Plain English answers
FAQs
The questions Australians actually ask their mortgage broker, answered without the jargon.
Working with a mortgage broker
- What is a mortgage broker?
- A mortgage broker is a licensed finance professional who arranges home loans on your behalf. Instead of being limited to one bank's products, you work with someone who has access to a panel of 30 to 60 lenders and compares options across all of them. In Australia, mortgage brokers are regulated under the National Consumer Credit Protection Act and bound by Best Interests Duty, which legally requires us to act in your interests, not the lender's.
- Why use a mortgage broker instead of going to the bank?
- Because one bank can only offer their own products, which might not be the best loan for your situation. Banks each have their own quirks: one might love self employed applicants, another might decline them. One might count Family Tax Benefit as income, another might not. A broker compares across the whole lender panel and matches you to the lender who genuinely wants your application.
- How does Matilda Tree Finance get paid?
- Two ways: a flat engagement fee paid by you, and commission paid by the lender at settlement. The engagement fee depends on complexity: $450 for standard applications, $750 to $950 for complex ones (multiple applicants, guarantor loans, low-doc or alt-doc), and specialist lending quoted separately. Lender commission is paid by the bank at settlement and disclosed to you in writing as required by Australian credit law.
- How long does a home loan application take?
- Most home loans take six to twelve weeks from first chat to settlement. Discovery and document gathering takes 1 to 2 weeks, application and conditional approval 1 to 3 weeks, and settlement is typically 30 to 42 days after contract signing. Self employed applications, low-doc lending, and post-separation refinancing take longer.
- Do I need to live in your area to work with you?
- No. We work with clients across Australia. Almost everything happens by phone, video and secure document upload. The only thing that needs to happen physically is the property settlement itself, handled by your conveyancer or solicitor in your local area.
First home buyers
- How much deposit do I need to buy my first home in Australia?
- As little as 2 to 5 percent of the property price, depending on which scheme you qualify for. Under the Australian Government 5% Deposit Scheme, eligible first home buyers can buy with 5 percent down without paying Lenders Mortgage Insurance. Single parents can buy with as little as 2 percent. As of October 2025, there are no income caps and no place limits.
- What is the First Home Guarantee scheme?
- The First Home Guarantee was renamed in October 2025 and is now called the Australian Government 5% Deposit Scheme. It lets eligible first home buyers buy with a 5 percent deposit without paying Lenders Mortgage Insurance. Income caps, place limits and the waitlist were all removed from October 2025.
- Can I use my super to buy my first home?
- Yes, through the First Home Super Saver Scheme (FHSSS). You can make voluntary contributions into your super (up to $15,000 per financial year, $50,000 lifetime maximum) and later withdraw those contributions plus associated earnings to use as a deposit. Couples can each access the FHSSS independently. Talk to your accountant before contributing.
- What government grants are available for first home buyers in Australia?
- Several, depending on your state and what you're buying. The First Home Owner Grant is a one-off grant for new builds, with amounts typically $10,000 to $30,000. Stamp duty exemptions exist in most states. The Australian Government 5% Deposit Scheme removes LMI for eligible buyers. The First Home Super Saver Scheme uses voluntary super contributions.
Single parents
- Can I get a home loan as a single parent on one income?
- Yes. Single parents in Australia can absolutely get a home loan on one income. The 2 percent deposit option under the Australian Government 5% Deposit Scheme means single parents can buy with much less saved than 20 percent. Income caps were removed in October 2025.
- What is the Family Home Guarantee?
- The Family Home Guarantee was renamed in October 2025 and is now part of the Australian Government 5% Deposit Scheme. It lets eligible single parents buy with a deposit of as little as 2 percent, without paying Lenders Mortgage Insurance. Income caps and place limits were removed from October 2025.
- Does child support or Centrelink count as income for a home loan?
- Sometimes, depending on the payment type and lender. Family Tax Benefit Part A and B is accepted by many lenders. Child support is accepted with a court order or CSA assessment. Parenting Payment acceptance is mixed. JobSeeker and Rent Assistance are almost never accepted. Lenders treat these very differently.
- Can I refinance to remove my ex from the mortgage?
- Yes, this is one of the most common situations we help with. Removing an ex from the mortgage requires refinancing the existing loan into your sole name. The lender reassesses the loan against your income alone. If you've been managing repayments on time, that's strong evidence of serviceability.
Self employed
- Can I get a home loan if I'm self employed?
- Yes. Self employed Australians can absolutely get a home loan. The challenge isn't whether you qualify, it's how your income gets presented to the right lender. Some lenders genuinely understand self employed income and will work off one year of financials. A smaller group offers low-doc and alt-doc lending.
- How long do I need to be self employed before a lender will consider me?
- Most lenders want at least two years of self employed history. Some accept one year if your income trajectory is strong and you have prior PAYG history in the same industry. A smaller group considers applicants with as little as 6 to 12 months of trading through alt-doc lending.
- What is a low-doc home loan?
- A low-doc home loan is designed for self employed applicants who can't provide the standard two years of tax returns. Instead, lenders accept BAS statements, business bank statements, accountant declarations, or a combination. Low-doc loans usually have slightly higher interest rates.
- Will lenders accept BAS or business bank statements as income evidence?
- Some will, but it depends on the lender and the type of loan. For low-doc and alt-doc lending, BAS statements (typically 12 months) and business bank statements (usually 6 to 12 months) become the primary income evidence. Some lenders also accept an accountant's declaration.
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