What is My Finance Consultants?

My Finance Consultants is a Mortgage Broking business based in Macarthur, NSW. We compare loans from multiple lenders and provide guidance from pre-approval to settlement.

When should I speak with a Mortgage Broker?

As early as possible—whether planning, house hunting, refinancing, upgrading or investing. Early advice clarifies budget, timelines and next steps.

What does a Mortgage Broker do?

A broker compares lenders, explains options, prepares applications, negotiates pricing, coordinates valuation and works with your conveyancer through to settlement.

How are Mortgage Brokers paid?

Brokers are paid a standardised commission by the lender after settlement. This is not charged to the borrower and is disclosed in line with industry regulations.

What is a home loan pre-approval?

A lender’s conditional assessment of your borrowing capacity, usually valid 90–180 days. Final approval follows property valuation and verification of details.

How much deposit do I need?

Deposits can start from 5%. A 20% deposit avoids Lenders Mortgage Insurance (LMI). Family guarantees and some professional programs may reduce deposit needs.

How is borrowing capacity calculated?

Lenders assess income, living expenses, existing debts, credit history, deposit size and property type. A precise figure requires a lender assessment.

What costs should I budget for when buying?

Common costs include stamp duty, legal fees, building and pest inspections, lender fees, insurance, settlement adjustments and moving costs.

A state government tax on property purchases, calculated on price and buyer type. It is generally payable at settlement and varies by state or territory.

What is Lenders Mortgage Insurance (LMI)?

LMI protects the lender when you borrow over 80% LVR. It can usually be added to the loan amount and does not provide protection to the borrower.

How can I avoid paying LMI?

Provide a 20% deposit, use a family guarantee, or qualify for a professional LMI waiver where eligible. Availability depends on lender policy.

Offset account vs redraw—what’s the difference?

An offset account reduces interest by offsetting your loan balance and is suitable for everyday use. Redraw gives access to extra repayments and may have restrictions.

Why refinance a home loan?

Refinancing can reduce interest costs, lower repayments, improve features, consolidate debts or release equity for renovations or investing.

Can I use equity to buy an investment property?

Yes. Released equity can fund the deposit and costs for an investment purchase, subject to borrowing capacity and lender policy.

Private treaty vs auction—what’s the difference?

Private treaty involves negotiation and usually a cooling-off period. Auctions are unconditional on the day—buyers must complete due diligence beforehand.

What does a conveyancer or solicitor do?

They review the contract, manage searches, advise on risks, coordinate settlement and transfer legal title of the property.

Can I use my super to buy property?

Yes, through a Self-Managed Super Fund (SMSF) with a limited recourse borrowing arrangement. The property must meet superannuation and lender rules.

Frequently Asked Questions

About My Finance Consultants

What does “we work for you, not the lender” actually mean?

We compare multiple lenders and recommend the option that best supports your goals — not the lender who pays the highest commission. We are legally required to act in your best interests.

Which areas do you serve?

We’re a Sydney-based Mortgage Broker located in the Macarthur region, assisting clients across Australia and overseas Australian expats.

While we’re local to Macarthur, most clients prefer online or phone consultations, giving you fast, flexible access to expert lending advice from anywhere.

Do you charge any fees?

Our service is typically no cost to you. Certain complex lending (SMSF, non-conforming, commercial) can have advice or lender-imposed fees. These are always disclosed upfront.

Working With a Mortgage Broker

Why use a Mortgage Broker instead of going direct to a bank?

Banks only offer their own products. We compare 40+ lenders, negotiate competitive rates, manage paperwork, and structure your loan to suit your goals — not the bank’s.

How long does the loan process take?

Pre-approval: 1–7 business days
Full approval after valuation: 2–10 business days

Timelines vary depending on lender, documentation, and property type.

Can you work with my accountant / financial adviser?

Yes. We regularly collaborate to align loan structure, tax strategy, and long-term planning, especially for investors and business owners.

Pre-Approvals, Deposits & Borrowing Power

Should I get pre-approval before I start house hunting?

Yes. Pre-approval confirms your budget, strengthens your position when negotiating, and protects you from overcommitting.

Can I buy with less than a 20% deposit?

Yes — lenders allow deposits from 5%, though Lenders Mortgage Insurance (LMI) may apply unless you qualify for a guarantee or professional waiver.

Can my parents help me buy a home?

Yes — through a Family Guarantee or gifting of funds. Guarantees should be carefully structured to manage risk.

Does having a car loan, HECS/HELP or credit cards impact borrowing power?

Yes. Any monthly financial commitment reduces borrowing capacity. We can model the effect for you.

Costs When Buying Property

What is Stamp Duty and when do I pay it?

Stamp duty is a state tax. Payment is usually due at settlement. Try our Stamp Duty Calculator.

Do first home buyers receive concessions?

Yes — depending on your state, purchase price and property type. We confirm your eligibility and submit the required applications.

What is a building & pest inspection and do I need one?

Yes — it protects you from unexpected issues. Costs vary between $500–$1,500 depending on property size and location.

Loan Features & Structure

What’s the difference between an offset and redraw account?

Offset: Everyday access + interest savings
Redraw: Access to extra repayments, sometimes restricted

We recommend these features based on your cash flow style and goals.

How do I choose between fixed or variable interest rates?

Fixed provides repayment certainty; variable offers flexibility. We can model both options to help you decide.

What is cross-collateralisation and why avoid it?

It ties multiple properties to one loan, reducing flexibility. We structure loans to avoid it unless it is strategically beneficial.

Refinancing & Rate Negotiation

When should I consider refinancing?

After a rate increase
If it’s been 12 months since your last review
If you're planning renovations, investing, or debt consolidation

Can you negotiate with my current lender?

Yes. We request pricing reviews before recommending refinancing. Sometimes staying is the best outcome.

What is debt consolidation and is it smart?

Consolidating debts into your home loan may reduce monthly repayments. However, it can increase long-term interest if not managed carefully. We guide you through the pros and cons.

Investment Property & Portfolio Lending

Can I use the equity in my home to invest?

Yes — equity can fund deposits and purchasing costs. We arrange upfront valuations to assess how much is available.

Should I choose interest-only repayments for an investment property?

Interest-only improves cash flow. Principal & interest reduces long-term cost. The right strategy depends on your plan, timeline, and tax considerations.

Should I buy in my personal name, jointly, or in a trust?

This requires tax and asset-protection advice. We collaborate with your accountant on correct loan structure.

Property Purchase Process & Legal

What does a conveyancer do?

They manage the legal transfer of property, review contracts, order searches, and advise on risk. We can recommend trusted conveyancers.

What is a cooling-off period?

The time after signing a contract where you can withdraw (where applicable). Auctions do not have cooling-off periods.

What is a Section 66W Certificate?

It waives the cooling-off period and makes the contract immediately binding. Used only when finance is confirmed.

Special Circumstances & Lending Scenarios

Can I get a loan if I’m self-employed and don’t have 2 years of tax returns?

Possibly — alt-doc and BAS-based loans may be available depending on income history.

Can Australian expats get home loans?

Yes — many lenders offer expat lending with overseas income. We match lenders to currency and employment type.

Can I use my super to buy residential or commercial property?

Yes — via a Self-Managed Super Fund (SMSF). This requires professional structuring and compliance support.

Do FIFO / shift workers face different lending criteria?

Yes — we use lenders experienced in variable and overtime income, giving credit for consistent earnings patterns.

After Settlement & Ongoing Support

What happens after settlement?

You receive your keys and start repayments. We remain your ongoing broker.

Do you review my loan?

Yes — we complete annual rate reviews and notify you if a better offer is available.