Frequently Asked Questions
Horizon Mortgages – Reuben Brown
What does a mortgage broker do?
A mortgage broker acts on your behalf to compare home loan options across multiple lenders. Instead of dealing with just one bank, I assess your situation and match you with a lender and loan product that best suits your goals.
I handle the research, application and bank communication from start to finish.
Why use a broker instead of going directly to a bank?
When you go directly to a bank, you only see that bank’s products.
As a broker, I compare options from 37+ lenders to find the most suitable solution for you.
This often means:
• Better rates
• More flexible policies
• Tailored loan structures
• Less stress for you
Do you charge any fees?
In most cases, NO upfront fees apply.
I’m paid a commission by the lender you choose once the loan has settled.
If a fee ever applies (ie: for complex scenarios), this is always disclosed upfront before any application is made.
How many lenders do you work with?
I work with 37+ lenders, including:
• Major banks
• Second-tier lenders
• Specialist lenders
This gives you far more choice than dealing with just one bank who will NEVER tell you about the potential better rates that other lenders have!
How much can I borrow?
Your borrowing power depends on various factors such as:
• Your Income
• Expenses
• Existing debts and liabilities
• Number of dependents
• Deposit size
• Credit history
I can calculate this accurately for you and explain how to maximise it (within responsible lending rules).
Do I really need a 20% deposit?
No. You can buy with less than 20%, however:
• Lenders Mortgage Insurance (LMI) may apply
• Interest rates may differ
I’ll show you all the options so you can decide what’s best for your situation.
What is Lenders Mortgage Insurance (LMI)?
LMI protects the bank, not you, when borrowing over 80% of the property’s value.
It:
• It is a one-off cost
• Is usually added to your loan
• Allows you to buy sooner with a smaller deposit
What documents will I need?
Typically:
• Photo ID
• Payslips (or tax returns if self-employed)
• Bank statements
• Current loan/liability statements
• Contract of sale (if buying)
I’ll guide you step-by-step.
How long does approval take?
Timeframes vary but generally:
• Pre-approval: 1–5 business days for most banks
• Formal approval: 1–10 business days
• Settlement: 30–90 days ( this is generally dependent on the agreement made between the buyer and seller and not the bank)
I’ll keep you updated the whole way.
What happens after I apply?
I assess your file and we establish which lender/ loan product will suit you best
Submit the application to the lender
Conditional approval issued
Valuation ordered
Formal approval
Loan docs issued
Settlement
You won’t be left wondering what’s happening as I will always keep you updated.
What loan types are available for home owners and investors?
• Variable
• Fixed
• Split (between a variable and fixed loan)
• Interest-only (often used by investors)
• Basic loans
• Package loans
I’ll explain the pros and cons of each based on your goals.
What loan features should I consider?
• Offset account
• Redraw
• Extra repayments
• Repayment flexibility
Not every feature suits everyone.
I’m self-employed. Can I still get a loan?
Absolutely.
Many lenders allow for:
• Add-backs
• Alternative income verification
What if I’ve been declined elsewhere?
Don’t stress.
Different lenders have different policies.
A decline from one bank doesn’t mean another lender won’t approve you.
Can you help first home buyers?
Yes, and it’s one of my specialties!
I can help you understand:
• What Grants you might be entitled to and how to get them
• Stamp duty exemptions
• Budgeting
• Deposit strategies
• Get Pre-Approval
As a first-time buyer it can seem like a daunting process…but don’t worry as I’ll explain everything in plain English and will ‘hold your hand’ throughout every step!
When should I refinance?
Common triggers include:
• Rate rises
• End of a fixed term on an existing loan
• Need to get cash out to fund renovations or buy a car etc
• Poor service from your current lender
• Never had your loan reviewed since opening it (especially if it’s been more than 2 years)
I offer free loan reviews anytime.
Do you service only the Central Coast?
Absolutely not. While I’m based on the Central Coast, I help clients Australia-wide via phone and Zoom.
What makes Horizon Mortgages different?
• Local broker
• No call centres
• Personal service
• Ongoing support
• 60+ five-star reviews
• Long-term relationships
How do I get started?
Simply reach out: