Working with a mortgage broker can help you compare loan options from multiple lenders rather than approaching a single bank. A broker can review your financial situation, explain borrowing capacity and help structure a home loan suited to your goals.

For Cairns buyers, working with a local broker can also help navigate lending policies that apply to the Far North Queensland property market.

The deposit required to buy a home can vary depending on the lender and your financial situation. While a 20% deposit is often considered ideal, many lenders allow buyers to purchase property with a smaller deposit, sometimes from 5–10%.

If your deposit is below 20%, lenders may require Lenders Mortgage Insurance (LMI). A mortgage broker can help you explore different lenders and options to determine the most suitable deposit level for your circumstances.

Yes. Many home buyers purchase property with less than a 20% deposit.

Some lenders allow deposits starting from 5%, depending on your income, employment history and financial position. When borrowing more than 80% of the property value, Lenders Mortgage Insurance (LMI) is usually required.

There may also be government schemes available for eligible buyers that allow purchasing with a smaller deposit.

Yes. Borrowing capacity depends on several factors including your income, expenses, existing debts, credit history and deposit.

A mortgage broker can review your financial situation and calculate your borrowing power across different lenders to help you understand how much you may be able to borrow before you start looking for a property.

When buying property, there are several costs to consider beyond the deposit, including:

• Stamp duty
• Legal or conveyancing fees
• Building and pest inspections
• Loan establishment fees
• Lenders Mortgage Insurance (if applicable)

Understanding these costs early helps buyers plan their finances and avoid surprises during the purchase process.

Lenders Mortgage Insurance (LMI) is insurance that protects the lender if a borrower defaults on their home loan.

It is typically required when the deposit is less than 20% of the property value. The cost varies depending on the loan size and deposit amount and is often added to the loan rather than paid upfront.

A mortgage broker can help compare lenders to find options that may reduce or avoid LMI where possible.

Both fixed and variable interest rates have advantages depending on your financial goals.

A fixed rate loan provides certainty because the interest rate stays the same for a set period.
A variable rate loan may offer more flexibility, including extra repayments or redraw facilities.

Some borrowers choose a split loan, combining both fixed and variable rates to balance stability and flexibility.

There may be several government schemes available to eligible buyers, including the First Home Owner Grant and other first home buyer support programs.

Eligibility and benefits can vary depending on the property type, purchase price and personal circumstances. A mortgage broker can help explain which grants or schemes you may qualify for.

Home loan approval times can vary between lenders. In many cases, conditional approval may take 1–5 business days, while full approval can take one to two weeks depending on the lender and documentation required.

Providing complete documents early in the process and obtaining pre-approval before house hunting can help make the process smoother.

In many cases, mortgage brokers are paid by the lender once a loan settles, meaning there is often no direct cost to the borrower.

However, this can vary depending on the loan structure and the broker’s services. Your broker will always explain any potential costs before proceeding with an application.