Frequently Ask Question Now
What does a mortgage broker do and how can InReach Finance help me?
As mortgage brokers, we compare loans from a wide range of banks and lenders to find the
best fit for you. We manage the paperwork, negotiate on your behalf, and guide you through the
entire home loan process.
Is it better to use a mortgage broker or go directly to the bank?
Banks can only offer their own products, while we access a wide panel of lenders. This
means you get more choice, competitive rates, and loan options that match your financial goals.
How much does it cost to use InReach Finance?
Our service is free to you. We’re paid by the lender once your loan settles, and this does not
increase your costs.
How are mortgage brokers paid?
We’re paid a commission from the lender when your loan settles. Our advice is based on
your best interests, not the bank’s.
How much can I borrow for a home loan?
Your borrowing power depends on your income, deposit, debts, and living expenses. We
provide a borrowing capacity assessment upfront so you know exactly what you can afford.
What deposit do I need to buy or build a home?
Most lenders require a 5–20% deposit. With certain government schemes or guarantor
loans, you may be able to get into the market with less.
What is Lenders Mortgage Insurance (LMI) and can I avoid it?
LMI is charged when borrowing more than 80% of a property’s value. It protects the lender,
not you. In some cases, we can help you avoid it using grants or guarantor options.
Does my credit score affect my mortgage approval?
Yes, your credit score impacts your loan approval and the interest rate offered. We can help
strengthen your application even if your score isn’t perfect.
How does a construction loan work?
A construction loan is released in stages called progress payments as your home is built.
You only pay interest on the amount drawn, which helps manage cash flow during construction.
What’s the difference between a construction loan and a standard home loan?
A standard home loan is paid in full upfront, while a construction loan is drawn down in
stages during the build. Once finished, it usually converts into a standard mortgage.
How are progress payments made on a construction loan?
Builders submit invoices for each stage (slab, frame, lock-up, etc.), and we work with your
lender to make sure payments are processed on time.
Do I pay interest on the full loan amount during construction?
No. You only pay interest on the portion of the loan that’s been drawn, which helps keep
repayments lower until the home is complete.
Can I refinance once construction is complete?
Yes, many clients refinance after their build to secure a better rate or features. We review
your loan once your home is finished to ensure it remains competitive.
Am I eligible for the First Home Owner Grant (FHOG) or government schemes?
We’ll check your eligibility for grants and incentives like the FHOG, First Home Guarantee, or
stamp duty concessions, ensuring you don’t miss out.
What upfront costs do first home buyers need to budget for?
In addition to your deposit, you may need to cover stamp duty, settlement fees, lender fees,
and inspections. We provide a full cost breakdown upfront.
How long does home loan approval take?
Pre-approval generally takes a few days, and full approval can take 2 – 4 weeks depending
on the lender. We keep you updated throughout the process.
on the lender. We keep you updated throughout the process.
When should I refinance my home loan?
It’s smart to refinance if your fixed term is ending, your rate is no longer competitive, or your
financial situation has changed. We’ll review your loan to find savings opportunities.
What are the benefits of refinancing after construction?
Refinancing can lower your repayments, unlock equity for renovations or investments, and
give you access to better loan features.
Does refinancing cost money?
Some lenders charge discharge or application fees, but in many cases the savings far
outweigh the costs. We’ll compare your options before recommending a refinance.
What is an offset account and how does it work?
An offset account is linked to your mortgage. Money kept in this account reduces the interest
charged on your loan, helping you pay it off faster.
Can I make extra repayments on my home loan?
Most variable rate loans allow unlimited extra repayments. Fixed loans often have caps we’ll
help you choose the best option for your goals.
What’s the difference between fixed and variable interest rates?
Fixed rates lock in your repayment amount for a set term, while variable rates can rise or fall.
Many clients choose to split their loan between the two for flexibility.
How long does home loan approval take with InReach Finance?
Pre-approval usually takes a few days, with final approval in 2–4 weeks. We keep the
process moving and update you at every stage.
What documents do I need for a home loan application?
Typically, you’ll need ID, payslips, bank statements, and details of any debts. We’ll provide a
simple checklist to make it easy.
How does InReach Finance support clients during the loan process?
We handle the entire application, liaise with your builder and lender, and keep you informed
from start to finish. We also review your loan regularly to ensure it remains competitive.