Frequently Asked Questions

A mortgage broker compares home loan options across multiple lenders on your behalf, manages the application process, and recommends the loan that best suits your financial situation. Monument Financial Group brokers are accredited under Australian Credit Licence 389328. 

In most cases, yes. Mortgage brokers are typically paid a commission by the lender once a loan settles, so there is usually no direct cost to the client. Monument Financial Group will confirm any fees upfront before you proceed. 

No. Monument Financial Group also arranges refinancing, commercial loans, asset finance, and car finance, in addition to residential home loans. 

Monument Financial Group has offices in Docklands, Melbourne (Office 52, Level 17, Tower 4, 727 Collins Street) and Aintree, Victoria (T21B, 2 Lim Way). 

Most lenders require a minimum deposit of 5–20% of the property value. A deposit below 20% usually requires Lender's Mortgage Insurance (LMI). Monument Financial Group can advise on options for both larger and smaller deposits, including government first home buyer schemes. 

Refinancing can be worthwhile if your current interest rate is no longer competitive, your financial situation has changed, or you want to access equity. A broker can review your existing loan and compare it against current market options at no obligation. 

Asset finance is used by businesses and individuals to fund the purchase of equipment, machinery, or vehicles, typically repaid over a fixed term rather than paid upfront. 

Conditional home loan approval typically takes 1–5 business days, while full unconditional approval can take 2–4 weeks depending on the lender, property valuation, and complexity of the application. Using a mortgage broker can help speed up this process by submitting a well-prepared application. 

Lender's Mortgage Insurance is a one-off insurance premium charged to borrowers who have a deposit of less than 20% of the property's value. It protects the lender, not the borrower, if the loan is not repaid. Monument Financial Group can advise on ways to reduce or avoid LMI. 

Yes. Self-employed applicants can qualify for a home loan using methods such as full financial documentation (tax returns and financials) or low-doc loan products, depending on the lender. Requirements vary, and a mortgage broker can match self-employed clients to suitable lenders. 

First home buyers may be eligible for schemes such as the First Home Guarantee, First Home Super Saver Scheme, and state-based stamp duty concessions. Eligibility depends on income, property price, and location. Monument Financial Group can confirm current eligibility for Victorian buyers. 

A fixed rate stays the same for a set period, giving repayment certainty, while a variable rate can rise or fall with market conditions, offering more flexibility but less predictability. Many borrowers choose a split loan combining both. 

Borrowing capacity depends on income, expenses, existing debts, credit history, and the lender's serviceability criteria. As a general guide, lenders often allow borrowing of around 5–6 times gross annual income, though this varies. A broker can provide an accurate, lender-specific estimate. 

Common documents include proof of identity, recent payslips or tax returns, bank statements, details of existing debts and assets, and the signed contract of sale (if purchasing). Requirements vary by lender and employment type. 

 It's generally recommended to review your home loan at least once a year, or whenever your financial situation or interest rates change significantly, to check whether your current loan still offers competitive terms. 

First-time homebuyers often seek assistance in acquiring their initial home, and this support may come in the form of a guarantee from family members.  

A guarantee is essentially a commitment from a party (the guarantor) to cover a debt owed to a lender if the borrower is unable to repay it. Guarantees serve as security for loans and can be particularly beneficial for borrowers like First Home Buyers. 

An offset account and a loan redraw facility are both features associated with home loans, but they function differently. 

Offset Account:   

- An offset account is a separate savings or transaction account linked to your home loan.   

- The balance in the offset account is offset against your home loan balance before interest is calculated. This can result in interest savings over the life of the loan.    

- For example, if you have a $200,000 home loan and $20,000 in your offset account, you would only pay interest on $180,000. 

Redraw Facility:   

- A redraw facility allows you to make additional repayments on your home loan beyond the required minimum.    

- If you need access to those extra funds, you can "redraw" or withdraw them from your home loan.    

- This provides flexibility, but accessing the extra funds may be subject to certain terms and conditions, and there might be fees associated with redraw transactions.  

In summary, while an offset account helps reduce the interest payable on your home loan by offsetting the balance, a redraw facility allows you to make extra repayments and later access those funds if needed, subject to terms and conditions. The choice between the two depends on your financial goals and preferences. 

Yes. Mortgage brokers can arrange commercial loans for purposes such as purchasing business premises, funding expansion, or investing in commercial property, in addition to standard residential home loans. 

Asset finance is a loan used to purchase business equipment, machinery, or vehicles, with the asset often used as security. It suits businesses that want to acquire equipment without paying the full cost upfront.