Question 1

Can you buy a home with no deposit?

Accepted Answer

Buying a home with no deposit is challenging but possible with a guarantor or if you qualify for certain government-backed schemes. We can help you assess your options and find the best path forward to homeownership.

Question 2

Am I eligible for any government schemes as a first home buyer?

Accepted Answer

Possibly. You might qualify for the FHOG, First Home Guarantee, or stamp duty concessions. We can check your eligibility and handle the paperwork.

Question 3

How can the First Home Owner Grant (FHOG) benefit you?

Accepted Answer

The First Home Owner Grant (FHOG) is a government scheme that provides a one-time payment to eligible first-time buyers who are purchasing or building a new home. The eligibility criteria and grant amounts vary by state. We can help you understand your eligibility and maximize this benefit to make your home buying journey smoother.

Question 4

What is Borrowing Power?

Accepted Answer

Borrowing power is the maximum amount a lender is likely to loan you based on your income, expenses, assets, liabilities, and credit history. It helps determine how much you can afford to borrow for a home loan or investment.

Call us today to know more about the borrowing power.

Question 5

Why does my borrowing power differ between lenders?

Accepted Answer

Different lenders have unique assessment criteria, including how they treat income types (e.g., overtime, bonuses), living expense benchmarks, and credit policies. That’s why your borrowing capacity may vary from one lender to another.

Call us today to know your borrowing power.

Question 6

Does my credit score affect my borrowing power?

Accepted Answer

Yes. A higher credit score increases your chances of approval and may boost your borrowing power. A poor credit history can reduce it or limit you to fewer lender options with stricter terms.

Question 7

How can you increase your borrowing power?

Accepted Answer

To increase your borrowing power, consider paying down existing debts, reducing credit card limits, consolidating loans, improving your credit score, declaring all verifiable income, and reducing unnecessary expenses. Contact us today, and we'll guide you through the process to maximize your borrowing potential and achieve your financial goals.

Question 8

Will a car loan or credit card limit reduce my borrowing power?

Accepted Answer

Absolutely. Any existing debts or credit facilities, even unused credit cards are factored into your liabilities and can reduce how much you’re eligible to borrow.

Question 9

Is borrowing power the same as loan pre-approval?

Accepted Answer

Not quite. Borrowing power is an estimate, while pre-approval is a lender’s conditional offer based on a deeper review of your financials. Pre-approval is a stronger indicator of your loan eligibility.

Question 10

Can a mortgage broker help maximise my borrowing power?

Accepted Answer

Yes! At HirOrbit, we compare multiple lenders and structure your application to highlight your strengths, helping you maximise your borrowing power and improve your chances of approval.

Question 11

What’s the minimum deposit I need for a home loan?

Accepted Answer

Most lenders require a deposit of at least 5–20% of the property value. However, if you're eligible for government schemes or have a guarantor, you may need less.

Question 12

Should you choose a fixed or variable rate loan?

Accepted Answer

A fixed-rate loan offers stability with consistent payments, while a variable rate loan can provide flexibility and potential savings if interest rates drop. We can help you compare both options to see which aligns best with your financial goals and financial situation.

Question 13

What’s the difference between an offset account and redraw facility?

Accepted Answer

An offset account reduces your loan interest by linking your savings to your mortgage. A redraw facility lets you access extra repayments you've made on your loan.

Question 14

What is the First Home Owner Grant (FHOG)?

Accepted Answer

he FHOG is a government scheme offering a one-time payment to eligible first-time buyers purchasing or building a new home. Eligibility and amounts vary by state.

Question 15

How much can I borrow as a first home buyer?

Accepted Answer

It depends on your income, expenses, and deposit. We can calculate your borrowing power and explore lenders who support first-time buyers.

Question 16

When should I consider refinancing my home loan?

Accepted Answer

If your interest rate is above market, your circumstances have changed, or you want to access equity then refinancing could save you money or help you meet new goals.

Question 17

What costs should you expect when refinancing?

Accepted Answer

Refinancing costs can include discharge fees, new loan setup fees, and government charges. However, many lenders offer cashback deals that can help offset these expenses. We can help you navigate these costs and find the best refinancing option for your needs.

Question 18

Can I refinance to consolidate debt?

Accepted Answer

Yes. Refinancing can help combine personal loans, credit cards, or car loans into your mortgage for easier management and lower interest.

Question 19

Can I get a loan through my SMSF to buy property?

Accepted Answer

Yes, using a Limited Recourse Borrowing Arrangement (LRBA). SMSF loans have specific structures and condition, we can guide you through the process.

Question 20

What kind of property can I buy with an SMSF loan?

Accepted Answer

You can typically buy residential or commercial investment property, but the property must comply with superannuation rules e.g., no personal use.

Question 21

Is an SMSF loan right for me?

Accepted Answer

It depends on your fund balance, goals, and long-term strategy. We can work with your accountant or financial planner to assess suitability.

Question 22

Can I get pre-approved for a car loan?

Accepted Answer

Yes. Pre-approval gives you a clear budget before car shopping and helps you negotiate confidently. We offer both consumer and business car finance.

Question 23

What’s the difference between a secured and unsecured car loan?

Accepted Answer

A secured loan uses the car as collateral and usually has lower rates. An unsecured loan doesn’t require security but may have higher rates.

Question 24

Do I need full-time employment to get a car or personal loan?

Accepted Answer

Not always. Lenders may accept casual, part-time, or self-employment income with supporting documentation.

Question 25

Why use a mortgage broker instead of going directly to a bank?

Accepted Answer

A broker compares multiple lenders to find you better rates, flexible terms, and faster approvals—tailored to your unique circumstances.

Question 26

How does HirOrbit get paid? Will I be charged extra?

Accepted Answer

Our service is usually free for borrowers. We get paid by the lender once your loan settles at no additional cost to you.

Frequently Asked Questions