before you are able to move into your new home.