Frequently asked questions
Straight answers to the questions professionals ask most. If yours is not here, ask Adam directly in a free consultation.
Working with a broker
- What does a finance broker actually do?
- A broker compares lenders and products for your situation, prepares and lodges your application, and manages it through to settlement. You get one point of contact instead of dealing with each bank yourself.
- Do you charge a fee?
- For most home loans we are paid a commission by the lender after settlement, so there is no fee for our service. If a fee would ever apply, we tell you in writing before you commit to anything.
- Are you tied to any bank?
- No. Charter Point Finance has access to a panel of more than 70 lenders and recommends based on fit for your situation. Adam Bacic is a Credit Representative authorised under Australian Credit Licence 389328 (Connective).
- What happens in the free consultation?
- Thirty minutes covering your goals, your income and what a lender will ask for. You leave knowing your realistic options and the next step, whether or not you proceed with us.
Rates, deposits and LMI
- How much deposit do I need?
- As little as 5 percent at some lenders, though 10 to 20 percent opens more options and sharper pricing. Eligible professionals may access LMI waivers or lender-paid LMI at selected lenders, which reduces the deposit pressure.
- What is lenders mortgage insurance?
- LMI is an insurance premium that protects the lender, not you, when your deposit is under 20 percent. It can cost thousands. Some lenders waive or pay it for eligible professionals, subject to their policy.
- Which professionals can get an LMI waiver?
- Published policies commonly cover medical professionals, accountants and lawyers, with eligibility tied to registration or professional membership. Selected specialist products extend similar structures to engineers and IT professionals. Every waiver is subject to lender policy.
- Can you get me a better rate than my bank?
- Often, because we compare a wide panel and know which lenders price sharply for your profile. We show you the comparison with real numbers before you decide anything.
Complex income
- Can I get a loan on contract or locum income?
- Yes. Lenders that understand contracting look at your current contract, renewal history and time in the industry. The documents and the lender choice matter more than the contract length.
- I am self employed or run my own practice. What do I need?
- Usually two years of tax returns and financials, though a smaller group of lenders considers one year for established professionals. Clean records and a clear explanation of your income make the difference.
- Will overtime, allowances and bonuses count?
- Usually at least in part. Lenders shade variable income differently, from counting it fully with evidence to excluding it. Matching your income pattern to the right policy is a large part of our work.
The process
- How long does a home loan take?
- A well prepared application at the right lender often receives an answer within days, with settlement typically four to six weeks after you sign a contract. Complex income or valuation queries can extend that.
- Should I get pre-approval?
- Yes. Pre-approval confirms your budget before you shop and makes your offers stronger. It usually lasts 90 days and can be refreshed.
- Do you only work with clients in Melbourne?
- No. Charter Point Finance is based in Melbourne and helps clients across Australia. Meetings are held by phone or video, so the process is the same wherever you are.
Still have a question?
A free consultation covers your options, what a lender will ask for and the next step.
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Free consultation · Access to 70+ lenders · Credit Representative authorised under Australian Credit Licence 389328 (Connective)