Refinancing

Life changes are normal, and your home loan should be able to adapt to your evolving circumstances. Whether you're starting a family, changing careers, receiving an inheritance, or facing financial challenges, it's important to review your loan structure regularly to ensure it still meets your needs.

At Goodwin Home Loans, we build long-term relationships with our clients and remain available for ongoing advice well beyond your initial loan settlement. If your circumstances change, we can review your current loan, discuss whether refinancing might be beneficial, or explore options with your existing lender. We might identify opportunities to restructure your loan, access equity for renovations or investment, or adjust your repayment strategy. Our ongoing support means you always have a trusted professional to turn to for guidance throughout your entire property journey, not just for one transaction.

While deposit requirements vary depending on your circumstances and the lender, most borrowers need at least 5-20% of the property's purchase price. If you have a deposit of 20% or more, you'll typically avoid paying Lenders Mortgage Insurance (LMI), which is an additional cost that protects the lender if you have a smaller deposit.

At Goodwin Home Loans, we work with clients across various deposit levels. First home buyers may have access to government schemes that allow smaller deposits, while some lenders offer options for borrowers with genuine savings of 5-10%. We'll assess your situation and explain what's achievable based on your savings, income, and the property you're looking to purchase. We can also discuss strategies to strengthen your borrowing position if you're still building your deposit, ensuring you're well-prepared when you're ready to proceed.

Pre-approval is highly recommended before you start seriously looking at properties or attending auctions. It gives you a clear understanding of your borrowing capacity, which helps you focus on properties within your budget. Pre-approval also demonstrates to real estate agents and vendors that you're a serious buyer with finance already arranged.

At Goodwin Home Loans, we guide you through the pre-approval process, which involves a lender assessing your financial situation and providing conditional approval for a loan amount. This approval is typically valid for three to six months, giving you confidence as you search for the right property. Having pre-approval is particularly important in competitive markets where you need to act quickly. We'll ensure you understand the conditions attached to your pre-approval and keep you informed if any changes to your circumstances might affect it.

The documentation required depends on your employment type and financial circumstances. Generally, you'll need proof of identity such as a driver's licence and passport, recent payslips (usually three months' worth), tax returns if you're self-employed, bank statements showing your savings and spending patterns, and details of any existing debts or financial commitments.

At Goodwin Home Loans, we'll provide you with a comprehensive checklist tailored to your specific situation during our initial consultation. We understand that gathering documentation can feel overwhelming, so we guide you through exactly what's needed and why. We'll also review your documents before submission to ensure everything is in order, which helps prevent delays in the approval process. Our goal is to make the documentation phase as straightforward as possible while ensuring your application is robust and complete.

Yes, absolutely. Self-employed borrowers can definitely obtain home loans, though the application process may require additional documentation compared to someone in traditional employment. Lenders typically want to see evidence of consistent income over time, usually requiring two years of tax returns and financial statements.

At Goodwin Home Loans, we have extensive experience working with self-employed clients including sole traders, business owners, and contractors. We understand the unique challenges you face and know which lenders have policies that work well for self-employed borrowers. Different lenders assess self-employment income differently, and our knowledge of these variations is valuable in positioning your application for approval. We'll work with you to present your financial situation in the strongest possible light and find lenders whose policies align with your circumstances.

The timeframe for a home loan application varies depending on several factors, including the lender, the complexity of your financial situation, and how quickly documentation can be provided. Typically, the process takes between two to six weeks from application submission to formal approval.

At Goodwin Home Loans, we work efficiently to move your application forward as quickly as possible. We'll prepare your application thoroughly before submission, which helps avoid delays caused by missing information or documentation. We maintain regular communication with lenders and keep you updated throughout the process. If you're purchasing at auction or have a tight settlement deadline, we'll discuss strategies to expedite your application. Our experience with various lenders' policies helps us anticipate potential issues and address them proactively.

Yes, we work extensively with property investors at all stages of their investment journey, whether you're purchasing your first investment property or expanding an existing portfolio. Investment lending has different considerations compared to owner-occupied loans, including tax implications, loan structure, and lender policies regarding investment properties.

At Goodwin Home Loans, we take time to understand your investment strategy and long-term property goals. We'll discuss loan structures that provide flexibility for future investments, explain the importance of loan features for investors, and identify lenders with policies that support property investors. We consider factors like rental income assessment, depreciation benefits, and how an investment loan impacts your overall borrowing capacity. Our expertise helps position you for sustainable property investment growth, and we provide ongoing advice as your portfolio develops, ensuring your lending structure continues to support your investment objectives.

A variable home loan has an interest rate that can change over time based on market conditions and lender decisions, which means your repayments may increase or decrease. This type of loan typically offers more flexibility with features like offset accounts and the ability to make extra repayments without penalty.

A fixed home loan locks in an interest rate for a specific period, usually between one and five years, providing certainty about your repayments during that time. However, fixed loans often have restrictions on extra repayments and may not offer the same features as variable loans. At Goodwin Home Loans, we discuss both options with you and help you understand which structure suits your financial goals and circumstances. Some borrowers choose a split loan, combining both fixed and variable portions to balance certainty with flexibility.

A mortgage broker acts as an intermediary between you and potential lenders, working on your behalf to find suitable home loan options. At Goodwin Home Loans, we take the time to understand your financial situation, property goals, and personal circumstances before researching loan products across multiple lenders.

We handle the application process from start to finish, including preparing documentation, submitting applications, and liaising with lenders until settlement. Our role is to guide you through one of life's biggest financial decisions, providing expert advice tailored to your specific needs. Unlike going directly to a bank, working with a broker gives you access to a wide range of lending options and professional support throughout your entire property journey.

In most cases, our services don't cost you anything directly. We receive a commission from the lender once your loan settles, which means you can access professional mortgage broking services without paying upfront fees.

This commission structure allows us to offer comprehensive support throughout your property journey, from initial consultation through to settlement and beyond. We're transparent about how we're remunerated and will always explain this during our first meeting. Our focus is on finding the right loan structure for your situation and building a long-term relationship with you. Whether you're a first home buyer, upgrading, or investing, you'll receive the same level of personalised service and expert guidance.