Question 1

What does a mortgage broker do in Australia?

Accepted Answer

A mortgage broker compares home loan options from a panel of lenders on your behalf, manages the application and paperwork, and provides guidance from enquiry through to settlement. Brokers like Mufti Finance have access to 40+ lenders and are paid by the lender, so the service is generally free for borrowers.

Question 2

How much deposit do I need to buy a home in Australia?

Accepted Answer

Most lenders require a minimum deposit of 5-20% of the property value. A deposit of 20% or more typically avoids Lenders Mortgage Insurance (LMI). First home buyers may also access Government schemes like the First Home Guarantee, which allows purchase with as little as 5% deposit and no LMI, subject to eligibility.

Question 3

What is home loan pre-approval and why does it matter?

Accepted Answer

Pre-approval is a lender's conditional approval showing how much you can borrow before you find a property. It helps you understand your budget, makes you a stronger buyer at auction or negotiation, and speeds up final approval. It is usually valid for around 3-6 months.

Question 4

When should I refinance my home loan?

Accepted Answer

Consider refinancing if your current rate is no longer competitive, you want to access equity, consolidate debts, switch between fixed and variable, or change loan features. A Home Loan Health Check can show how much you could save. Be mindful of any break costs or refinancing fees.

Question 5

Can I get a home loan if I'm self-employed?

Accepted Answer

Yes. Self-employed borrowers can access full doc loans (using tax returns and notices of assessment) or low doc loans, which use alternative income evidence such as bank statements and business activity statements. A specialist broker can match your circumstances to the right lender.

Question 6

How do I contact Mufti Finance?

Accepted Answer

You can call Mufti Finance on 1300 560 297, email info@muftifinance.com, or visit the office at 383 Woodstock Ave, Plumpton NSW 2761. You can also book a free consultation online or use the contact form on the website.