Everything you wanted to know about home loans — without the jargon
Whether you are buying your first home, refinancing, or funding your next big move, questions are natural. At Aussie Gateway Mortgages, we believe informed clients make better decisions — so we have pulled together real answers to the questions we hear every day.
How much do I need to save before I can buy a home
Most lenders prefer a minimum deposit of 5 to 20 percent of the property value. However, you may also need to factor in costs like stamp duty, legal fees, and Lenders Mortgage Insurance (LMI) if your deposit is under 20 percent. We will show you exactly how much you need based on your goals.
What is Lenders Mortgage Insurance (LMI)
LMI is an insurance policy that protects the lender when your deposit is less than 20 percent. It is a one-off cost that is either added to your loan or paid upfront. We will help you compare LMI-inclusive options and see whether government schemes can help you avoid it.
I am a first home buyer — what support is available
Depending on your situation and location, you may be eligible for the First Home Owner Grant, the First Home Guarantee (5 percent deposit with no LMI), stamp duty exemptions, or regional buyer support. We assess your eligibility and help you apply.
Can I buy with a family member or friend
Yes. Co-purchasing is increasingly common. We can help you structure the loan and ownership arrangement (e.g. tenants in common or joint tenants) and explain how it affects borrowing power and responsibility.
How do I know if my current loan is still competitive
If your loan is over 12 months old, your rate is above 6 percent, or your lender has not contacted you for a review, you may be paying more than you need to. We can compare your current loan against other lenders and show you potential savings — without affecting your credit file.
Can I refinance to consolidate other debts
Yes. You can roll personal loans, credit cards, or car loans into your home loan to reduce repayments. We will help you weigh up the pros and cons and ensure it is structured to minimise long-term interest.
Do I need a separate loan for land and building
You are not alone. Many borrowers are coming off ultra-low fixed rates into higher variable rates. We help you transition smoothly — reviewing your options before the fixed rate ends and helping you avoid the “loyalty tax”.
How are construction loans paid out
Funds are released in five stages — deposit, slab, frame, lock-up, and completion. You pay interest only on the amount drawn at each stage. We coordinate progress payments and manage the paperwork with the lender and builder.
I am self-employed — can I get a loan
Yes. We work with lenders who understand self-employed borrowers. We can use your tax returns, BAS statements, or bank statements to verify income, depending on the lender’s policy. We also assist with low-doc and alt-doc loans.