Frequently Asked Questions

In most cases, the lender pays the broker an upfront commission (typically 0.5%–0.65% of the loan amount) and a trailing commission (typically 0.1%–0.15% per year) paid on the outstanding loan balance over time. This means our service is free for most borrowers. We are required by law to disclose all commissions to you in writing before you proceed — there are no hidden fees.

Your bank can only offer you its own products — it has a clear commercial interest in selling you its loan, not the best loan for you. A mortgage broker compares options across many lenders simultaneously and is legally required to act in your best interests (Best Interests Duty). This means you benefit from genuine market comparison, professional advice, and loan expertise — all with no additional cost to you in most cases.

Yes. MoneyGenie Finance operates as an authorised Credit Representative under an Australian Credit Licence (ACL) as required by the National Consumer Credit Protection Act 2009 (Cth). We are bound by the Best Interests Duty, which requires us to act in your best interests when providing credit assistance, and to prioritise your interests over those of the lender or our own commercial interests.

Most lenders require a minimum 5% deposit for owner-occupier purchases, though Lenders Mortgage Insurance (LMI) applies for deposits below 20%. For investment properties, most lenders require 10–20%. Some first home buyer schemes (First Home Guarantee) allow purchases with as little as 5% without paying LMI. Beyond the deposit itself, you also need funds for stamp duty (unless exempt as a first home buyer), conveyancing, and other upfront costs.

LMI is a one-off insurance premium paid by the borrower when their deposit is less than 20% of the property's purchase price. Despite being paid by you, LMI protects the lender (not you) in the event you default and the property sale does not cover the loan balance. LMI costs vary significantly based on the loan amount and LVR, but can range from a few thousand to over $30,000. It can be paid upfront or added to your loan. We can help you find ways to avoid or minimise LMI.

Pre-approval (also called conditional approval or approval in principle) is a lender's indication that they would be willing to lend you a specified amount, subject to conditions such as a property valuation and verification of your documents. Pre-approval gives you: (1) a clear and verified budget before you start inspecting properties, (2) credibility as a buyer when making offers, and (3) the confidence to bid at auction. Pre-approvals are typically valid for 90 days.

Standard applications typically take 3–10 business days for conditional approval and a further 3–5 business days for unconditional (formal) approval, subject to document turnaround times. Complex applications (self-employed, non-standard income, high LVR) or busy periods can take longer. We actively liaise with the lender on your behalf and keep you informed at every stage.

Refinancing costs can include: a discharge fee from your existing lender ($150–$400), a new loan establishment/application fee ($0–$600, often waived by lenders to attract refinancers), government mortgage registration and discharge fees (state-dependent, typically $100–$300 combined), a property valuation fee ($0–$600, often waived), and break costs if you are exiting a fixed rate loan early (can be substantial). We calculate all costs upfront so you know whether refinancing is financially worthwhile for your specific situation.

Yes. If your property has increased in value since you purchased it, you may have built up equity (the difference between your property's current value and your outstanding loan balance). Refinancing with a cash-out facility allows you to access this equity as a lump sum. Common uses include funding home renovations, paying for an investment property deposit, school fees, or consolidating higher-interest debts. You will need to demonstrate the purpose of the equity release to most lenders.

In NSW, the FHOG provides a one-off payment of $10,000 to eligible first home buyers who purchase or build a new home. To be eligible: you must be an Australian citizen or permanent resident; you (and your partner, if applicable) must never have previously owned residential property in Australia; you must intend to live in the home for at least 12 continuous months from settlement; and the property must be a new dwelling valued at no more than $600,000 ($750,000 for house and land packages). The FHOG does not apply to the purchase of established (existing) homes.

The FHSSS allows eligible first home buyers to make voluntary super contributions (up to $15,000 per year, with a $50,000 lifetime cap) and subsequently withdraw those funds, plus associated earnings, to use towards a home deposit. Withdrawals are taxed concessionally, making super a tax-effective way to save for a deposit. The ATO administers the scheme. We recommend speaking to a financial adviser about incorporating the FHSSS into your overall deposit strategy, and we can advise on how the savings interact with lender requirements.

First home buyers in NSW are exempt from stamp duty on new and existing homes valued up to $800,000. A partial concession applies to homes valued between $800,000 and $1,000,000. On a $750,000 property, this exemption saves you approximately $29,000. For vacant land, full exemption applies up to $350,000 with a partial concession to $450,000. Note: For new homes, NSW also offers the option of an annual property tax instead of stamp duty — speak to your conveyancer about which is more cost-effective for your situation.