Answers to help you make confident home loan decisions
Choosing the right mortgage adviser is an important step in your property journey. Below, we’ve answered some of the most common questions from Canberra home buyers, investors, and self-employed clients to help you understand how Beewize Home Loan can support you—clearly, transparently, and with your best interests in mind.
Banks can only offer their own products. Beewize Home Loan works independently, comparing options across multiple lenders to find the loan structure that best fits your goals. We focus on strategy, lender selection, and long-term outcomes—not just selling a single loan.
Yes. We regularly help self-employed clients, contractors, and business owners. We work with lenders who understand business income and can structure applications to suit more complex financial situations.
Timeframes can vary depending on the lender and your individual situation. Generally, approvals can take anywhere from a few days to a few weeks. We manage the process closely and keep you informed at every stage to avoid unnecessary delays.
Yes. Our support doesn’t stop at settlement. We continue to review your loan over time and can help with refinancing, restructuring, or future property purchases as your needs evolve.
A mortgage broker helps you find a suitable home loan by comparing options from multiple lenders and recommending one that fits your goals. The broker then guides you through the application process all the way to settlement.
Mortgage brokers in Australia are required to act in your best interests when providing home loan recommendations. This legal duty to you sits above their duty to any lender.
Most brokers have a panel of banks and non‑bank lenders they can work with. This usually gives you a much wider range of loan options than going directly to a single bank.
In most cases, the lender pays the broker an upfront commission and sometimes an ongoing (trailing) commission. Many brokers do not charge you a direct fee, but if any fee applies it will be discussed and disclosed in writing before you proceed.
Home loan interest rates are set by the lender, and broker commissions are part of the lender’s normal distribution costs. A loan arranged through a broker is generally priced similarly to a loan you would get by going to the lender directly.
A home loan (or mortgage) is money you borrow from a lender to buy or refinance a property. You repay it over an agreed term with interest and any applicable fees.
Common options include variable rate loans (rate can move up or down), fixed rate loans (rate locked in for a set period), and split loans (part fixed, part variable). Many loans offer features like offset accounts, redraw facilities and package discounts.
The interest rate is the basic yearly cost of borrowing the money. The comparison rate also factors in certain standard fees and charges, giving a clearer picture of the loan’s overall cost.
How much you can borrow depends on your income, living expenses, existing debts, credit history, deposit size and each lender’s policies. Online calculators can give a rough guide, but a detailed assessment is needed for an accurate figure.
Many lenders prefer at least a 20% deposit to avoid lender’s mortgage insurance (LMI). Some lenders and government schemes may allow you to buy with a smaller deposit, often with LMI or special eligibility criteria.
LMI is insurance that protects the lender if you are unable to repay your loan and the sale of the property does not cover the balance. It is usually required when your deposit is less than 20% and is often added to your loan amount or paid upfront.
In addition to your deposit, you should allow for stamp duty, legal and conveyancing fees, building and pest inspections, lender application and settlement fees, and government registration fees.
The process usually involves an initial conversation to understand your goals, collection of documents, and an assessment of your borrowing capacity. Your broker then recommends suitable loans, helps you obtain pre‑approval, supports you during your property search, and manages your application through to formal approval and settlement.
Timeframes vary from lender to lender and depend on how complex your situation is and how complete your documents are. Many straightforward applications can receive formal approval within a few days to a couple of weeks.
A broker can review your current home loan and compare it against other lenders and products. If there is a better option available for your situation, the broker can help you refinance to potentially lower your repayments, improve features or access equity.
Many brokers work extensively with first‑home buyers and can guide you through each step. This includes explaining your options, helping you budget, and checking what grants or schemes you may be eligible for.
Equity is the difference between your property’s current value and the amount you still owe on your home loan. Subject to lender approval, you may be able to use equity to fund renovations, invest, or consolidate other debts.
The ACT offers a Home Buyer Concession Scheme that can reduce or even remove stamp duty for eligible first‑home buyers. The concession is generally available up to a set property price cap and is subject to income and household criteria.
If you qualify for the concession and buy within the current price threshold, you may pay no stamp duty. If your purchase price is above the threshold, duty is usually calculated on a sliding scale.
The ACT has shifted its focus towards stamp duty concessions rather than a large one‑off cash grant. To qualify for assistance, you generally need to be a first‑home buyer and intend to live in the property as your home.
Stamp duty in the ACT is calculated using a tiered scale based on the dutiable value of the property. Different rates apply depending on the value of the property and whether you are eligible for concessions, with higher rates typically applying to investors and non‑eligible buyers.
In NSW, eligible first‑home buyers may receive a one‑off grant when buying or building a new home that falls under the state’s value limits. The grant is designed to help with the cost of getting into your first home.
The grant generally applies to brand‑new or substantially renovated homes up to a specified value cap. It can also apply to contracts to build or house‑and‑land packages, where the combined value of the land and building is below a higher cap.
NSW offers stamp duty concessions and, in some price ranges, full exemptions for eligible first‑home buyers. Different thresholds usually apply to new and existing properties.
If you meet all the requirements, you can often receive both the First Home Owner Grant and any available stamp duty concessions or exemptions on the same purchase.
The federal First Home Guarantee and similar schemes are designed to help eligible buyers purchase a home with as little as a 5% deposit. The government provides a guarantee of up to 15% of the property value, which can allow you to avoid paying lender’s mortgage insurance.
Places in these schemes are limited and are accessed through participating lenders and brokers rather than applying directly to the government. Eligibility rules, property price caps and available places can change over time, so it is important to check current details when you are ready to buy.
Ready to plan your next property move?
Whether you’re buying your first home, investing or reviewing an existing loan, Beewize can help you make a clear, confident decision.
Home loan services we provide
Buying your first home can feel overwhelming—we make it clear and manageable. We help you understand your borrowing power, upfront costs, and available grants, then structure a loan that fits both your budget and your future plans.
Home loan services we provide
Buying your first home can feel overwhelming—we make it clear and manageable. We help you understand your borrowing power, upfront costs, and available grants, then structure a loan that fits both your budget and your future plans.