Question 1

What does a mortgage broker do?

Accepted Answer

A mortgage broker compares home loan options from multiple lenders and helps you find a loan that suits your goals – whether that’s buying your first home, refinancing, or investing. At Impact Home Loans, we explain your options in plain English, handle all the paperwork, and guide you from your first chat through to settlement (and beyond).

Question 2

Does it cost me anything to use Impact Home Loans?

Accepted Answer

You don't pay us a cent – the lender pays us a commission when your loan settles. If there is ever a situation where a separate fee applies, we will explain this clearly and get your approval before you move ahead. Transparency is really important to us.

Question 3

How is Impact Home Loans different from going to a bank?

Accepted Answer

When you go directly to a bank, you only see that bank’s products. As brokers, we have access to a panel of lenders, including the major banks and specialist lenders. That means we can compare options, explain the pros and cons of each, and help you choose a loan structure that suits your situation – not just the bank’s.

Question 4

Can you help first home buyers with grants and incentives?

Accepted Answer

Yes. We work with a lot of first home buyers and can help you understand what government grants, schemes or stamp duty concessions you might be eligible for. We’ll walk you through how these work, how they affect your deposit and borrowing power, and coordinate with your lender and conveyancer where needed.

Question 5

How much deposit do I need?

Accepted Answer

As a general guide, many lenders like to see at least a 20% deposit to avoid Lenders Mortgage Insurance (LMI). However, eligible first home buyers in Victoria may be able to purchase with as little as 5% deposit under the federal First Home Guarantee, without paying Lenders Mortgage Insurance. On top of that, the $10,000 First Home Owner Grant may apply for newly built homes, helping reduce the upfront cost even further. We’ll look at your income, savings, and goals, then show you different options – including what it means for your repayments and whether LMI or any government schemes might apply.

Question 6

How much can I borrow?

Accepted Answer

It comes down to your income, your regular expenses, any existing debts and your deposit — and every lender weighs these up a little differently. Our borrowing power calculator gives you a quick ballpark, and from there we'll look at your full picture across our panel of lenders and tell you what's realistic — so you can house-hunt with confidence.

Question 7

I’m thinking about refinancing – when does it make sense?

Accepted Answer

Refinancing can make sense if your interest rate is no longer competitive, your circumstances have changed, or you want to access equity for renovations, investments, or debt consolidation. We’ll compare your current loan against what’s available in the market, estimate the savings (if any), and factor in any break/exit costs so you can make an informed decision.

Question 8

Can I get a home loan if I’m self-employed?

Accepted Answer

Yes — self-employed clients can absolutely get a home loan. The main difference is how lenders assess your income. Instead of payslips, they look at documents like tax returns, business financials, BAS statements and how your income varies from year to year. We guide you through what you’ll need, which lenders are more flexible with self-employed income, and how to structure your application so you can maximise your borrowing power and improve your chances of approval.

Question 9

What documents will I need?

Accepted Answer

For most applications: photo ID, your last couple of payslips (or tax returns and business financials if you're self-employed), a few months of bank and savings statements, and details of any existing debts or credit cards. We'll give you a clear checklist up front and help you pull it together, so there are no last-minute surprises.

Question 10

How do meetings work – do I need to come to an office?

Accepted Answer

We prefer to meet clients in person, as it often makes it easier to review your goals, answer questions and walk through your options together. However, we know life gets busy — so if it’s more convenient, we’re also happy to chat via phone or video call. The entire process can be done remotely, especially if you live interstate, but you’re always welcome to come in for a face-to-face chat.

Frequently asked questions

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