Mortgage Broker Brisbane

Improve your chances of getting a loan with an award winning mortgage broker.
We have one of the highest loan approval rates in the country

Find out your chances of getting a loan

We promise to get back to you within 4 business hours

Our reputation and achievements

Market average rejection rate is 40%, our rejection rate is 3%
Approximately 40% of home loan applications were rejected in December 2018 based on a survey of 52,000 households completed by 'DigitalFinance Analytics DFA'. In 2017 to 2018 Hunter Galloway submitted 342 home loan applications and had 8 applications rejected, giving a 2.33% rejection rate.
2019 Mortgage Broker of the Year

Don’t risk having your home loan declined

Did you know that over
40%
Approximately 40% of home loan applications were rejected in December 2018 based on a survey of 52,000 households completed by 'DigitalFinance Analytics DFA'. In 2017 to 2018 Hunter Galloway submitted 342 home loan applications and had 8 applications rejected, giving a 2.33% rejection rate.
of home loan applications that get submitted never make it to settlement? Don’t take that risk.
  • We know the banks inside out

    Our brokers have over 35 years of combined experience in the finance industry and have processed thousands of home loan applications. We have a wide range of lenders on our panel and we intimately understand their credit policies. This means we know the problems you may face on your loan application and how to mitigate them when applying with any specific bank or lender.

  • Reducing risk of rejection

    Unlike other brokers, Hunter Galloway completes our own internal credit assessment process before applying with any lender. Your application will be assigned its own Credit Manager who reviews each application thoroughly before it is submitted to the lenders, meaning we won't apply with a lender who won't approve your loan.

manager
Why Choose Hunter Galloway As
Your Mortgage Broker?
One of the lowest rejection rates
across Mortgage Brokers in Australia
The highest rated and most reviewed
Mortgage Broker in Brisbane on Google
We have direct access to 30+ banks and lenders
across Australia

Why do I need a broker if I can get a loan through my bank?

Just compare these two options when applying for a loan

Get a Loan with Hunter Galloway

  • We take extra time up front to go through your full situation and provide a complete lending solution.
  • Our brokers will look at your needs now and into the future, to make sure you have the best possible loan that looks after all of your needs.
  • A mortgage broker acts on your behalf to arrange a home loan through a bank or lender. Australian banks and lenders have different policies and loan requirements, and it is a brokers job to find a loan from one of these parties that fit with your individual situation.

Applying directly to a lender

  • Many banks have a "quantity over quality" policy, meaning that they care more about adding to their quota than about your financial future.
  • Lenders can only offer you a limited selection of loan products. There's no guarantee that you're getting the best deal available.
  • Due to the complexity of mortgage applications, sometimes even the bank staff don't know their bank's policies! This can lead to delays in your loan application, and in some instances your loan will get declined for no good reason.

How much does it cost to use a broker and your services?

Our services are completely free for all home and investment loans. We get paid by the lenders for doing the work, collating your loan application and meeting with you. This work would otherwise be done by a bank manager or branch lender so you get access to the same rates as if you went to the lender directly.

The advantage for you is that unlike when dealing with one bank, we can help you work with a wider variety of lenders and get the best options that work for you choosing from our panel of over 30 banks and lenders!

Our checklist to maximize your chances of securing a loan

How difficult is a home loan application?

The process of getting a home loan

Did you know that most home loan applications can be touched by at least 20 different companies? Banks, solicitors, valuers, different online systems, the list goes on! We help cut out all the noise in the process, we deal with the banks and third parties on your behalf – and always keep you in the loop.

1

Before you start talking to your bank you have your mortgage broker, their aggregator and software provider – just to prepare and lodge your application!

2

When your file reaches the bank’s system they will instruct a valuation management company, like Valex or VMS who then instruct subcontracting valuers to inspect the company, as well as obtain a copy of your credit report from the credit reporting bureau.

3

If you have less than a 20% deposit (or are borrowing more than 80% of the properties value) then the bank will also need to get approval for your loan from the mortgage insurers – who have the final say on the application.

4

Once your loan has been approved the banks often use solicitors to prepare the loan offer and contracts, as well a separate settlement agent to arranger cheques and fund your loan.

What is the process of applying for a loan?

Google reviews of our customers

Hunter Galloway Mortgage Brokers have helped hundreds of home owners.

We have built a brilliant reputation for being extremely well organised, helpful and making the home loan process as smooth as possible

user
star star star star star

My mortgage was not your typical simple loan; it required a lot of attention and out of the box thinking. ... All of this was provided by the team. Both Nathan and Josh worked tirelessly to get the result and outcome that I needed. They are incredibly personable, professional and a joy to work with.

Reynold

3 weeks ago

user
star star star star star

These gentlemen came recommended and I was genuinely impressed; the personalized service and ... very rapid reply to queries and constant updates was impressive as well as the ease with which they performed all the necessary work. They are very thorough and whilst collating paperwork is never much fun, they make it easy and explain why having all in place first is the best method. Very impressed!

Charles Phillis

3 weeks ago

user
star star star star star

Thank you so much to Nathan, Josh, Jared and the team for everything that they did for us in the process of buying our ... first house. They truly made it a seamless process. The team were always so on top of everything and kept us in the loop every step of the way. We will recommend Hunter Galloway to everyone we know! Thanks again boys!

Melissa Allison

3 weeks ago

user
star star star star star

We had a really great experience with Nathan from Hunter Galloway. Would definitely recommend him ... to anyone who is looking for a finance broker. He certainly knows his stuff, and his constant communication during the loan approval process was incredible.

Bianca Smith

3 weeks ago

user
star star star star star

I would recommend Nathan team to everyone. They are very professional and efficient.I previously had unpleasant ... experience when dealt with bank directly. Lucky, found Nathan, Josh and Jared just on time. Through them, bank even offered the loan more than I need. I could not settle this investment without Nathan's help!

Jessie Zhang

3 weeks ago

user
star star star star star

After being stuffed around for over two weeks by another broker - got in touch with Nathan and ... had a first-home loan approval within 48 hours of speaking with him. First-class customer service and demonstrated wealth of experience. Can't recommend Hunter Galloway enough.

Irene Diocares

3 weeks ago

Lenders on our panel

Westpac Bank
ANZ Bank
NAB
AMP
Adelaide Bank
FirstMac
Commonwealth Bank (CBA)
St George Mortgage Brokers
ING Direct
Home Loans
Macquarie Bank
Suncorp Bank
Pepper Money
ME Bank
Bankwest

Questions and Answers

Are you able to do virtual meetings?

Yes, our mortgage brokers can still 'face to face' meet you using Zoom Meeting or Google Hangouts, whichever is your preference. In our online meeting, we'll be able to go through your requirements and walk you through the home buying process.

Our mortgage brokers are working and are available during the coronavirus outbreak, so if you need any assistance with a home loan get in touch today.

What is a mortgage broker?

A mortgage broker is a consultant that can help you with finding a home loan, or mortgage usually from their panel of lenders. Once the right home loan has been selected, the mortgage broker will help you manage the home loan process, from initially signing the paperwork all the way until settlement.

What does a mortgage broker do?

A mortgage broker acts on your behalf to arrange a home loan through a bank or lender. Australian banks and lenders have different policies and loan requirements, and it is a brokers job to find a loan from one of these parties that fit with your individual situation.

Mortgage Brokers can help find the right home loan for any situation, from purchasing your first home to buying an investment property all the way to refinancing your mortgage to a better interest rate.

At Hunter Galloway we have access to over 30 different banks and lenders, giving you a wide range of home loan options to ensure we have a lender that can fit in with what you need.

Is it good to go through a mortgage broker?

Applying for your home loan through a mortgage broker gives you many advantages and there are no down sides.

We will give your application more care and attention than going direct, and we can offer you the best loan product across over thirty different lenders.

And if your loan application is complicated for any reason, we have the in depth knowledge and expertise required to correctly assess your situation and find you the right loan.

How much do mortgage brokers get paid in Australia?

Mortgage brokers in Australia get paid commissions from the banks. There is no cost to you as the client.

We do the same work the branch manager would do in putting together your application, so the lenders pay us for that service. The difference is that we are invested in your loan application - we don't get paid otherwise - so we will work very hard for it to get approved, as well as provide incredible service.

As our team at Hunter Galloway are mortgage broking and credit experts, we can answer all of your questions instead of directing you to another department.

What types of customers do you help?

Our mission is to make your home loan application effortless. We always work towards building a strong and personal relationship with every one of our clients and will work tirelessly to find the right home loan for you. Your mortgage is a lifelong commitment, and so is our commitment to you.

We help all sorts of clients from across Brisbane, so get in touch with the team today to book a free assessment.

What is an Independent Mortgage Broker?

An Independent Mortgage Broker in Brisbane is a broker that is not subjected to outside authority. In other words, they should technically be charging a fee for their services and not be paid commissions by the banks.

In Australia, brokers are not technically independent. Brokers use an aggregator, who provide access to all of the loans offered by the banks and lenders. We are paid a commission from the banks for providing them with a home loan.

But there is still a difference between independently owned mortgage brokers, and those owned by banks. Mortgage brokers who are owned by the banks are influenced to recommend the loans from the banks that own them.

Hunter Galloway is an independently owned Mortgage Broker, not connected to any banks or lender. We use Connective Financial services as our aggregator who provide the latest technology and training to help find our customers the best finance options.

We are not owned by a bank, and neither the aggregator or the banks have any influence on our decisions or loan recommendations. We only care about what is best for you.

Why should I use a mortgage broker in Australia?

Using a mortgage broker gives you many more options than going directly through a bank. Individual banks can only offer you the small number of loans that they have. We have access to over 40 banks in Australia, so we can find you the right lender and the right loan.

The best mortgage brokers can help you through their intimate knowledge of credit policy, making the home loan process quick, easy and stress-free.

We work with a wide range of borrowers, from first home owners, experienced property investors to medical professionals helping them find the best deal.

Through our intimate bank credit knowledge, we can find ‘secret’ policy exceptions to get approvals for applications that would normally get declined, including no deposit guarantor home loans and unusual employment loans.

We also have very strong relationships with the credit teams and key staff at the banks meaning we are also in a good position to get the very best interest rates for you. Often this means a cheaper variable or fixed interest rates, or rebates from the bank to cover the costs to refinance your loan.

What is the difference between fixed and variable rates?

A fixed rate mortgage means that you 'lock in' an interest rate for either a two-, three-, or five-year fixed period. While you're on that fixed rate, your loan repayment will not change, even if interest rates go up.

The main benefit of a fixed rate mortgage is security. You know what your monthly repayments will be and you don't have to worry about interest rates rising or falling.

A variable rate mortgage means that your mortgage repayments will change based on current interest rates. If the interest rates go up, then your repayments will increase. If interest rates drop, so do your repayments.

The main benefit of a variable rate mortgage is flexibility. A variable rate home loan will allow you to make extra repayments without penalties and you also have the option of extra facilities like offset accounts.

How can I manage risk and borrow the smart way?

Managing risk is all about understanding your situation, and borrowing the right amount of money. Borrowing the absolute maximum amount of money possible can be a problem if your financial or living circumstances change, so it's important to get the assistance of a mortgage broker to help make sure that you're borrowing the right amount of money.

Here at Hunter Galloway, we take the time to learn about your unique situation and what you're trying to achieve so we can find you the right loan - and the right loan amount - that will help you to achieve your goals without putting yourself through any unnecessary financial risk.

How long should a mortgage application take?

The length of a mortgage application depends on a lot of different factors, including the complexity of the application and the lender that you're using. Simple applications with the most responsive lenders can be very quick. More complex applications or some of the slower lenders can take a bit more time.

If you are purchasing a property it's very common for us to have our finance approved within 14 days, or 2 weeks - sometimes less if you have tight finance timeframes.

We will give you an idea of the expected time for your application when we submit it to the lenders, and keep you posted every step of the way. As a general guide, though, most applications are settled within a month (and many are settled much quicker than that).

How can Hunter Galloway make the home loan application process simple?

We will do all of the leg work on your home loan application to make it as simple and stress-free as possible.

It starts with an information session with one of our brokers. They will sit down with you to understand your background, your goals, and your financial circumstances.

Based on this information, we work with an internal credit team and utilise cutting-edge technology to provide you with the best home loan solution for you.

Our internal credit team will go through your application with a fine-toothed comb to make sure that everything is in order and you have the best possible chance of getting your loan approved.

As your application progresses, we will be there to help you every step of the way. We will provide you with regular updates about the progress of your application, and will work to quickly resolve any issues if they crop up.

If you want some examples of just how easy it can be, check out our Google reviews. We have over 680 reviews with a 5-star average rating, which goes to show just how easy and simple applying for a home loan with us can be.

Are there different products that would suit me better over others? What are my options?

There are literally hundreds of different home loans across 40 different lenders in Australia, each of them with their advantages and disadvantages. Some products will be better suited for you than others. The only way to know which is best for you is to check each product to see what suits your unique situation the best.

Luckily, that's exactly what the mortgage brokers at Hunter Galloway are here to do! We search across all of the options from the lenders and banks to find you the right product.

Once we find the right product for you, we will meet with you to discuss your options and answer any questions you might have before moving ahead with your application. Rest assured that we will find you the best loan possible.

Would you like to learn about your situation?

FBAA & Credit and Investments Ombudsman Membership

As members of the Financial Brokers Association of Australia (FBAA) and the Credit and Investments Ombudsman (CIO) we must uphold the highest level of excellence when helping clients with their finances. The members of each organisation must meet a minimum standard in experience, education and ongoing training to maintain membership each year and as active members, we commit to upholding these standards, ensuring we maintain their high levels of compliance, integrity, and professionalism with all of our mortgage clients.

Valuation issues & credit scores

One of the most common issues we see is with bank valuations. Getting a low valuation can cause a lot of problems, and may ultimately stop your property journey before it even begins.

We can order free upfront valuations with many of our lenders, meaning we can find out what your bank thinks your property is worth - and resolve any issues with shortfalls - way before applying with them. This protects you from wasting time on unsuccessful applications and avoids damaging your credit file.

Credit scores can also be a major issues. You might not realise this, but applying for home loans automatically initiates a credit enquiry. Multiple credit enquiries over a short period - such as doing multiple home loan applications - can scare off some lenders.

That's why we do not apply with a bank until we have all parts of your loan application sorted and we know you have a very high chance of approval. It reduces the risk of damaging your credit score and has the added benefit of getting your home loan approved quickly!

Complex Credit Policy Pitfalls

Each lender and bank in Australia has a unique credit policy. For example, some lenders will accept your full income but others may not accept certain types of income due to their policy.

Quite often bank policy can be set in stone, and due to the complexity bank staff quite honestly don’t know it nor do many mortgage brokers in Brisbane. They are not familiar with complex situations and how to correctly assess them. This can sometimes cause it to take quite a long time to process your application and even in some instances mean your loan will get declined for no good reason.

With banks making their policies more and more complex it becomes more important to correctly package, and assess your application before it is even lodged with the bank – showing the banks all of the strengths of your home loan application and making sure it fits all of their policies.

At Hunter Galloway we have our own in-house credit team and we make sure your application is going to fit with the bank each time.

What makes a good mortgage broker?

As with every profession, not all brokers are the same. There are good brokers, average brokers, and bad brokers.

A good broker will make the process of buying a home and getting a home loan stress-free and simple. A bad broker will do the opposite - and might even cause your home loan application to be declined.

So you want to work with a good broker. But what does a good broker do?

A good mortgage broker will put your best interests first. They will spend time with you to understand your needs and requirements. Once they understand your goals and your financial situation, they will work out exactly how much you can afford to borrow across a number of different lenders.

If there are any issues that could prevent you from being approved for a loan, or reduce your borrowing power, a good broker will work with you to resolve those issues. If the issues can’t be resolved, they will find you a lender who can accommodate your unique situation.

A good broker will provide you with a list of different home loan options and explain how each loan option works, including the costs associated with each option.

They will guide you in your choices, but a good broker will not push you into choosing anything. They will work as a conduit between you and the banks to find you the best loan possible, and manage the home loan process all the way from pre-approval to settlement.

If you’re not ready to buy a home right now, a good broker won’t leave you out in the cold - they will stay in touch and provide you the tools and educational material you need to help you get in a position where you’re ready to buy.

Finally, a good broker will continue to look after your best interests even after the loan is settled. They will perform regular checks to make sure you’re still getting the best available deal. If you’re not on the best rate, they will help you to refinance your home loan when the time is right.



How important is a broker’s experience?

Experience counts for everything in the finance world.

If you work with an inexperienced broker, there’s a much higher chance that they will make an error during your home loan process. They might tell you that you don’t qualify for a loan because they don’t know all of the lending policies of the banks. Or they might find you a home loan that isn’t really the best for you and your situation.

In a worst-case scenario, an inexperienced broker could cause your home loan application to be declined - either through a lack of knowledge, or a mistake in the home loan application process.

Experienced brokers know the lending policies of the banks inside and out. They know the loan application processes better, and they have the right connections with the banks and lenders who can help push things along in the application process.

Working with an experienced broker gives you the best chance of qualifying for a loan, and of finding a loan product that will give you the best rate.

It’s even better if your broker owns property themselves - that way you know that they have been through the home loan application process as a customer as well.

At Hunter Galloway, our brokers have a combined 30+ years of industry experience. They all own multiple properties so they know what things are like on the other side of the fence.

How do I find a good mortgage broker?

There’s a good chance that you found this page by searching “mortgage broker brisbane” on Google. Searching on Google is a great way to find a mortgage broker, but that should just be the first step in the process.

You should also check their reviews, testimonials, and online presence.

We recommend looking at reviews on the following sites:

  • ✅Google Reviews
  • ✅Facebook Reviews
  • ✅Product Review

Spend a few minutes reading the reviews to make sure they are made by real people, as some brokers will pay for fake reviews to boost their online presence.

Take a look at their website as well. Do they provide a wide range of educational material? Are they actively producing content? Does it look like they are staying on top of the latest developments in the home loan landscape?

Finally, arrange a time to speak with your broker. Do they treat you as a unique individual, or do they have a “cookie-cutter” approach? Are they able to explain the complexities of home loan finance in a clear, simple manner? Are they organised?

These tips will help you to find the right mortgage broker. For more tips on how to find the best mortgage broker in Brisbane, check out this article: 22 [easy] tips to find the best mortgage broker in Brisbane

When is the right time to speak to a mortgage broker?

You can speak with a mortgage broker at any stage during your search for a home - you don’t have to wait until you’ve signed a contract. In fact, we recommend reaching out to a broker early on in your home buying journey.

By speaking to a broker early on in the process, you can get some guidance about your borrowing capacity and your chances of getting approved for a loan. This can help give you a quick “reality check”, and most importantly, it gives you time to resolve any financial issues that could prevent you from getting a home when you’re ready to buy.

What’s the benefit of using Hunter Galloway over any other Mortgage Broker in Brisbane?

We’re not usually big on self-promotion here at Hunter Galloway. With over 500, 5-star Google reviews, we like to think that our reputation speaks for itself.

That being said, there are some distinct advantages that we have over other brokers in Brisbane.

To start with, we have a big focus on education. We have written over 200 blog posts, published over 200 YouTube videos, created an 8-week online course, and even written a book for first home buyers — all focused on teaching you everything you need to know about buying a home and getting a home loan. We even have a weekly newsletter to keep you up to date with the latest developments in the finance world.

Another advantage we have is our size. With four brokers on staff supported by a team of two mortgage experts and six credit analysts, we are the perfect size. Small enough that you get personalised service and care, but large enough that we can stay agile and efficient.

Finally, Hunter Galloway has spent hundreds of hours and thousands of dollars on building the best possible home loan assessment and application process. Our internal credit team thoroughly reviews your application before the bank ever sees it, meaning that we catch any major issues early on in the process. Thanks to this process, Hunter Galloway has one of Australia’s lowest mortgage rejection rates at less than 3% (the industry average is 40%).

What is important other than the interest rate on a loan?

Interest rates are always the first thing that comes to mind when anyone thinks about home loans. And they are important - thanks to the wonders of compounding interest, a small reduction in your interest rate can translate into thousands of dollars saved over the lifetime of a 25- or 30-year loan.

But interest rates are not everything.

You also need to consider the features of the home loan. Is it fixed or variable? Does the loan have a redraw facility or an offset account? Are you able to make extra repayments? What are the other fees and charges involved?

The home loan with the cheapest possible rate is not necessarily the best loan for your unique situation. And if you’re not careful, the cheapest available home loan can actually cost you more than a slightly higher-rate home loan that’s better suited to your needs.

You need to take into account your goals for the property, your plans for the future, your lending preferences, and the loan features that you need. Then, look for the cheapest interest rate home loan that fits in with the rest of your financial situation.

Luckily, you don’t need to do it alone. That’s what we’re here for. When you work with Hunter Galloway, we will do all of the leg work for you. We will spend time with you to find out your goals and your finances, then we will go out to the home loan market and find the most suitable product.

mortgage broker

Our checklist
1
Do you know your borrowing power?

Borrowing power, also known as borrowing capacity, is a term that lenders use to describe how much you might be able to borrow, based on your financial situation.


It's important to have a clear idea of your borrowing capacity so that you can begin to research and understand what sort of properties you can afford. Knowing this will help you make sure that you don't overstretch yourself.


You can check your borrowing power by using a calculator. Alternatively, when you speak to one of our brokers at Hunter Galloway we will calculate your borrowing power for you.

2
Make sure you have enough deposit

You will need to have a deposit saved up before you can go to a bank and get a home loan. As a bare minimum, you should aim to have 8-10% of the purchase price saved as a deposit, and at least 5% of the purchase price should be held in your savings accounts for 3 months or longer.


Having a larger deposit (up to 20%) will save you money as you will avoid lender's mortgage insurance and get access to better interest rates on your loan but it is not necessary.


If you don't have at least 8% of the purchase price saved as a deposit, you will need to keep saving before you can get a loan. Alternative options for getting a home loan without an 8% deposit are guarantor home loans, or gifts of money from family or friends.


You can try our deposit calculator to see if you have enough savings to buy your home.

3
Check your credit score

Your credit score, or credit rating, is one of the key factors a lender will look at when you apply for a home loan. The higher your credit rating, the more likely they are to approve your application.


Your credit rating takes into account previous applications for credit and whether you have any defaults, judgements, or credit infringements recorded against you. It also includes information about whether you're meeting your credit card and other loan or debt repayments on time.


You can check your credit score for free once a year by contacting one of Australia's credit reporting agencies. Here at Hunter Galloway, our credit team will review your credit report as part of our loan application process. So if you haven't had a chance to check your credit report, don't worry - we can do that for you.

4
Minimise your spending

Getting approved isn't just about having a deposit and a good income. Lenders also want to look at your bank statements to see where your money goes. Sometimes they will examine your expenses in great detail.


To improve your chances of being approved, aim to build a track record of sensible spending for at least three to six months before applying. Look to cut down on any excessive lifestyle costs, both big and small.

5
Get rid of unnecessary credit and pay off your debts

Your access to credit and other debt such as personal loans and car loans are another major factor in your ability to get a loan.


The more debt you're carrying, the more you'll have to commit to it each month, which means less money available to spend on your home loan repayments. This reduces your borrowing capacity and makes it less likely a lender will approve your loan application.


Pay off whatever debts you can before applying for a loan. This includes even small debts, such as buy now, pay later services like Afterpay, and interest-free purchases on furniture and other items.


And it's not just about debt - access to money is equally important. Lenders will assess your application based on your total credit card limit. For example, if you have a combined limit of $20,000 across several credit cards (or even just one), they will calculate your minimum repayments owed on the full $20,000, even if you only owe $1000.


To increase your chances of getting your home loan approved, pay off and close down any credit cards you're not using, and request a decrease in your credit card limit for any cards that you can't close down.

6
Hold off on career changes

When applying for a loan, lenders are looking at more than just your income. They also want to see that you've been in your job for a decent amount of time (or at least in the same career). This comes down to risk - if you're in a new career, they are less confident that you'll keep your job, which means you might risk defaulting on your home loan repayments.


Changing jobs within the same career is usually okay, and there are some lenders for which this is less of a dealbreaker, but we recommend holding off on changing careers until after you've got your mortgage.

7
Clean up your bank accounts

Having a messy banking situation, such as having accounts with five-plus banks and getting paid into multiple bank accounts makes it hard to track where you are getting paid. And the harder it is to track your financial situation, the less likely a lender will approve your application.


Before applying for a home loan, do what you can to simplify your banking situation. If you are paid into multiple bank accounts, request that you are paid into a single bank account. Where possible, look to consolidate your accounts and close down the ones that you are no longer using.


This also goes for credit cards: if you have a bunch of different credit cards try to consolidate them using a balance transfer, or simply pay off the balance and close them down.

8
Check your eligibility for the First Home Owners Grant

If you're planning on using the First Home Owners Grant, it's a good idea to check your eligibility before applying for your loan. That way you're saving yourself from any nasty surprises.


In Queensland, you can receive a grant worth $15,000 if you qualify. In order to qualify for the grant:

  • You must be at least 18 years of age
  • You must be an Australian citizen or permanent resident (or applying with someone who is)
  • You or you spouse must not have previously owned property in Australia that you lived in
  • You must be building or buying a brand new home
  • The value of the home including the land must be less than $750,000
  • You must move into the new home as your principle place of residence within 1 year of the completed transaction and live there continuously for 6 months.

If you are unsure if you qualify for the First Home Owners Grant, give us a call here at Hunter Galloway. One of our brokers will be able to walk you through the grant requirements and help you understand if you qualify.

9
Choose the right lender

No two lenders are the same. While every lender will want to be confident that you can repay your loan, each has slightly different criteria for how they'll assess your application. Applying to the right lender will maximise your chances of success.


Searching for the right lender can be a challenging task. There are more than 40 different lenders in Australia, and each of them offer multiple loan products with different requirements and assessment criteria. Choosing the wrong lender will cost you time and money, along with the inevitable disappointment if your home loan gets declined.


Save yourself the stress and use a mortgage broker instead of doing it yourself. They'll take the time to understand your individual circumstances and find you a lender who has a high chance of approving your loan.


They can also make sure that you have all the information needed to support your application, and be there to support you every step of the way in the process of applying for your home loan.

10
Use a good mortgage broker

Going directly to a bank for your loan is fine if you know exactly what you're looking for. But if you have any concerns about getting your home loan approved, a good mortgage broker will make your search for a home loan much easier, and much less stressful.


It hurts me to say this, but the mortgage broker industry is a bit of a mixed bag. There are some really fantastic brokers out there, but there are also a few bad eggs in the bunch. Using a good broker will make your home loan application a breeze. Using a bad one will make your home loan application a nightmare.


Before choosing your mortgage broker, take a look at their Google reviews and website to make sure that they have a good reputation, are highly experienced, and take care of their customers. If you're looking for the right broker, we'd love to have a chat with you and show you why Hunter Galloway is Brisbane's highest rated mortgage broker.

1
Do you know your borrowing power?
2
Make sure you have enough deposit
3
Check your credit score
4
Minimise your spending
5
Get rid of unnecessary credit and pay off your debts
6
Hold off on career changes
7
Clean up your bank accounts
8
Check your eligibility for the First Home Owners Grant
9
Choose the right lender
10
Use a good mortgage broker
Roadmap to applying for a loan
Roadmap to applying for a loan
Contact Us
Roadmap to applying for a loan
1. Speak to a mortgage broker

In your initial conversation with your Mortgage Broker, you will have a chat about your situation, what you are wanting to achieve and reasons for getting a home loan.


During this discussion, we’ll work out your eligibility for a home loan, let you know how much deposit you will need to buy and how much you will be able to borrow across our 30+ banks.


After our discussion, we will look to find you a selection of lenders who can offer the best loan packages at the lowest interest rate, and provide you with a list of options.

Roadmap to applying for a loan
2. Prepare your application

Once we've discussed your home loan options and you've decided on a loan package, our team will put together your loan application & get everything ready to submit to the bank.


We start with a preliminary assessment where we will take time to go through your payslips, bank statements and other information provided in detail to make sure everything will be acceptable to the bank. At Hunter Galloway, we believe ‘slow is fast’ so we take more up front to double check your paperwork to ensure your loan is approved first time.


Once we've done our assessment, assuming everything is all good, we will provide you with the final set of documents (like the bank application form) and sign a privacy form. Once the broker collects all the documents, they are emailed to the lender.

Roadmap to applying for a loan
3. Approval in principle (Conditional approval)

Now it’s time to sit back and wait for the bank to assess your home loan application.


It usually takes between 3 to 5 days for your home loan application to progress through the queue, be picked up by a credit officer and then receive conditional approval.


It will take longer if the information is missing, so this is why we take a little bit more time in Step #2 to make sure we have all the information up front.


The approval of an application depends on certain conditions; for example, the bank can approve your loan subject to you finding a suitable property, or even subject to a satisfactory property valuation (Step #4).


At Hunter Galloway we have ‘Priority Status’ with a large number of banks on our panel, this provides our customers with faster approval times and access to specials that aren’t available to the public.

Roadmap to applying for a loan
4. Valuation

After you find the right property and sign a contract of sale your Mortgage Broker will arrange a property valuation by one of the bank’s panel valuers. While the valuers work on behalf of the bank, they are not employed directly by the bank meaning they can complete a valuation independent from the bank.


In many cases we can arrange valuations up front before your loan is submitted to help speed up your loan application so we can skip this step completely and go straight to unconditional approval.

Roadmap to applying for a loan
5. Formal approval (Unconditional approval)

Also known as formal approval, an unconditional approval means the lender is happy to approve your loan! They will also send you an unconditional loan approval letter to confirm everything in writing.


Formal unconditional approval can only be done once the bank has verified all of your outstanding information, including the property valuation and can take between one day up to one week to complete.


You want to make sure you have your unconditional approval before satisfying the finance clause on your contract.

Roadmap to applying for a loan
6. Signing your loan documents

After your loan has been unconditionally approved the bank will send your loan documents to you to sign. These documents can be a little complicated and include Loan Contracts, Mortgage Documents, Direct Debit forms, and a bunch of other stuff.


The good news is that your Mortgage Broker will arrange a time to catch up and help you sign them. This also makes sure no signatures are missed, and your settlement isn’t delayed.


If you are buying a home, you also want to get in touch with your solicitor or conveyancer at this point to double check there aren’t any transfer or legal documents you need to sign before settlement.

Roadmap to applying for a loan
7. Settlement

After your loan documents have been received by the bank, they will complete their certification to confirm everything has been signed correctly and go ahead with booking settlement.


When you are buying a home, the bank will then get in touch with your solicitor, or conveyancer to let them know everything is good to go. Your solicitor or conveyancer will then arrange the settlement date.


On the other hand, if you are refinancing a home your new bank will get in touch with the old bank to arrange a date for settlement.

Roadmap to applying for a loan
1. Speak to a mortgage broker
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Roadmap to applying for a loan
2. Prepare your application
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Roadmap to applying for a loan
3. Approval in principle (Conditional approval)
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Roadmap to applying for a loan
4. Valuation
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Roadmap to applying for a loan
5. Formal approval (Unconditional approval)
Home Loan Approval Process [What happens after home loan approval?]
Roadmap to applying for a loan
6. Signing your loan documents
Home Buying Process Australia [Step by step tips]
Roadmap to applying for a loan
7. Settlement
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