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Mortgage Broker Frequently Asked Questions | Connected Finance

June 11, 2025

Top Mortgage Questions Answered by Connected Finance 

When you’re buying a home, it’s natural to have questions—especially around loans, deposits, and interest rates. In this guide, we answer the top mortgage broker frequently asked questions we hear at Connected Finance, so you can feel confident about your next steps.

1. I don’t have a 20% deposit saved. Can I still buy a house?

Yes! There are several options available if you don’t have the full 20% deposit. You might be eligible for government schemes like the First Home Guarantee, or you could use a guarantor such as a family member who offers their property as additional security. Already own a property? You may be able to use existing equity as your deposit.

2. Should I fix my interest rate?

This depends on your financial situation and goals.

• A fixed rate can give you stability, with predictable repayments—ideal if you’re budgeting.
• A variable rate may suit you if you want flexibility or expect rates to fall in the future.

A mortgage broker can help you compare fixed vs variable loan options to suit your needs.

3. How do I know which bank is right for me?

Every bank has different policies, interest rates, and lending criteria. The best lender for you depends on your income, employment, deposit size, and property goals. At Connected Finance, we compare over 40 lenders to find the right match for your situation.

4. I’m looking at a property going to auction—is that okay?

Absolutely! But we strongly recommend getting pre-approval before attending an auction. This tells you your maximum budget and gives you confidence to bid. Speak with your solicitor beforehand too, as auction contracts don’t include a cooling-off period.

Also contact us and we will ask some basic questions regarding the property in question – location (things to look out for- close to high voltage power lines, highways, flood or bushfire zone, railway line), does it have an existing tenancy that may impact occupying the property? Does this change the structure, are you still eligible for the first home guarantee scheme etc.

5. My offer has been accepted—what happens now?

Congratulations! Here’s a general outline of the next steps:

• Exchange with a cooling-off period (if possible) to secure the property with minimal risk.
• We’ll request updated documents and order a valuation.
• Once the bank approves everything, you’ll receive formal loan approval and then loan documents.
• After signing, we coordinate with all parties to settle the loan.

We’ll be with you through every step.

6. What is bridging finance and how does it work?

Bridging finance is a short-term loan that helps you buy a new property while waiting to sell your existing one. It can reduce stress in a tight property market but may come with higher interest rates and additional fees. We’ll help you decide if it’s the right fit for your situation.

7. Will having a guarantor help me get a loan?

Yes, in many cases. A guarantor can help you secure a home loan with a smaller deposit—or no deposit at all. However, you still need to meet the lender’s income and serviceability requirements. We’ll guide you and your guarantor through the process so everyone understands the commitment.

Need answers to your own mortgage questions?
Still have questions? Our brokers are here to help. At Connected Finance, we specialise in answering your mortgage broker frequently asked questions and finding the right solution for your home loan goals Get in touch today! admin@connected-finance.com.au or (02) 4288 8100.