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Mortgage and Finance FAQs
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Explore practical answers about home loans, first-home-buyer finance, refinancing, investment property, construction, business lending, asset finance, self-employed applications and Australia-wide mortgage support from SKR Global Finance.
Residential and commercial finance
Australia-wide assistance
Nepali and English support
Australia-Wide
Remote support across every state and territory
Broad Lender Panel
Major banks, non-bank and specialist lenders
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From consultation to settlement and review
Nepali Speaking
Clear guidance in Nepali or English
Comprehensive FAQ Library
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These answers provide general guidance only. Your available options will depend on your goals, income, expenses, credit profile, property, business circumstances and the selected lender’s policy.
What does a mortgage broker do?
Mortgage Broker
A mortgage broker reviews your financial position, discusses your goals, compares potentially suitable loans from available lenders and assists with application preparation, submission, approval and settlement.
A mortgage broker reviews your financial position, discusses your goals, compares potentially suitable loans from available lenders and assists with application preparation, submission, approval and settlement.
Why use SKR Global Finance instead of approaching one bank?
Mortgage Broker
A single bank can generally offer only its own products. SKR Global Finance can compare options across a broad Australian lender panel, including major banks, non-bank lenders and specialist financiers, subject to accreditation and your circumstances.
A single bank can generally offer only its own products. SKR Global Finance can compare options across a broad Australian lender panel, including major banks, non-bank lenders and specialist financiers, subject to accreditation and your circumstances.
Do you charge a mortgage broking fee?
Mortgage Broker
In many residential lending cases, the broker is paid commission by the lender. Some complex, commercial or specialist matters may involve a client fee. Any applicable fee will be explained and disclosed before you proceed.
In many residential lending cases, the broker is paid commission by the lender. Some complex, commercial or specialist matters may involve a client fee. Any applicable fee will be explained and disclosed before you proceed.
How many lenders do you work with?
Mortgage Broker
SKR Global Finance has access to a broad panel of Australian lenders. The number of lenders and products considered depends on accreditation, loan type and your individual eligibility.
SKR Global Finance has access to a broad panel of Australian lenders. The number of lenders and products considered depends on accreditation, loan type and your individual eligibility.
How much can I borrow for a home loan?
Home Loans
Borrowing capacity depends on income, employment, living expenses, dependants, existing debts, credit limits, interest-rate buffers and lender policy. A borrowing assessment provides a more realistic estimate than a simple online calculator.
Borrowing capacity depends on income, employment, living expenses, dependants, existing debts, credit limits, interest-rate buffers and lender policy. A borrowing assessment provides a more realistic estimate than a simple online calculator.
How much deposit do I need to buy a home?
Home Loans
The required deposit depends on the lender, property, loan-to-value ratio and whether lenders mortgage insurance or an eligible guarantee scheme is used. You should also budget for stamp duty, conveyancing, inspections and other purchase costs.
The required deposit depends on the lender, property, loan-to-value ratio and whether lenders mortgage insurance or an eligible guarantee scheme is used. You should also budget for stamp duty, conveyancing, inspections and other purchase costs.
What is lenders mortgage insurance?
Home Loans
Lenders mortgage insurance, commonly called LMI, protects the lender rather than the borrower when the loan represents a higher percentage of the property's value. It may allow an eligible borrower to proceed with a smaller deposit, but it adds cost to the transaction.
Lenders mortgage insurance, commonly called LMI, protects the lender rather than the borrower when the loan represents a higher percentage of the property's value. It may allow an eligible borrower to proceed with a smaller deposit, but it adds cost to the transaction.
What is the difference between fixed and variable interest rates?
Home Loans
A fixed rate generally provides repayment certainty for an agreed period but may restrict extra repayments and involve break costs. A variable rate can change and may offer greater flexibility, such as redraw or offset features. Some borrowers choose a split loan combining both.
A fixed rate generally provides repayment certainty for an agreed period but may restrict extra repayments and involve break costs. A variable rate can change and may offer greater flexibility, such as redraw or offset features. Some borrowers choose a split loan combining both.
What is an offset account?
Home Loans
An offset account is a transaction account linked to an eligible home loan. The balance may reduce the loan amount used to calculate interest. Product fees, account type and offset percentage vary between lenders.
An offset account is a transaction account linked to an eligible home loan. The balance may reduce the loan amount used to calculate interest. Product fees, account type and offset percentage vary between lenders.
What is the difference between offset and redraw?
Home Loans
Offset funds remain in a separate transaction account, while redraw generally consists of eligible extra repayments already made into the loan. Access rules, tax implications and lender conditions differ, so the structure should be considered carefully.
Offset funds remain in a separate transaction account, while redraw generally consists of eligible extra repayments already made into the loan. Access rules, tax implications and lender conditions differ, so the structure should be considered carefully.
Can you help first-home buyers understand the entire process?
First Home Buyers
Yes. We can explain borrowing capacity, deposits, pre-approval, lender selection, contracts, valuations, loan approval and settlement, while helping you understand which documents and costs may apply.
Yes. We can explain borrowing capacity, deposits, pre-approval, lender selection, contracts, valuations, loan approval and settlement, while helping you understand which documents and costs may apply.
What government support may be available to first-home buyers?
First Home Buyers
Potential support can include state-based grants or stamp-duty concessions and eligible federal home guarantee programs. Availability and criteria can change, so current eligibility should be checked when you are ready to apply.
Potential support can include state-based grants or stamp-duty concessions and eligible federal home guarantee programs. Availability and criteria can change, so current eligibility should be checked when you are ready to apply.
Should I get pre-approval before looking for a property?
First Home Buyers
Pre-approval can help clarify a possible borrowing range and identify lender conditions before you make an offer. It is usually conditional, time-limited and subject to the selected property, updated financial information and final lender assessment.
Pre-approval can help clarify a possible borrowing range and identify lender conditions before you make an offer. It is usually conditional, time-limited and subject to the selected property, updated financial information and final lender assessment.
Can family support help me buy my first home?
First Home Buyers
Depending on the lender and structure, family support may involve a genuine gift, family guarantee or assistance with the deposit. Guarantors should obtain independent legal and financial advice because their property or finances may be placed at risk.
Depending on the lender and structure, family support may involve a genuine gift, family guarantee or assistance with the deposit. Guarantors should obtain independent legal and financial advice because their property or finances may be placed at risk.
What does refinancing a home loan mean?
Refinancing
Refinancing means replacing an existing loan with a new loan, either with the same lender or another lender. Reasons may include changing rates, features, repayment structure, loan term, lender or access to approved equity.
Refinancing means replacing an existing loan with a new loan, either with the same lender or another lender. Reasons may include changing rates, features, repayment structure, loan term, lender or access to approved equity.
When should I review my home loan?
Refinancing
A review may be worthwhile when your fixed rate is ending, your variable rate has increased, your property value has changed, your income has improved or your current loan no longer suits your goals. Regular reviews can also identify unnecessary fees or features.
A review may be worthwhile when your fixed rate is ending, your variable rate has increased, your property value has changed, your income has improved or your current loan no longer suits your goals. Regular reviews can also identify unnecessary fees or features.
Will refinancing always save money?
Refinancing
No. A lower rate does not automatically mean a better outcome. Discharge fees, application costs, valuation charges, cashback conditions, a longer loan term and break costs can affect the overall benefit. The total cost should be compared.
No. A lower rate does not automatically mean a better outcome. Discharge fees, application costs, valuation charges, cashback conditions, a longer loan term and break costs can affect the overall benefit. The total cost should be compared.
Can I consolidate personal debts into my home loan?
Refinancing
Some lenders may allow eligible debts to be consolidated into a home loan, subject to equity and serviceability. This may reduce monthly repayments, but extending short-term debts over a long mortgage term can increase total interest unless repayments are managed carefully.
Some lenders may allow eligible debts to be consolidated into a home loan, subject to equity and serviceability. This may reduce monthly repayments, but extending short-term debts over a long mortgage term can increase total interest unless repayments are managed carefully.
Can I access home equity when refinancing?
Refinancing
Equity may be available for an approved purpose, subject to valuation, loan-to-value limits, repayment capacity and lender policy. Equity is borrowed money and increases your debt, so the purpose and repayment impact should be clear.
Equity may be available for an approved purpose, subject to valuation, loan-to-value limits, repayment capacity and lender policy. Equity is borrowed money and increases your debt, so the purpose and repayment impact should be clear.
How is an investment property loan different from an owner-occupied loan?
Investment Property
Investment loans are assessed and priced according to investment-purpose policies. Lenders may consider expected rental income, existing properties, portfolio debts, repayment type and investment lending limits.
Investment loans are assessed and priced according to investment-purpose policies. Lenders may consider expected rental income, existing properties, portfolio debts, repayment type and investment lending limits.
Can I use equity to purchase an investment property?
Investment Property
You may be able to access usable equity in an existing property to assist with a deposit and approved costs. This depends on valuation, serviceability, available equity, loan structure and lender approval.
You may be able to access usable equity in an existing property to assist with a deposit and approved costs. This depends on valuation, serviceability, available equity, loan structure and lender approval.
How do lenders treat rental income?
Investment Property
Lenders generally use only a percentage of verified or expected rental income to allow for vacancies and property expenses. The accepted percentage and required evidence vary between lenders.
Lenders generally use only a percentage of verified or expected rental income to allow for vacancies and property expenses. The accepted percentage and required evidence vary between lenders.
Can an investment loan have interest-only repayments?
Investment Property
Selected investment loans may offer an approved interest-only period. This can reduce repayments temporarily, but the principal balance does not reduce and repayments may rise when the interest-only period ends.
Selected investment loans may offer an approved interest-only period. This can reduce repayments temporarily, but the principal balance does not reduce and repayments may rise when the interest-only period ends.
What is cross-collateralisation?
Investment Property
Cross-collateralisation occurs when more than one property secures one or more loans. It may affect flexibility when selling, refinancing or releasing a property. The advantages and limitations should be considered before proceeding.
Cross-collateralisation occurs when more than one property secures one or more loans. It may affect flexibility when selling, refinancing or releasing a property. The advantages and limitations should be considered before proceeding.
Can you help structure finance for multiple investment properties?
Investment Property
Yes. We can discuss portfolio lending, lender diversification, equity access, repayment structures and future borrowing considerations. We provide credit assistance, not tax or property investment advice.
Yes. We can discuss portfolio lending, lender diversification, equity access, repayment structures and future borrowing considerations. We provide credit assistance, not tax or property investment advice.
How does a construction loan work?
Construction Finance
A construction loan usually releases funds progressively as approved building stages are completed. The lender may require a fixed-price building contract, plans, permits, insurance and progress inspections before each drawdown.
A construction loan usually releases funds progressively as approved building stages are completed. The lender may require a fixed-price building contract, plans, permits, insurance and progress inspections before each drawdown.
Can I finance land and construction together?
Construction Finance
Depending on timing and lender policy, land and construction may be financed through related facilities. The lender will assess the land purchase, build contract, completed value, deposit and total project costs.
Depending on timing and lender policy, land and construction may be financed through related facilities. The lender will assess the land purchase, build contract, completed value, deposit and total project costs.
Can construction finance be used for major renovations?
Construction Finance
Major structural renovations may be considered under construction-style lending. Smaller renovations may be funded differently. The correct pathway depends on scope, cost, builder arrangements, valuation and available equity.
Major structural renovations may be considered under construction-style lending. Smaller renovations may be funded differently. The correct pathway depends on scope, cost, builder arrangements, valuation and available equity.
What types of business finance can SKR Global Finance assist with?
Business Finance
We can help explore working capital, business term loans, commercial property finance, business acquisition funding, expansion finance, debt refinance and other eligible commercial lending solutions.
We can help explore working capital, business term loans, commercial property finance, business acquisition funding, expansion finance, debt refinance and other eligible commercial lending solutions.
How much can my business borrow?
Business Finance
Business borrowing capacity depends on turnover, profitability, cash flow, trading history, existing debts, credit profile, industry, finance purpose and available security. Larger or complex applications usually require more detailed financial information.
Business borrowing capacity depends on turnover, profitability, cash flow, trading history, existing debts, credit profile, industry, finance purpose and available security. Larger or complex applications usually require more detailed financial information.
Can I obtain an unsecured business loan?
Business Finance
Some lenders offer unsecured business finance for eligible applicants. Limits, pricing and terms may differ from secured finance, and lenders may still require personal guarantees from directors or business owners.
Some lenders offer unsecured business finance for eligible applicants. Limits, pricing and terms may differ from secured finance, and lenders may still require personal guarantees from directors or business owners.
Can you help finance a commercial property?
Business Finance
Yes. Commercial property finance may be available for eligible offices, retail premises, warehouses, industrial properties and mixed-use assets. Deposit, valuation, lease and serviceability requirements differ from residential lending.
Yes. Commercial property finance may be available for eligible offices, retail premises, warehouses, industrial properties and mixed-use assets. Deposit, valuation, lease and serviceability requirements differ from residential lending.
Can I refinance existing business debts?
Business Finance
Existing business debts may be reviewed to consider repayment structure, security, pricing, cash-flow impact and consolidation opportunities. Refinancing should produce a clear financial or operational benefit after costs.
Existing business debts may be reviewed to consider repayment structure, security, pricing, cash-flow impact and consolidation opportunities. Refinancing should produce a clear financial or operational benefit after costs.
What is asset and equipment finance?
Asset Finance
Asset finance is commercial funding used to purchase or access eligible income-producing assets such as vehicles, machinery, technology, medical equipment and specialised business tools.
Asset finance is commercial funding used to purchase or access eligible income-producing assets such as vehicles, machinery, technology, medical equipment and specialised business tools.
What vehicles and equipment may be financed?
Asset Finance
Depending on lender policy, eligible assets can include cars, utes, vans, trucks, trailers, construction equipment, industrial machinery, office technology and professional equipment.
Depending on lender policy, eligible assets can include cars, utes, vans, trucks, trailers, construction equipment, industrial machinery, office technology and professional equipment.
Can used equipment or a used commercial vehicle be financed?
Asset Finance
Selected lenders may finance eligible used assets. Approval can depend on age, condition, purchase source, market value, intended business use and remaining useful life.
Selected lenders may finance eligible used assets. Approval can depend on age, condition, purchase source, market value, intended business use and remaining useful life.
What is a balloon or residual payment?
Asset Finance
A balloon or residual is an agreed amount left owing at the end of the finance term. It may reduce regular repayments, but creates a larger final payment and can increase the total interest cost.
A balloon or residual is an agreed amount left owing at the end of the finance term. It may reduce regular repayments, but creates a larger final payment and can increase the total interest cost.
Do I need a deposit for asset finance?
Asset Finance
Deposit requirements vary by lender, asset, purchase price, business history and application strength. Some transactions may be considered without a deposit, while others require an upfront contribution or trade-in.
Deposit requirements vary by lender, asset, purchase price, business history and application strength. Some transactions may be considered without a deposit, while others require an upfront contribution or trade-in.
Can self-employed applicants obtain a home loan?
Self-Employed
Yes. Lenders may assess personal and business tax returns, financial statements, BAS records, bank statements, trading history and existing liabilities. The documents required depend on the lender and income structure.
Yes. Lenders may assess personal and business tax returns, financial statements, BAS records, bank statements, trading history and existing liabilities. The documents required depend on the lender and income structure.
How long should I be self-employed before applying?
Self-Employed
Many lenders prefer an established trading history, but requirements vary. Selected lenders may consider shorter trading periods when the applicant has relevant industry experience, strong financials or continuity from previous work.
Many lenders prefer an established trading history, but requirements vary. Selected lenders may consider shorter trading periods when the applicant has relevant industry experience, strong financials or continuity from previous work.
What if my most recent business income is stronger than older tax returns?
Self-Employed
Some lenders may consider recent financial information, BAS statements or year-to-date performance, while others rely heavily on lodged tax returns. The appropriate lender depends on the quality and consistency of the evidence.
Some lenders may consider recent financial information, BAS statements or year-to-date performance, while others rely heavily on lodged tax returns. The appropriate lender depends on the quality and consistency of the evidence.
Can contractors or casual employees obtain finance?
Employment Types
Yes, depending on employment history, contract terms, industry, income consistency and lender policy. Evidence may include payslips, employment contracts, income statements and bank records.
Yes, depending on employment history, contract terms, industry, income consistency and lender policy. Evidence may include payslips, employment contracts, income statements and bank records.
Does SKR Global Finance assist clients outside Melbourne?
Australia-Wide
Yes. SKR Global Finance is based in Mill Park, Victoria, and provides mortgage broking and finance assistance to eligible clients across Australia using phone, email, video meetings and secure digital application processes.
Yes. SKR Global Finance is based in Mill Park, Victoria, and provides mortgage broking and finance assistance to eligible clients across Australia using phone, email, video meetings and secure digital application processes.
Which Australian states and territories do you service?
Australia-Wide
We can assist eligible clients in Victoria, New South Wales, Queensland, South Australia, Western Australia, Tasmania, the Australian Capital Territory and the Northern Territory, subject to lender availability and individual circumstances.
We can assist eligible clients in Victoria, New South Wales, Queensland, South Australia, Western Australia, Tasmania, the Australian Capital Territory and the Northern Territory, subject to lender availability and individual circumstances.
Can the entire loan process be completed remotely?
Australia-Wide
Many applications can be managed remotely using video or phone consultations, electronic document collection, digital identification and e-signing. Some lenders or transactions may still require additional verification or original documents.
Many applications can be managed remotely using video or phone consultations, electronic document collection, digital identification and e-signing. Some lenders or transactions may still require additional verification or original documents.
Can you help Nepalese clients anywhere in Australia?
Nepali Support
Yes. Nepali and English guidance is available to eligible clients across Australia. We can explain Australian lending terminology, deposits, visa-related considerations, income documentation and the application process clearly.
Yes. Nepali and English guidance is available to eligible clients across Australia. We can explain Australian lending terminology, deposits, visa-related considerations, income documentation and the application process clearly.
Can temporary residents or visa holders obtain a home loan?
Visa Holders
Some lenders may consider eligible temporary residents, depending on visa type, expiry date, income, deposit, property purpose and policy. Foreign investment approval, stamp duty surcharges or other rules may also apply, so legal and tax advice may be required.
Some lenders may consider eligible temporary residents, depending on visa type, expiry date, income, deposit, property purpose and policy. Foreign investment approval, stamp duty surcharges or other rules may also apply, so legal and tax advice may be required.
What documents are usually required for a loan application?
Application Process
Common documents include identification, payslips or income evidence, bank statements, savings history, details of assets and liabilities, living expenses, existing loan statements and property documents. Self-employed and business applications generally require additional financial records.
Common documents include identification, payslips or income evidence, bank statements, savings history, details of assets and liabilities, living expenses, existing loan statements and property documents. Self-employed and business applications generally require additional financial records.
Will applying for a loan affect my credit report?
Credit Assessment
A formal credit application can create an enquiry on your credit report. Multiple applications in a short period may affect how some lenders view the application, which is why lender selection and application timing should be considered carefully.
A formal credit application can create an enquiry on your credit report. Multiple applications in a short period may affect how some lenders view the application, which is why lender selection and application timing should be considered carefully.
What if I have a low credit score or previous credit issue?
Credit Assessment
Options depend on the type, amount, age and explanation of the credit issue, as well as your current financial position. Specialist lenders may consider some applications, but interest rates, fees and deposit requirements can be higher.
Options depend on the type, amount, age and explanation of the credit issue, as well as your current financial position. Specialist lenders may consider some applications, but interest rates, fees and deposit requirements can be higher.
How long does loan approval take?
Application Process
Timeframes vary according to lender workload, application complexity, valuation requirements and document quality. A complete, well-prepared application generally reduces avoidable delays, but approval timing cannot be guaranteed.
Timeframes vary according to lender workload, application complexity, valuation requirements and document quality. A complete, well-prepared application generally reduces avoidable delays, but approval timing cannot be guaranteed.
What happens after my loan settles?
Ongoing Support
After settlement, we remain available for questions and future loan reviews. A later review may consider rates, features, fixed-rate expiry, equity, investment plans or changes in your income and goals.
After settlement, we remain available for questions and future loan reviews. A later review may consider rates, features, fixed-rate expiry, equity, investment plans or changes in your income and goals.
Does SKR Global Finance provide tax, legal or financial planning advice?
Important Information
No. SKR Global Finance provides mortgage broking and credit assistance. Tax, legal, property investment and financial planning questions should be discussed with appropriately qualified professionals.
No. SKR Global Finance provides mortgage broking and credit assistance. Tax, legal, property investment and financial planning questions should be discussed with appropriately qualified professionals.
How can I book a consultation?
Contact
You can book online through the consultation page, call 0451 571 184 or email sandeep@skrglobal.com.au.
You can book online through the consultation page, call 0451 571 184 or email sandeep@skrglobal.com.au.
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Mortgage and Finance Support Across Australia
Although SKR Global Finance is based in Mill Park, Victoria, eligible clients can be supported throughout Australia through phone, video, email and secure digital application processes.
VictoriaMelbourne, Geelong, Ballarat, Bendigo and regional Victoria
New South WalesSydney, Newcastle, Wollongong, regional and remote NSW
QueenslandBrisbane, Gold Coast, Sunshine Coast and regional Queensland
South AustraliaAdelaide and eligible clients throughout South Australia
Western AustraliaPerth and eligible clients across Western Australia
TasmaniaHobart, Launceston and regional Tasmania
Australian Capital TerritoryCanberra and surrounding ACT communities
Northern TerritoryDarwin and eligible clients throughout the Northern Territory
Nepali Speaking Mortgage Broker
Understand Your Finance Options in Nepali or English
Australian lending terminology can be difficult to navigate. We explain loan structures, lender requirements, deposits, repayments, application documents and next steps clearly, so you can make a more informed decision.
अष्ट्रेलियाभर नेपाली भाषामा मोर्टगेज सहयोग
Home loan, first home buyer, refinancing, investment property, construction loan, business finance वा asset finance सम्बन्धी प्रश्नहरू नेपाली वा अंग्रेजी भाषामा बुझ्न सक्नुहुन्छ। हामी अष्ट्रेलियाका सबै राज्य र टेरिटोरीका योग्य ग्राहकलाई अनलाइन तथा फोनमार्फत सहयोग गर्छौं।
Still Have a Question About Your Situation?
General FAQs cannot replace a personalised assessment. Speak with Sandeep Sigdel about your income, deposit, existing loans, property plans or business finance goals.
The information on this page is general in nature and does not take into account your objectives, financial situation or needs. Lending criteria, terms, conditions, fees and charges apply, and approval is subject to lender assessment. Government programs, lender policies and interest rates may change. SKR Global Finance provides credit assistance and does not provide tax, legal, financial planning or property investment advice. Sandeep Sigdel is a Credit Representative (CRN 576436) of Finsure Finance & Insurance Pty Ltd, Australian Credit Licence 384704.
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