Home Loans

The home loan approval process can vary significantly depending on the complexity of your application and the lender's current processing times. Generally, you can expect the process to take anywhere from two to six weeks from application submission to final approval. Pre-approval, which gives you an indication of your borrowing capacity, is usually faster and can be obtained within a few days to a week. We monitor your application's progress and maintain regular communication with lenders to address any queries promptly. Our experience with different lenders helps us choose those with processing timeframes that align with your property settlement requirements.

Our mortgage broking services operate on a commission basis, where we receive payment from the lender when your loan settles successfully. This means most of our services don't require upfront payment from you as the borrower. However, some specialised services or complex applications may involve additional fees, which we'll always discuss with you beforehand. We believe in transparent communication about all costs involved in your property purchase, including lender fees, government charges, and third-party costs such as valuations or legal fees. Our goal is to ensure you understand the complete financial picture before proceeding with any loan application.

Working with a mortgage broker provides first-home buyers with access to multiple lenders and loan products without having to approach each bank individually. As experienced professionals, we understand the various first-home buyer schemes available across Australia, including government grants and stamp duty concessions that can save you thousands of dollars. We handle the paperwork and liaise directly with lenders on your behalf, which saves you considerable time and effort. Our expertise helps identify potential issues early in the process, preventing delays or rejections that could cost you your dream home.

First-time property investors need to understand that investment loans typically have different criteria compared to owner-occupier home loans. Lenders assess investment properties based on rental income potential and your ability to service the loan if the property becomes vacant. You'll need to demonstrate sufficient income and savings to cover mortgage repayments, property maintenance, and other investment costs. We help investors understand the tax implications of property investment and work with lenders who specialise in investment finance. Our role includes explaining the importance of having adequate insurance coverage and emergency funds for unexpected expenses.

Refinancing can be worthwhile if it reduces your overall borrowing costs, provides access to improved loan features, or helps you achieve specific financial goals. Factors to consider include potential savings on interest payments, differences in loan fees, and whether new features align with your current needs. Sometimes refinancing allows you to access equity in your property for renovations or investment purposes. We conduct a comprehensive analysis of your current loan against available alternatives, considering all costs involved in switching lenders. Our assessment includes your remaining loan term, current financial position, and future property plans to determine if refinancing delivers genuine benefits.

Property ownership involves various ongoing costs beyond your mortgage repayments that you should budget for carefully. These include council rates, water rates, property insurance, and regular maintenance costs such as gardening, cleaning, and repairs. If you're buying in a strata complex, you'll also have strata levies to consider. Investment property owners face additional costs including property management fees, landlord insurance, and potential vacancy periods. We help you understand these costs during the loan application process to ensure you're borrowing an appropriate amount and can comfortably manage all associated expenses throughout your property ownership journey.

Prelude Finance specialises in mortgage broking and finance services specifically designed for first-home buyers and first-time property investors in Point Cook and surrounding areas. We work with a wide range of lenders across Australia to find suitable home loan solutions that match your financial circumstances and property goals. Our services include assistance with home loan applications, refinancing existing mortgages, investment property finance, and providing guidance through the entire borrowing process. We also offer ongoing support after settlement to ensure your mortgage continues to meet your changing needs over time.

Having limited credit history or past credit issues doesn't automatically disqualify you from obtaining a home loan, but it may affect your options and loan terms. Different lenders have varying appetite for risk and assessment criteria. Some specialise in helping borrowers with unique circumstances or past financial difficulties. We review your credit report and financial situation to identify suitable lenders and loan products. Where necessary, we can provide advice on improving your credit profile before applying. Our relationships with diverse lenders mean we can often find solutions even when major banks may decline an application.

A typical home loan application requires several key documents to verify your identity, income, and financial position. You'll need recent payslips, tax returns, bank statements, and proof of your savings history. Self-employed applicants may need additional documentation such as business financial statements and accountant-prepared income declarations. If you're purchasing a property, you'll also need the contract of sale and any building or pest inspection reports. We provide a comprehensive checklist tailored to your specific circumstances and help ensure all documentation meets lender requirements before submission, which improves your chances of approval.

The deposit required for your first home varies depending on the loan type and lender, but most require between 5% and 20% of the property's purchase price. If you have less than 20% deposit, you'll typically need to pay Lenders Mortgage Insurance (LMI), which protects the lender if you default on the loan. However, various government schemes and some lenders offer options for smaller deposits. We assess your financial situation to determine how much you can realistically save and explore all available options to help you enter the property market sooner. Remember that you'll also need additional funds for stamp duty, legal fees, and other settlement costs.