Own Money Resources

A mortgage is a type of loan specifically designed for purchasing property. You borrow money from a lender to buy a home, and in return, you agree to repay the loan (plus interest) over a set period, typically 25-30 years. The property serves as collateral, meaning the lender can sell it if you fail to repay the loan.

The amount you can borrow depends on factors like your income, expenses, credit score, and the deposit you’ve saved. Lenders also consider your employment history and existing debts. Use our borrowing power calculator or speak to us for a personalised assessment.

A variable rate loan means the interest rate can change over time, often in response to market conditions. This can result in fluctuating repayments. A fixed rate loan locks in your interest rate for a set period (usually 1-5 years), offering consistent repayments. Each option has pros and cons, depending on your needs.

A comparison rate combines the loan’s interest rate with most fees and charges to give you a more accurate picture of the loan’s true cost. It’s helpful for comparing loans from different lenders to ensure you’re getting a good deal.

Home loans come in various forms, including:

• Owner-occupied loans: For living in the property.
• Investment loans: For purchasing rental properties.
• Principal and interest loans: You pay both the loan amount and interest.
• Interest-only loans: You pay only the interest for a set time (common for investors).
• Fixed, variable, and split loans: Offering different levels of repayment flexibility

Typically, you’ll need:

• Proof of identity (passport, driver’s licence).
• Proof of income (pay slips, tax returns for the self-employed).
• Bank statements showing savings and expenses.
• Details of assets (e.g., car, shares) and liabilities (e.g., credit cards, loans).

A dedicated broker can guide you through this process.

The process includes:

• • Pre-approval: Determine your borrowing capacity.
  • Property search: Find a property within your budget.
  • Formal application: Submit documents to the lender.
  • Assessment: The lender evaluates your finances.
  • Approval: Once approved, you’ll receive a loan offer.
  • Settlement: The loan funds are transferred, and you take ownership of the property.

At Own Home Loans, we handle the hard parts so you can focus on your new home.

The First Home Owner Grant (FHOG) is a government initiative to help eligible first-time buyers purchase their first home. The grant amount and eligibility criteria vary by state or territory, but generally, it’s available for newly built homes or homes that have been substantially renovated. You can apply through your lender or directly with your state revenue office.

LMI is an insurance that protects the lender if you default on your loan. It’s required if your deposit is less than 20% of the property’s value. While it’s a significant cost, LMI enables many buyers to enter the property market sooner. We can help you calculate if LMI applies and explore options to reduce it.

Generally, lenders require at least a 5% deposit of the property’s value. However, a larger deposit (e.g., 20%) can help you avoid LMI and reduce your loan repayments. Some government schemes, like the First Home Loan Deposit Scheme, can assist in buying with a smaller deposit.

There are several incentives to assist first-home buyers, including:

• The First Home Owner Grant (FHOG).
• Stamp duty concessions or exemptions.
• The First Home Guarantee (FHBG) to buy with as little as a 5% deposit.
• Super Saver Scheme, which allows you to use some superannuation savings for a deposit.

We stay updated on these programs to ensure you benefit from any you’re eligible for.

This depends on your financial goals, lifestyle, and market conditions. Buying can build equity and provide stability, but it comes with responsibilities like maintenance and ongoing costs. Renting offers flexibility and potentially lower monthly expenses but doesn’t contribute to long-term wealth. Our team can help you assess your situation to make the right decision.

Refinancing is a good idea if:

• Interest rates have dropped.
• Your financial situation has changed.
• You want to access equity for renovations or investments.
• Your current loan no longer suits your needs.

Regular loan health checks can help you decide if refinancing is beneficial.

Refinancing costs may include:

• Exit fees (for some older loans).
• Loan application fees for the new lender.
• Valuation and settlement fees.
• Government charges for changing titles.
  

However, the potential savings often outweigh these costs. We can provide a detailed cost-benefit analysis for your situation.

Savings depend on your current interest rate, loan size, and the new loan terms. Even a small reduction in your interest rate can save thousands over the life of the loan. We’ll run the numbers and show you how much you can save.

Refinancing involves replacing your current loan with a new one, potentially with better terms or a different lender. A loan top-up increases the amount borrowed on your existing loan, often to fund renovations or other expenses. We can help determine which option suits your needs.

Refinancing with bad credit is possible, but options may be limited. Specialist lenders offer solutions, though interest rates may be higher. We’ll work with you to explore the best options and improve your financial standing for better rates in the future.

It’s a good idea to review your home loan every 1–2 years or whenever your circumstances change (e.g., income, interest rates, or financial goals). Regular reviews ensure your loan remains competitive and aligned with your needs.

A home loan health check evaluates your current loan to determine if it’s still the best option. We look at your interest rate, fees, features, and other lenders’ offerings. If we find a better deal, we’ll help you refinance seamlessly.

Absolutely! We’re happy to review any loan, whether it was arranged through us or another broker. Our goal is to ensure you’re always on the most competitive and suitable loan for your needs.

Refinancing can be complex, but we make it easy. From assessing your options to handling all the paperwork, we take care of everything. We also work to minimise costs, ensuring the process delivers maximum savings for you.

If your interest rate rises, don’t panic. Contact us to explore your options, which may include negotiating with your current lender, refinancing to a lower rate, or adjusting your repayments. Acting quickly can help minimise the impact on your finances.

A property advisor is a professional who helps you make informed decisions about buying, selling, or investing in property. At Own Property Advisory, we guide you through every step of the property journey, from research and selection to negotiation and settlement, ensuring your property choices align with your financial and lifestyle goals.

While a real estate agent works for the seller, a property advisor works exclusively for you, the buyer or investor. Our role is to ensure your interests are protected, providing unbiased advice, market insights, and strategies to secure the best outcome for you.

Our process includes an initial consultation to understand your needs, followed by market research, property selection, negotiation support, and assistance with settlement and even renovation. As long as you own that property, we stay by your side every step of the way, offering guidance tailored to your unique situation.

Yes, because property advisors specialise in sourcing and evaluating properties. While financial planners and mortgage brokers focus on broader financial strategies and securing finance, our expertise lies in finding the right property to complement your overall financial plan.

We offer transparent pricing based on the level of service you need. During your initial consultation, we’ll provide a clear outline of our fees and what’s included, so you can make an informed decision.

Absolutely! We specialise in helping first-home buyers navigate the property market. From understanding grants and incentives to finding a home that fits your budget and lifestyle, we make the journey as smooth as possible.

Yes, we can guide you through the complexities of off-the-plan purchases. This includes evaluating developer reputations, reviewing contracts, assessing whether the property aligns with your financial goals and help you manage all aspects of the project.

By working with us, you gain access to expert market knowledge, exclusive property listings, and professional negotiation support. We also handle much of the legwork, saving you time and reducing stress.

Yes, negotiation is one of our key strengths. We aim to secure the best possible price and terms for you, leveraging our expertise to ensure you’re not overpaying for your property.

Key considerations include location and its history, rental yield, future growth potential, and the property’s condition. We help you evaluate these factors to ensure your investment delivers strong returns and aligns with your long-term goals.

Vendor Advocacy means we act as your trusted advisor throughout the sales process. We help you select the right agent, review marketing plans, and ensure the sale achieves the best outcome. Think of us as your ally, keeping the real estate agent accountable to your goals.

Yes, we have a network of trusted agents across Australia. We carefully match you with an agent who specialises in your property type and location, ensuring they have a track record of achieving excellent results.

We help you understand market conditions and ensure the agent provides evidence-based pricing recommendations. If needed, we’ll advocate on your behalf to ensure your expectations are met.

Our Vendor Advocacy services are performance-based, meaning there’s no charge unless your property sells. This ensures we’re motivated to secure the best possible result for you.

Yes, we offer advice on everything from decluttering to styling, and we can connect you with professional services to make your property more appealing to buyers.

We help you define your goals, assess your borrowing capacity, and identify properties that align with your investment strategy. Our step-by-step approach ensures you build a portfolio designed to grow your wealth over time.

Consider location, demand, infrastructure development, rental yield, and long-term growth potential. Our team performs detailed analyses to ensure your investment ticks all the right boxes.

Yes, we provide post-purchase support, including advice on property management, tenant selection, and strategies to maximise returns.

The best areas depend on market trends, infrastructure projects, and local economic factors. During your consultation, we provide up-to-date insights on high-performing regions.

We analyse rental yields, property prices, and local demand to identify properties likely to generate positive cash flow, ensuring your investment supports your financial goals.

We stay informed through market research, industry reports, and on-the-ground insights, ensuring our advice is based on the latest trends and data.

Look for areas with population growth, planned infrastructure, and strong rental demand. We conduct in-depth research to identify these opportunities for our clients.

Interest rates affect borrowing costs and buyer demand which can have an effect on property prices. We help you understand these impacts and plan your investments accordingly.

The market is dynamic, with conditions varying across states and cities. We provide tailored advice based on your location and investment goals.

Yes, we have experience advising clients on purchases across Australia, leveraging our nationwide network to find opportunities in other states.

Yes, we can assist with due diligence, price negotiation, and navigating the purchase process to ensure you’re making the best decision.

We analyse market trends, historical data, rental demand, and infrastructure plans to ensure our recommendations are backed by solid research.

We start by understanding your goals and circumstances, then customise our advice and strategies to help you achieve your desired outcomes.

Yes, we can connect you with trusted legal professionals and help coordinate the conveyancing process.

We operate independently, with no financial ties to developers or agents. Our sole focus is on achieving the best outcomes for our clients.

Own Money Coaching is a free financial coaching service designed to help you take control of your finances and achieve your goals. We provide tools, resources, and personalised support to help you make informed financial decisions, whether you’re buying a home, building wealth, or improving your financial wellbeing.

Own Money Coaching is available to anyone seeking to improve their financial knowledge and wellbeing. Whether you’re starting out, looking to make smarter financial decisions, or planning for your future, we’re here to help.

Yes, all our services are completely free. Our mission is to inspire everyone to own their prosperity, and providing no-cost support is part of how we achieve that.

The Financial Wellbeing Survey is a quick and simple tool that helps you assess your financial health. It looks at factors such as savings, debt, and budgeting habits to provide a score and personalised recommendations for improving your financial wellbeing.

If your score indicates room for improvement, don’t stress—our coaches are here to help. You can book a free session to discuss your situation and get tailored advice on how to take the first steps towards financial stability

We offer a range of services to support your financial journey, including free property and suburb reports, home loan health checks, superannuation reviews, budgeting tools, and personalised coaching sessions. We also provide advice on novated leases, buying a car at fleet prices, and planning for a work-optional lifestyle.

Yes, we understand that privacy is important. You can access many of our tools and resources anonymously. If you choose to engage directly with a coach, any personal information you share will remain confidential.

While most of our coaching is conducted online or over the phone, face-to-face sessions may be available in some locations. Contact us to check availability.

Improving your credit score starts with small, consistent steps. Pay your bills on time, avoid taking on unnecessary debt, and keep your credit utilisation low. Regularly checking your credit report for errors can also help ensure your score reflects your true financial position.

Consider making extra repayments, switching to fortnightly repayments, or reviewing your home loan for a better interest rate. Even small changes can make a big difference over time.

Start by understanding your financial needs and goals. Build a solid savings plan, invest wisely, and focus on reducing debt. Our financial coaches can guide you through the process and help create a plan tailored to your circumstances.

The Own Money Coaching app is free to download and available on both iOS and Android. Simply search for “Own Money Coaching” in the App Store or Google Play, or follow the link provided in your survey results email.

Yes, recordings of our webinars are available on our website. Browse our library to find sessions on topics like property investment, budgeting, and financial wellbeing.

Absolutely. Protecting your privacy is a top priority. We use secure systems to store and manage your information, and we never share your data without your explicit consent.

You can choose to opt out of future communications at any time. Simply let us know your preferences, and we’ll ensure your details are updated.