FAQs

FAQs

There are no restrictions on extra repayments applied to variable rate loan portion. Capped to $20,000 per year against a fixed rate portion.

Not at all. You can continue your loan with both portions reverting back to a variable interest rate, however you may not receive the same benefits that are available through Toggle.

No, it is free assuming the $20,000 cap is always observed.
You have the option to fix for 1 to 5 years initially, and then reapply for another fixed loan period later.
Mistakes during the renovation process can be very costly. That’s why it pays to consult with and hire professionals to help you devise a plan. You have probably heard that renovation almost always produces a few surprises along the way. Most people who decide to renovate, will go overtime & over budget. Few people consider how to handle mistakes, even the small ones. Think about what it would be like if you simply chose the wrong colour of paint. It is annoying enough to have to get more supply, but bringing the painter back and then having to move out and then back into the rooms. And that was an easy fix. What will you do if the bargain plumber installs the wrong size waste pipes? An architect or professional builder can ensure that the proper materials are used and permits are pulled, including supervising the work while it is happening.
Our Construction loan allows you to make interest-only mortgage payments for your land purchase & during construction. You will also make interest only payments during your construction. Here is how the rest of the process will look with our loan:
This is best left to the professionals. Depending upon the extent of the changes you’d like to make to your home, you should consult with an architect, a reputable builder and your mortgage broker. Most importantly, determine what your budget will be before doing anything else. They can help you estimate the renovation cost per square meter for homes in your area.
This might be the first question you should ask yourself. You may live in a heritage listed property, requiring council approval before you can make any improvements. An architect or builder can help you determine if you can make the changes, you’ve been dreaming about.
Your decision will usually depend on which option is more cost effective. You may wish to renovate because you love your neighbourhood and your chosen school. Yet, you don’t want to put so much money into a renovation for fear of over capitalisation. Moving to a new location brings its own set of issues. Best to consult with a professional property consultant.
Yes, but this doesn’t mean you have to switch lender. You can refinance to another home loan that allows equity release, and ensure you get a great deal in the current market!
If you are looking to borrow more money, the amount of equity in your home will play a big part in achieving that goal.
Our switching mortgage calculator can indicate what you may be able to save by refinancing. For accuracy, you should be aware of any ongoing fees and charges over the life of your loan – take a look at your loan’s comparison rate compared to your interest rate to get an idea of how much you pay. There can be application and legal fees associated with taking out a new loan.
Equity is the difference between the market value of your home and the balance of your loan. For example, if your home is valued at $600,000 and your loan balance is $300,000, then you have $300,000 in equity. This equity can be freed up by refinancing your home loan to do a number of things, including investing in more real estate, helping someone you love become a homeowner, or renovating your property. You can only unlock equity by refinancing to another home loan.
Mistakes during the renovation process can be very costly. That’s why it
pays to consult with and hire professionals to help you devise a plan. You have probably heard
that renovation almost always produces a few surprises along the way. Most people who decide to
renovate, will go overtime & over budget. Few people consider how to handle mistakes, even
the small ones. Think about what it would be like if you simply chose the wrong colour of paint.
It is annoying enough to have to get more supply, but bringing the painter back and then having
to move out and then back into the rooms. And that was an easy fix. What will you do if the
bargain plumber installs the wrong size waste pipes? An architect or professional builder can
ensure that the proper materials are used and permits are pulled, including supervising the work
while it is happening.

Our Construction loan allows you to make interest-only mortgage payments for your land purchase & during construction. You will also make interest only payments during your construction. Here is how the rest of the process will look with our loan:

  • We will pay your builder in draw downs, after a certain milestone of work is completed. This ensures you pay interest only on the portion of the construction loan you have advanced, not the entire loan amount.
  • When your construction is complete, your construction loan will automatically become a standard variable rate home loan. Going forward you will make one payment, which will cover both principal and interest.
  • You’ll have up to 12 months to complete your construction project and draw down all funds from the loan.

This is best left to the professionals. Depending upon the extent of the changes you’d like to make to your home, you should consult with an architect, a reputable builder and your mortgage broker. Most importantly, determine what your budget will be before doing anything else. They can help you estimate the renovation cost per square meter for homes in your area.

This might be the first question you should ask yourself. You may live in a heritage listed property, requiring council approval before you can make any improvements. An architect or builder can help you determine if you can make the changes, you’ve been dreaming about.

Your decision will usually depend on which option is more cost effective. You may wish to renovate because you love your neighbourhood and your chosen school. Yet, you don’t want to put so much money into a renovation for fear of over capitalisation. Moving to a new location brings its own set of issues. Best to consult with a professional property consultant.

Yes, but this doesn’t mean you have to switch lender. You can
refinance to another home loan that allows equity release, and ensure you get a great deal
in the current market!
If you are looking to borrow more money, the amount of equity in your
home will play a big part in achieving that goal.

Our switching mortgage calculator can indicate what you may be able to save by refinancing.
For accuracy, you should be aware of any ongoing fees and charges over the life of your loan
– take a look at your loan’s comparison rate compared to your interest rate to get an idea
of how much you pay. There can be application and legal fees associated with taking out a
new loan.

Equity is the difference between the market value of your home and the balance of your loan. For
example, if your home is valued at $600,000 and your loan balance is $300,000, then you have
$300,000 in equity. This equity can be freed up by refinancing your home loan to do a number of
things, including investing in more real estate, helping someone you love become a homeowner, or
renovating your property. You can only unlock equity by refinancing to another home loan.</p>

No, we offer assisted property investment solutions where we find the investment properties for you and perform the necessary due diligence on your behalf. As part of the service you are provided with a detailed report on the chosen property which includes:

  • Population Growth and Movements
  • Economics and Employment
  • Infrastructure
  • Supply and Demand of Dwellings
  • Rental Market
No, a professional mortgage broker can assist you in the purchase of your
first property and along the path to wealth creation.
No, as long as you have a combined household income of $90,000 we can
work with you on a path to wealth creation and to paying off your home loan in 7-10 years.
Your mortgage broker will know what to do.
Call your mortgage broker for a detailed and tailor made property
investment strategy.

Of course. We offer a broad range of home loans that cater to many different needs, including those who are self-employed.

If you are self-employed, you will need to provide the following information when you apply online:

  • The name of your business
  • How long you have been self-employed in this business
  • Whether your business is your current income
  • Your net profit for the last two financial years

You may also be required to provide:

  • Bank statements
  • Personal Declaration stating how much you earn and whether you believe you can repay the loan
  • Accountant’s letter confirming the validity of your Personal Declaration
  • Business details, such as ABN number
  • Business Activity Statements (BAS). If you are a small business owner, freelancer or contractor, lenders may ask for up to 12 months of BAS information, or two years of tax returns
  • Guarantor – you may need to think about seeking a guarantor, or someone who will give your bank or lender a guarantee that the home loan will be repaid
Low Doc stands for Low Documentation, and these loans can benefit those who don’t have access to the typical level of information banks and lenders require. If you are a business owner, freelancer or contractor, you may not be able to provide the proof of income or employment history requested. Your income may be irregular, but it may still be high and stable enough to make the required repayments. Find out more about Low Doc home loans here.

Low doc loans can sometimes attract higher interest rates, given the potentially higher risks to banks and lenders. While interest rates can be higher at the beginning, banks and lenders may reduce the rate once you have shown over a certain period that you are able to successfully and consistently make repayments

Yes. You can use the equity in your current property to help you purchase
an investment property. Even if you have a mortgage on the property, you will likely have enough
equity to purchase an investment property. Equity is the value of the difference between what
your property is worth and what your mortgage loan is. For example, if you have a property
valued at $900,000 with a mortgage of $700,000, you have $200,000 worth of equity. You may be
able to borrow up to a certain percent of the equity to use toward investing in another
property. Your home equity and anticipated rental income can help you buy another investment
property sooner. Below is an example of how an equity home loan with an interest-only line of
credit facility uses capitalised interest as an investment strategy: If you currently have a
home loan for $300,000 and your house is worth $550,000 you will have equity of $250,000 which
you can use toward the purchase of your investment property. To avoid Lenders Mortgage Insurance
(LMI) you will want to keep your Loan to Value Ratio below 80%. Therefore 80% of $550,000
equates to $440,000, less the $300,000 you currently owe leaves you with $140,000 to put toward
your investment property.
A split loan facility lets you combine your home loan and investment loan
under one umbrella facility. These arrangements allow for direct loan repayments to be made
towards your home loan while allowing interest to capitalise on your investment loan. You can
separate the non-deductible debt portion of your home loan from the deductible portion and you
will receive separate loan statements for each split.
We offer loans that have no monthly fee, no package fee and no Ôrate
lockÕ fee. YouÕll pay a competitive fee for the application, settlement and discharge
phases. There is no fee for the valuation process.

Positive gearing means that the income generated from the investment property is higher than the expenses. Negative gearing is the reverse: where the cost of ownership is higher than the income generated. However, in this situation, you will look for appreciation in the property’s value over time.

Advantages:

Positive Gearing

  • Positive effect on your cash flow
  • No out of pocket expenses in owning an investment property.

Negative Gearing

  • Claiming a tax benefit on your tax return, especially beneficial if you are in a high income tax bracket.
  • You may claim items such as property maintenance, land tax, depreciation etc.

Disadvantages:

Positive Gearing

  • Additional tax incurred as a result of your increased income.
  • Possible Capital Gains Tax you have to pay if you sell the property.

Negative Gearing

  • Negative impact on your month-to-month cash flow.
  • Having to service the extra debt.
Real estate is something you can see and control, unlike the stocks
traded on the world’s exchanges. And, property, can certainly be less volatile. You can earn
rental income from property right away and watch its value increase over time. Most of the
expenses you incur can offset the income you earn from other sources.

We require every applicant to pay their application fee, but some of our loans include a refund of this fee upon settlement.

Finding the loan amount you want when you are refinancing can come down to the equity you have in your existing home. If you are looking to refinance to find a lower rate or better features, then the process is relatively simple. If you are looking to borrow more money, there are a few other things to think about, most importantly, the equity in your property.

  1. Once you apply online, you’ll speak with your dedicated Lending Specialist and review what home loan will be best suited to you
  2. Your Lending Specialist will submit your application for approval, where you will be required to pay an application fee (depending on your loan, this may be refunded to you!)
  3. We make various assessments and orders, including a credit assessment, LMI order, valuation and loan assessment
  4. If your home loan and credit are approved, our legal representatives will compile the relevant legal documents and send them to you to sign
  5. You will read through and sign all legal documentation, then return it to our legal representatives to review
  6. Once the legal team is happy all documents are correctly signed, they’ll notify us to begin the settlement process
  7. The settlement day will be booked and we will ensure everything is prepared for the big day!
As always, doing research is important: by keeping an eye on current market loans, the economic environment and your family’s needs, you can determine whether your current loan is doing right by you. You could always request a free home loan health check to see if we can offer you a better loan.
Generally, yes. You can add the stamp duty expense on to the principal
amount of your loan. The stamp duty will be paid out of the cash you use as a down-payment on
your loan. The amount of stamp duty you owe varies by state and by the value of your home.
A disability pension is a valid income source for the purpose of making a
loan application. As with any loan application the amount of income from a disability pension,
or from any other source, factors into the amount you can borrow and affects eventual the terms
of the loan.
  1. Yes. We can help you choose the right loan product for the kind of
    property you are looking to buy. There are different options available for hobby farms, rural
    farms or vineyards with homes. Purchasing a rural home is no more difficult that purchasing a
    city home. We are here to support you. We offer innovative financing to help make your dream of
    owning a home in the countryside a reality.
Your friendly Mortgage Street Lending Specialist can assist you with this
at the time of your home loan application. Call 133 144 or fill in the form at the bottom of
this page

Below is a list of typical fees that may apply to a home loan of $350K. However, there are No Fee Home Loans that eliminates a large number of these fees.
Mortgage Street NO FEE Home Loan

  • LMI Recovery Fee – NIL
  • Title Insurance Fee – NIL
  • Delayed Settlement Fee – NIL
  • Lender’s Legal Costs – NIL
  • Application or Establishment Fee – NIL
  • Valuation Fee – NIL Settlement Fee – NIL
  • Guarantee Fee – NIL Variation Fee – NIL
  • Monthly or Annual Fees – NIL

Savings based on a $350K loan

  • LMI Recovery Fee – $2485
  • Title Insurance Fee – $100
  • Delayed Settlement Fee – $200
  • Lender’s Legal Costs – $370
  • Application or Establishment Fee – $300
  • Valuation Fee – $200
  • Settlement Fee – $299.95
  • Guarantee Fee – $200
  • Variation Fee – $295
  • Monthly or Annual Fees – $6000 ($200 p.a. x 30 yrs)
Depending on how much your guarantor is prepared to pledge, you may be able to borrow 100% of the
purchase price of your property, or even 110% to help you cover the associated costs of buying a
home.
Yes, with a guarantor to back you, you won’t need to save for a deposit, something most banks or
lenders require with modern mortgages.
A close relative with enough equity in their home can pledge a percentage of the value of your
new home to act as your deposit. While this means you don’t need to save for the initial lump
sum or pay LMI if the guarantee is above 20%, it does mean your relative’s home is put up as
collateral should you default on your loan.
borrowing
calculator</a> allows you to get an indication of how much you may be able to borrow if
your home loan is approved. All you need to do is enter all the information as accurately as
you can and include the amount your family member is prepared to guarantee.
Family Pledge mortgages allow you to borrow the full value of your
desired property, using a percentage of the value of the residential real estate of an
immediate family member.
In some circumstances we can assist you with a Construction Loan if you
an owner builder. To see if you qualify, please contact our office on 133 144.
Yes, we have a number of Low Doc Construction Loans available. Click here for our Construction Loans
You are able to make Interest Only mortgage repayments during the
construction process (up to 24 months). After this time, your loan will revert to a standard
variable rate home loan with principal and interest repayments.
Yes, you can use a Construction Loan to make major renovations to your
home or investment property. You will require a fixed price contract from a builder.
Mortgage Street will arrange to pay the builder directly, upon
confirmation that one of the five predetermined stages of construction (such as slab down) has
been completed.
Bridging loans can fall into two categories: open and closed. We will
explain which is best for your financial and housing situation. Basically, the difference
between the two is whether you have financing arranged for when the bridge loan payment is due.
The rates, fees and costs will vary depending upon which option you use.
While you are waiting for your existing home to sell, you will be
required to make interest-only payments on the bridging loan. If you are able to make payments
toward reducing the principal balance in addition to making the interest payments, you will help
lower the amount that will be added to your mortgage on the new home. We can help you calculate
what your interest payments will be and help you budget principal payments. Bridging loans are
typically more expensive than conventional financing, which offsets the increased risk of the
home loan. Additional fees and costs can occur with a bridging loan which may increase the
monthly payments.
Ideally, you will be able to sell your current property close to the time when you purchase a
second home. Bridging loans are intended to be short term solutions to get you through that
period in between buying and selling. Typically, bridging loans are six-month loans. For new
construction, loans may extend to twelve months.
Bridging loans can, generally, be arranged in a short period of time.
They also require relatively little documentation to set up. This is the perfect solution when
you are in the process of purchasing your next home whilst waiting for your current home to sell
or settle. Bridging loans generally carry higher fees and costs than conventional financing.
These loans are a bit riskier so the costs offset this increased risk. Additionally, the loan
fees and costs are amortised over a shorter period of time and can increase the monthly payment
obligation.
Stamp duty charges upon which state or territory you live in.
Yes! With our ‘save and come back later’ button on each page of your application, you don’t have to complete it all in one go.
You need to provide all required information, which is shown with a red asterisk (*). It’s recommended to upload as much information in your online application as you can to fast-track your application and help your Lending Specialist to find the perfect loan for your needs.
If you have all the information you need ready to go, you can apply for your home loan in just 15 minutes – or less!
No! Once you’ve applied, you will discuss your options with your Lending Specialist, who will review your requirements and explore every avenue open to you. If you want to familiarise yourself with the types of loans we offer, click here.
Yes. Applying online has never been easier! You can apply online anytime, anywhere, in as little as 15 minutes.
Applying for multiple conditional or pre-approvals can harm your credit score. One enquiry in
itself is not a bad thing, but numerous enquiries over a short period can be – multiple hard
enquiries may suggest financial stress to a lender. Conditional approvals should not form part
of your research and comparison. Instead, you should only apply for a home loan conditional or
pre-approval once you have done your research and decided on a suitable lender.
Conditional approvals are offered before you begin looking for a property, giving you a good idea
of how much you can afford. You can then put a conditional offer on a property to secure it,
before moving forward with your application with credit checks, valuations and other
assessments. To be offered pre-approval, you will have already found the property you want to
purchase, and have had it valued. Pre-approval is based on both your finances and the property
itself, showing the lender is happy to finance the loan amount on the particular property.
As soon as you have correctly signed all legal documents and send them back, we can begin your
settlement process. During the settlement process, your legal representatives will ensure all
clauses in your contracts are being met and get all required documents ready to close the sale.
On your agreed settlement date, your legal representative and the legal representative of the
seller will take care of all matters relating to settlement, such as registering the title of
the property and paying stamp duty. After this is taken care of, you are now able to move into
your new home, start your new build process, cash out equity from your loan, or benefit from a
lower rate home loan – whatever your reason for your home loan, it’s now complete and ready to
enjoy.
Conditional approval is a confirmation from Mortgage Street that, on the basis that all required
information provided is factually correct, you will be given approval subject to various
conditions like successful credit checks. With conditional approval, you’ll be ready to put an
offer on a property as soon as you find the perfect match.
Pre-approval is the confirmation from Mortgage Street that, now that you have had a valuation on
the property you wish to purchase, and we have all required information from you, provided final
checks are successful, you can proceed with making an offer with our financial backing.
Your online statement is the same as what is printed and posted to you, and are equally
important. Access your statements all in one place and print out the ones you need at any time
and submit them as supporting documents with confidence.
You will receive an email notification when your next statement is available to view through Internet Banking.
All electronic communication will be sent to the email address we have on your personal file. Please ensure this is current so that you never miss out on any email notifications and keep us updated of any change in email address.
Just log on to Internet Banking and select your Account and in the menu bar on the left click on ‘View Statements’. While you’re here, you can also view past statements, save a copy to your desktop or take a print out when you need one.
Mortgage Street will arrange to pay the builder directly, upon
confirmation that one of the five predetermined stages of construction (such as slab down) has
been completed.
Generally, yes. You can add the stamp duty expense on to the principal amount of your loan. The stamp duty will be paid out of the cash you use as a down-payment on your loan. The amount of stamp duty you owe varies by state and by the value of your home.
Yes. You can use the equity in your current property to help you purchase an investment property. Even if you have a mortgage on the property, you will likely have enough equity to purchase an investment property. Equity is the value of the difference between what your property is worth and what your mortgage loan is. For example, if you have a property valued at $900,000 with a mortgage of $700,000, you have $200,000 worth of equity. You may be able to borrow up to a certain percent of the equity to use toward investing in another property. Your home equity and anticipated rental income can help you buy another investment property sooner. Below is an example of how an equity home loan with an interest-only line of credit facility uses capitalised interest as an investment strategy: If you currently have a home loan for $300,000 and your house is worth $550,000 you will have equity of $250,000 which you can use toward the purchase of your investment property. To avoid Lenders Mortgage Insurance (LMI) you will want to
keep your Loan to Value Ratio below 80%. Therefore 80% of $550,000 equates to $440,000, less the $300,000 you currently owe leaves you with $140,000 to put toward your investment property.

Generally speaking, a deposit of 20% of the value of the property will save you from incurring additional fees such as Lenders Mortgage Insurance. Some lenders will let you borrow up to 95% of the purchase price and then let you borrow the cost of the Lenders Mortgage Insurance on top of that. Alternatively, if you don’t have a deposit, you can borrow up to 100% of the property’s purchase price, in two ways:

  • Family Pledge: which means that a family member offers their property as security for you to purchase your property.
  • 100% House and Land packages: allow you to borrow up to 100% of the price of the brand new home and land.
The mortgage registration fee varies from state to state. Generally, mortgage registration fees can be found on each state’s or territory’s website. &  If I am unemployed but have rental income is there any way to get a home loan? If rental income is your only source of income, it
is likely that a lender will require an additional source of income. Simply being unemployed does not disqualify you from obtaining a mortgage. Having income from rental property will help
make qualifying for a mortgage a bit easier.

This means that a quick check on your serviceability of a loan has been done and it is calculated
that you should be able to make mortgage repayments on the amount you have been pre approved
for. However, it is not binding and cannot be used to make an offer on a property. It is
important to get a full or unconditional approval before proceeding with any property purchase.
This involves completing a home loan application and providing all the necessary supporting
documentation. (See our home loan application checklist)

Home loan are the funds borrowed from a financial institution on interest for purchasing a new property/plot/construction/upgrading a property. It is a long term loan with tenor up to 20 years depending on the age of the applicant. The loan is repaid with EMI every month. The property is taken as a security by the financing company for the loan being provided and original property documents are held with the financer.

Yes, we have a number of Low Doc Construction Loans available.
Click here for our Construction Loans.
You are able to make Interest Only mortgage repayments during the
construction process (up to 24 months). After this time, your loan will revert to a standard
variable rate home loan with principal and interest repayments.
Yes, you can use a Construction Loan to make major renovations to your
home or investment property. You will require a fixed price contract from a builder.
Mortgage Street will arrange to pay the builder directly, upon
confirmation that one of the five predetermined stages of construction (such as slab down) has
been completed.
In some circumstances we can assist you with a Construction Loan if you
an owner builder. To see if you qualify, please contact our office on 133 144.
Yes, we have a number of Low Doc Construction Loans available Click here for our Construction Loans.
You are able to make Interest Only mortgage repayments during the
construction process (up to 24 months). After this time, your loan will revert to a standard
variable rate home loan with principal and interest repayments.
Yes, you can use a Construction Loan to make major renovations to your
home or investment property. You will require a fixed price contract from a builder.
Mortgage Street will arrange to pay the builder directly, upon
confirmation that one of the five predetermined stages of construction (such as slab down) has
been completed.
In some circumstances we can assist you with a Construction Loan if you
an owner builder. To see if you qualify, please contact our office on 133 144.
Yes, we have a number of Low Doc Construction Loans available Click here for our Construction Loans.
You are able to make Interest Only mortgage repayments during the
construction process (up to 24 months). After this time, your loan will revert to a standard
variable rate home loan with principal and interest repayments.
Yes, you can use a Construction Loan to make major renovations to your
home or investment property. You will require a fixed price contract from a builder.
Mortgage Street will arrange to pay the builder directly, upon
confirmation that one of the five predetermined stages of construction (such as slab down) has
been completed.