Frequently asked questions

A broker sits between you and the lending market, comparing products across a panel of lenders and managing your application from the first conversation through to settlement.

PLACEHOLDER — pending client copy.

PLACEHOLDER — pending client copy.

PLACEHOLDER — pending client copy. Crest Finance operates under the credit licence held by MFFA.

A mortgage broker can compare loan options from a range of lenders, rather than being limited to the products offered by one bank. They can also guide you through the application process and help find a loan that suits your needs and financial situation.

Lenders Mortgage Insurance is a one-off cost that may apply when borrowing more than 80% of a property's value. It protects the lender, not the borrower.

A comparison rate combines the loan’s interest rate with most fees and charges into a single percentage. It helps you compare the overall cost of different loans more easily, rather than looking at the interest rate alone.

LVR (Loan-to-Value Ratio) is the percentage of a property’s value that you are borrowing. For example, if a property is worth $500,000 and you borrow $400,000, your LVR is 80%.

Besides your deposit, you should budget for costs such as stamp duty, conveyancing or legal fees, building and pest inspections, and loan-related fees. In Victoria, the amount can vary depending on the property and whether you’re eligible for any first-home buyer concessions or exemptions.

PLACEHOLDER — pending client copy.

PLACEHOLDER — pending client copy.

Pre-approval is an indication of how much a lender may be willing to lend you based on an initial assessment of your finances. Formal approval happens after the lender completes its full assessment, including verifying your information and the property, before confirming the loan.

If your application isn’t approved, your broker can help you understand the lender’s reasons and discuss possible next steps. This may include adjusting the loan amount, improving your financial position, or exploring other suitable lenders or loan options.

We will generally communicate with the lender on your behalf and help manage the application process from start to finish. We’ll keep you updated along the way and let you know if the lender needs any additional information or documents from you.

Lenders consider your income, existing credit commitments, monthly living expenses and dependants. Each lender applies different criteria, so the figure varies. Our calculators give a general guide.

Yes. Lenders generally consider your credit card limit, not just the amount you currently owe, when assessing your borrowing capacity. Reducing unused credit limits or closing unnecessary cards may help improve your borrowing power.

Yes, being self-employed doesn’t stop you from getting a home loan. Lenders may require additional documents to verify your income, and we can help you find suitable loan options based on your circumstances.

A guarantor is usually a family member who takes on legal responsibility for part of the loan. Guarantor arrangements carry significant obligations for the guarantor.

Eligible first home buyers in Victoria may have access to support such as the First Home Owner Grant, stamp duty exemptions or concessions, and Australian Government home buyer schemes. We can help you understand which options may apply to your situation and guide you through the process.

PLACEHOLDER — pending client copy.

In Victoria, eligible first home buyers may receive a stamp duty exemption or concession, depending on the property value and eligibility requirements. We can help you understand what may apply to your purchase and factor any stamp duty into your upfront costs.