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All FAQs (Helpie FAQ)

Sample of All FAQs (Helpie FAQ)

Helpie FAQ

  • What are the guarantees under the Home Guarantee Scheme?

    First Home Guarantee (FHBG) supports eligible first home buyers to buy their first home sooner, with a deposit as little as 5%. Family Home Guarantee (FHG) supports eligible single parents with at least one dependent child to buy a home, with a deposit as little as 2%. Regional First Home Buyer Guarantee (RFHBG) supports eligible regional first home buyers to buy a home in a regional area, with a deposit as little as 5%.

  • Can government home buyer schemes be combined with other grants or incentives?

    In some cases, they can be combined.For example, the First Home Owner Grant may be combined with stamp duty concessions or other state-specific benefits.

  • How can I avail of the Home Guarantee Scheme?

    You have to course your application through participating lenders. The National Housing Finance and Investment Corporation doesn’t accept direct applications.

  • Can I apply with someone else?

    For the First Home Guarantee (FHBG) or Regional First Home Buyer Guarantee (RFHBG), you can apply as an individual (single application), or as part of a borrower couple (couple application). The FHBG identifies a couple application as two eligible borrowers who are married or in a de facto relationship with each other.

  • Can I apply as a single applicant even if I am married or have a de facto partner?

    Yes, you can. It will be filed under a single application and only you will be considered for the eligibility criteria. Once approved, only your name will appear in the servicing of the loan.

  • What are the benefits of government home buyer schemes?

    Government home buyer schemes offer several benefits, including financial assistance or grants that can be used toward the purchase price or associated costs of buying a home. These schemes can help first-time buyers enter the property market, overcome affordability challenges, and reduce the financial burden of purchasing a home.

  • What are government home buyer schemes?

    These are initiatives introduced by governments to assist individuals and families in purchasing their own homes. These schemes often provide financial incentives, grants, or assistance programs to help make homeownership more accessible and affordable.

  • Do I need collateral for a commercial loan?

    Yes, in most cases, security and collateral are required. However, lenders offer unsecured loans in some special
    circumstances.

  • How much can I borrow with a commercial loan?

    The loan size depends on various factors, including the lender’s policies, the borrower’s financials, the purpose of the loan, and the value of the collateral being offered. Generally, commercial loans can range from a few thousand dollars to millions of dollars.

  • What interest rates can I expect for a commercial loan?

    Commercial loan rates are generally higher than residential loan rates, since interest rates vary according to loan purpose and the securities.

  • What can a commercial loan be used for?

    Commercial loans can be used to fund a property purchase for a business or refinance a loan for a business.

  • How do I qualify for a commercial loan?

    Qualifying for a commercial loan generally requires meeting certain eligibility criteria set by lenders related to the purpose of the loan. Factors considered may include the borrower’s business financials, creditworthiness, business plan, collateral, and industry experience. Lenders may also evaluate the business’s cash flow, and
    profitability.

  • What documentation is required to qualify for a commercial loan?

    Requirements may vary according to the borrower’s situation or background.

  • Can a non-resident get a home loan in Australia?

    Yes. Some lenders specialise in offering products specifically designed for non-resident borrowers.

  • What are the requirements for getting a non-resident home loan?

    Non-resident home loans follow special lending parameters. Other than income considerations, some of the factors in non-resi loans are the type of visa you are holding and the property you want to purchase.

  • Can non-residents get an investment property loan?

    Yes. Non-residents may get a foreign investor loan in Australia.

  • Are interest rates different for non-resident loans?

    Rates differ for every type of loan. Your broker may help you get a better negotiating power if you qualify with multiple lenders.

  • Can non-resident borrowers qualify for government schemes?

    The first requirement to qualify for a government scheme is to be an Australian citizen. However, in 2023, the Home Guarantee Scheme was extended to include permanent residents.

  • What if I already have an existing loan? Can a broker assist me with that?

    Yes, brokers can assist you with refinancing. Just like with a new loan application, it typically starts with finding
    you the best lender and loan product.

  • How long does the home loan application take?

    It depends on various factors. The average length of home loan application is 4 to 6 weeks from application to settlement.

  • What information do I need to provide to a home loan broker?

    The most common requirements are proof of income, recent bank statements, and personal identifications. Supporting documents will be required depending on your income source and residence status.

  • How do I know if a home loan broker is reputable?

    Your mortgage broker must have an Australian Credit Licence governed by the National Consumer Credit Protection Act.

  • Can a home loan broker help me if I have a bad credit history?

    Yes. Brokers can connect you with specialist lenders that give home loan products to people dealing with bad credit history or people who have eligibility problems to qualify through a traditional lender.

  • What types of loans can home loan brokers assist me with?

    Brokers can assist you with your first home loan, property investment loan, car loan commercial loan, personal loan, debt consolidation, and more.

  • Can a home loan broker assist me if I am a first home buyer?

    Yes. Brokers can assist you with every question you may have along the way connecting you to the right lenders suited for your needs.

  • Why should I go to a home loan broker instead of to the bank?

    A broker can give you a list of all suitable lenders along with the pros and cons of each one. By going to a broker, you will have access to a ton of helpful information to help you navigate a big life decision like owning a home.

  • Are home loan brokers’ services free?

    In most cases, you don’t need to pay to use the services of a home loan broker.

  • How can a home loan broker save me money?

    An expert home loan broker knows ways to get you the best home loan deals by comparing the rates of different lenders as well as the fees that they charge.

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