Home and business loan FAQs.
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A mortgage broker helps you understand your borrowing position and explore loans from their lender panel. At GFS, we discuss your needs, explain relevant loan options and help prepare your application if you choose to proceed.

We also liaise with the lender during assessment. The lender makes the approval decision and sets the final terms of the loan.

A bank generally discusses its own products. A broker can compare options from the lenders available on their panel and explain how those options differ. A broker’s panel does not necessarily include every lender or product in the market.

You can start before you begin looking at properties. An early conversation can help you understand your budget, deposit position and documents to prepare. You can also contact us when reviewing an existing loan or planning an investment or business purchase.

Borrowing capacity depends on factors such as income, living expenses, existing debts, dependants, loan term and the lender’s assessment. The property and your deposit also affect the application.

An estimate is a starting point rather than a guarantee. We can discuss your circumstances and help you understand what a lender may consider.

Ask us about fees and remuneration at the start of your enquiry. We will explain any fee payable by you and relevant lender commission arrangements before you decide to proceed. Lender fees and other transaction costs are separate considerations.

Deposit requirements vary by lender, property and product. Your circumstances and any support scheme you qualify for may also affect the amount needed. A larger deposit can provide more options, but you should also allow for purchase costs and a financial buffer.

Depending on your purchase, costs may include:

• Transfer duty and government registration charges
• Conveyancing or legal costs
• Building, pest or other property inspections
• Lender fees and property valuation costs
• Insurance, settlement adjustments and moving expenses

Any concessions or exemptions depend on the rules that apply to your circumstances and property location.

Yes. We can discuss whether buyer support schemes may be relevant and help you identify the eligibility requirements to check. Rules, availability and property limits can change, so eligibility needs to be confirmed using current scheme information.

Pre-approval is a lender’s conditional indication that it may lend up to a specified amount, subject to its stated requirements. It can help guide your property search, but it is not final approval.

The lender may still need to assess the property, verify information and check that your financial circumstances have not changed.

A fixed rate stays the same for an agreed period, providing more certainty about repayments during that period. A variable rate can change, which may affect repayments and interest costs.

Features, fees and restrictions differ between products. For example, a fixed loan may limit extra repayments or involve costs if changed early.

A split loan divides your borrowing into separate portions, commonly with one fixed-rate portion and one variable-rate portion. This combines different features, but each portion has its own terms. The split should reflect your needs and circumstances.

An offset account is a linked account whose eligible balance reduces the loan balance used to calculate interest, according to the product terms.

Redraw provides access to eligible extra repayments made into the loan, subject to lender rules. Access conditions, fees and tax implications can differ. Seek tax advice before using either feature for investment-related borrowing.

Principal-and-interest repayments cover interest and gradually reduce the amount borrowed. Interest-only repayments generally cover interest for an agreed period without reducing the principal.

Interest-only arrangements can lead to higher repayments when that period ends and may increase total interest costs. Availability and suitability depend on your circumstances and lender requirements.

This depends on the loan. Some products allow flexible extra repayments, while others impose limits or charges. Check the terms before making additional payments, particularly during a fixed-rate period.

Refinancing means replacing your existing loan with another loan, potentially with a different lender. Reasons may include reviewing costs, changing features or adjusting a loan structure as your needs change.

No. You should consider the potential interest savings alongside discharge fees, establishment charges, valuation costs and any break costs. Loan features and the remaining term also matter.

Restarting a longer loan term may reduce regular repayments while increasing the total interest paid over time.

It may be possible, but changing or repaying a fixed loan early can involve break costs or other charges. Ask your current lender for a current payout and cost estimate before comparing alternatives.

Potentially. Equity is the difference between your property’s value and the debt secured against it. The amount a lender may allow you to access depends on its valuation, lending limits, your repayment capacity and the intended use of funds.

Accessing equity usually means taking on additional debt rather than withdrawing money you have saved.

Investment lending is for property held for investment rather than your own residence. Rates, assessment criteria and available features can differ. A lender may consider rental income alongside other income, expenses and commitments.

We can explain lending options. Your accountant or tax adviser should advise on tax treatment and investment-related deductions.

It may be possible, subject to the lender’s valuation, lending limits and assessment of your ability to repay. We can discuss the proposed structure and security requirements, including what additional borrowing would mean for your commitments.

Construction loans commonly release approved funds in stages as building work progresses. The lender may require a building contract, plans, insurance and inspections or other evidence before releasing progress payments.

Payment stages, repayment arrangements and approval conditions depend on the lender and project.

Contact your broker and lender promptly if your contract or funding needs change. Additional borrowing is not automatic and may require reassessment. You may need to contribute further funds, so it is important to consider a contingency when planning.

Depending on your circumstances, documents may include:

• Identification and residency information
• Payslips or other income evidence
• Bank statements and evidence of savings
• Details of living expenses and existing debts
• Tax returns or business financial records
• A purchase contract or existing property information

We will explain the documents relevant to your situation and the lender’s requirements.

Yes. Lenders assess self-employed applications using their own criteria. They may request tax returns, financial statements, business bank statements or other income evidence.

We can discuss your trading history and income documentation to explore available options.

Timing varies with the lender, application complexity, property valuation and completeness of supporting documents. Further information requests can also affect timing. We can discuss expected stages and keep you informed as your application progresses.

No. Final approval depends on meeting the lender’s conditions, including any property assessment and updated financial checks. Speak with us before relying on pre-approval for a purchase commitment.

Tell us promptly about changes to employment, income, expenses, debts or your deposit. The lender may need to reassess your application, and an earlier indication of borrowing capacity may change.

You can discuss working capital, equipment purchases, expansion, business purchases, commercial premises and reviews of existing borrowing. Available options depend on your circumstances, the funding purpose and lender criteria.

Visit our business loans page for more information.

Requirements may include identification, business registration details, business bank statements, financial statements, tax information and details of existing debts. Contracts, quotes or cash flow forecasts may be needed for the proposed funding purpose.

Some lenders offer products that do not require property security, subject to eligibility. Other forms of security or a personal guarantee may still apply. Understand the full agreement rather than assuming that “unsecured” means there are no personal commitments.

Options can be more limited for a new business. Lenders may consider your experience, financial contribution, security and forecasts. Contact us to discuss the proposed business and explore whether a suitable option may be available.

Consider total borrowing costs, repayment frequency, loan term, security, guarantees and early repayment conditions. Repayments should also be assessed against your revenue cycle and quieter trading periods.

Gopal Pokharel is the Founder and Principal Mortgage Broker at Genuine Financial Services. He brings 14+ years of finance industry experience and a personal approach to understanding clients’ lending needs.

Learn more on our About Us page.

Gopal offers support in English, Hindi, Nepali and Bengali. Let us know your preferred language when arranging an appointment.

No. We are based in Melbourne and support clients across Victoria, New South Wales, Queensland, Western Australia, South Australia, Tasmania, the Australian Capital Territory and the Northern Territory.

Yes. We welcome individuals, families and business owners from all backgrounds. Our focus is on understanding your circumstances and explaining lending options in a clear, respectful way.

No. Approval and final loan terms are determined by the lender. We help you explore suitable options available through our panel and understand their costs and features, without guaranteeing an outcome.

Call 0413 364 684 or visit our appointment section. Tell us what you would like to discuss and your preferred language so we can prepare for the conversation.