Refinancing

The timeframe for a mortgage application can vary considerably depending on several factors, including the lender you choose, the complexity of your financial situation, and how quickly you can provide required documentation. On average, the process takes between two to six weeks from application to settlement. Pre-approval can often be obtained more quickly, sometimes within a few days, which is useful when you're ready to make an offer on a property. The actual timeframe depends on how responsive the lender is, whether any complications arise during the property valuation or credit assessment, and whether you're a straightforward PAYG employee or have more complex income structures. As your broker, we work to expedite the process by ensuring your application is complete and accurate from the start, following up with lenders regularly, and addressing any issues promptly as they arise.

A finance and mortgage broker acts as an intermediary between you and potential lenders. Rather than approaching banks and financial institutions yourself, we handle the entire process on your behalf. We assess your financial situation, understand your goals, and match you with suitable lending options from our panel of lenders. This saves you considerable time and effort, as we manage the paperwork, negotiate terms, and guide you through each stage of the application process. Our role is to advocate for your interests and find solutions that align with your specific circumstances, whether you're a business owner seeking commercial finance or a PAYG professional looking for a home loan. We maintain relationships with multiple lenders across Australia, which means we can present you with options you might not discover on your own.

The choice between fixed and variable rate loans depends on your personal circumstances, risk tolerance, and financial goals. A fixed rate loan locks in your interest rate for a set period, typically one to five years, which provides certainty around your repayments and helps with budgeting. However, you may face limitations on making extra repayments and could incur break fees if you need to exit the loan early. A variable rate loan fluctuates with market conditions, which means your repayments can increase or decrease over time. Variable loans typically offer more flexibility, allowing you to make extra repayments and access features like offset accounts or redraw facilities. Many borrowers choose a split loan, combining both fixed and variable portions to balance certainty with flexibility. As your broker, we'll discuss your situation in detail and help you understand which option, or combination of options, aligns with your needs and circumstances.

The documentation required depends on your employment status and the type of loan you're seeking. PAYG employees typically need to provide recent payslips, tax returns, bank statements, and proof of identity. Business owners and self-employed applicants generally need to supply additional documentation, including two years of tax returns with accompanying tax assessments, business financial statements, and sometimes a letter from your accountant. All applicants will need to provide identification documents, details of your assets and liabilities, and information about the property you're purchasing or refinancing. If you have other income sources such as rental properties, investments, or government benefits, you'll need supporting documentation for those as well. At Artisan Finance, we provide you with a detailed checklist tailored to your specific situation, and we review your documents before submission to ensure everything is complete and presented appropriately, which helps avoid delays in the assessment process.

An offset account is a transaction account linked to your home loan that can help reduce the interest you pay on your mortgage. The balance in your offset account is offset against your loan balance when the lender calculates interest charges. For example, if you have a home loan of $500,000 and $20,000 in your offset account, you'll only pay interest on $480,000. The money in your offset account remains accessible for everyday transactions, so you maintain liquidity while reducing your interest costs. This can be particularly valuable for business owners who may need to maintain cash reserves or manage irregular income. A 100% offset account offsets the full balance, while some accounts only offset a percentage. Not all loans offer offset accounts, and those that do may charge higher fees or different pricing structures, so we'll help you evaluate whether this feature delivers genuine value for your specific situation.

Pre-approval, also called conditional approval, is an initial assessment from a lender indicating they're willing to lend you a certain amount based on the financial information you've provided. It's not a guarantee, but it gives you confidence when house hunting and shows sellers you're a serious buyer. Pre-approval is typically valid for three to six months and is subject to conditions such as a satisfactory property valuation and verification of your information. Formal approval comes after you've found a property and the lender has completed their full assessment, including valuing the specific property you want to purchase. This is when the lender commits to providing the loan, subject only to final conditions like building and pest inspections. At Artisan Finance, we help you through both stages, ensuring you understand what each means and what's required to progress from pre-approval to settlement.

Mortgage brokers typically receive payment through commissions from the lenders once your loan settles. This means that in most cases, you won't pay any upfront fees for our service. The lender pays us a commission for bringing them your business, and we may also receive ongoing trail commission over the life of the loan. It's important to understand that our obligation is to find you a suitable loan that meets your needs, regardless of the commission structure. We're required by law to act in your interest and disclose all fees and commissions before you proceed with any application. Some complex scenarios or specialist lending situations may involve application fees, but we'll always discuss these with you upfront so you understand the full cost structure before making any decisions.

Absolutely. Self-employed individuals and business owners can definitely obtain home loans, though the application process may require different documentation compared to PAYG employees. Lenders typically want to see evidence of consistent income and financial stability, which for self-employed borrowers usually means providing tax returns, financial statements, and business activity statements. At Artisan Finance, we specialise in working with business owners and understand the unique challenges you face when applying for finance. We know which lenders are more receptive to self-employed applications and can help you prepare your documentation to present your financial position in the most favourable light. Some lenders also offer low-doc or alt-doc loan options for self-employed borrowers, though these come with different criteria and considerations that we can explain in detail.

While you certainly can approach lenders directly, working with a mortgage broker offers several important advantages. Your bank only offers their own products, whereas we have access to a wide panel of lenders across Australia, including major banks, regional lenders, and specialist financiers. This means we can compare multiple options and find solutions that specifically suit your circumstances. We also understand the different lending policies and criteria of various lenders, so we know which ones are more likely to approve your application based on your situation. This is particularly valuable if you have a complex income structure, are self-employed, or have any credit history issues. Additionally, we handle the time-consuming aspects of the application process, liaise with lenders on your behalf, and can often identify solutions or structures you might not have considered. Our ongoing relationship means we're available to review your finance as your circumstances change, ensuring your loan continues to serve your needs over time.

Yes, we work with clients across all types of residential property finance, including investment properties. Investment property loans have different criteria and considerations compared to owner-occupied home loans. Lenders typically require larger deposits for investment properties, and the loan terms and pricing may differ. When assessing your borrowing capacity for an investment property, lenders will consider the rental income the property can generate, though they usually only count a percentage of this income in their calculations. We help investors structure their finance appropriately, whether you're purchasing your first investment property or building a substantial portfolio. This includes advising on the most suitable loan structure, explaining the tax implications you should discuss with your accountant, and ensuring your finance strategy supports your broader investment goals. Our service extends to both PAYG professionals and business owners looking to build wealth through property investment.