Frequently asked questions

What does a mortgage broker actually do?

A mortgage broker sits between you and the lenders. We learn your goals and financial position, compare loans across our panel of 30+ banks and lenders, recommend options that suit you, and then manage the application from paperwork through to settlement. The aim is to save you time and help you secure a loan that genuinely fits.

How much does it cost to use Coin Capital?

For most residential home loans there is no charge to you — we're paid a commission by the lender once your loan settles, and that commission doesn't change your interest rate. As a mortgage broker we're bound by the Best Interests Duty, meaning we're legally required to act in your best interests. If a particular scenario ever involved a fee (this is uncommon and usually only applies to some complex or commercial deals), we'd tell you in writing before you commit to anything.

How much can I borrow?

Your borrowing power depends on your income, existing debts and expenses, the deposit you have, and each lender’s policies. A good starting point is our borrowing power calculator, but the figure a lender will actually approve can vary a lot between banks. Book a quick chat and we’ll give you a realistic range based on your situation.

How big a deposit do I need?

As a general guide, many lenders look for around 20% of the property value to avoid Lenders Mortgage Insurance (LMI). That said, there are loans available with smaller deposits — sometimes as low as 5% — and options like government schemes or LMI waivers for eligible borrowers. We’ll help you weigh up the trade-offs of buying sooner with a smaller deposit versus saving more.

What is Lenders Mortgage Insurance (LMI), and can I avoid it?

LMI is a one-off premium that protects the lender (not you) if you borrow with a smaller deposit — typically when you’re borrowing more than 80% of the property value. It can run into the thousands. It can sometimes be avoided with a larger deposit, a guarantor, or — for eligible professionals — an LMI waiver. We’ll let you know which options apply to you.

What documents will I need to apply?

It varies by lender, but usually: photo ID, recent payslips and/or tax returns, a few months of bank and loan statements, and details of your assets and expenses. If you’re self-employed, lenders generally want to see your business financials and tax returns. We’ll give you a clear checklist up front so nothing holds up your application.

How long does home loan approval take?

Pre-approval can often be arranged within a few days once we have your documents. Timeframes for unconditional (full) approval depend on the lender and how complete your application is — anywhere from a few days to a couple of weeks is common. Getting your paperwork right the first time is the single biggest factor in a fast approval.

What’s the difference between pre-approval and unconditional approval?

Pre-approval is a lender’s indication of how much they’re likely to lend, subject to conditions — it helps you shop and bid with confidence. Unconditional (or formal) approval is the lender’s firm commitment to fund a specific property once everything, including the valuation, checks out. You generally want unconditional approval before you’re fully committed to a purchase.

Should I choose a fixed or variable interest rate?

Fixed rates give you certainty — your repayments stay the same for the fixed period — but usually have less flexibility around extra repayments and offset accounts. Variable rates move with the market and tend to offer more features. Some borrowers split their loan to get a bit of both. The right choice depends on your plans and how you feel about rate movements, and we’ll talk it through with you.

Can I get a home loan if I’m self-employed?

Yes. Self-employed borrowers are very common — the difference is mainly in how income is verified. Lenders typically look at your business tax returns and financials, and some offer alternative-documentation options for more recently established businesses. We work with lenders across the spectrum, so we can match you to one whose policies suit how your income is structured.

What government schemes or grants are available for first home buyers?

Depending on your circumstances and state, there may be first home owner grants, stamp duty concessions, and federal schemes that help eligible buyers purchase with a smaller deposit. Eligibility and amounts change over time, so we’ll check what you currently qualify for and factor it into your plan.

Is it worth refinancing my current loan?

It can be — refinancing might get you a sharper rate, unlock equity, consolidate debts, or add features like an offset account. But it’s not automatically worth it once you account for any switching costs. We’ll run the numbers on your current loan versus what’s available and only recommend refinancing if you come out ahead.

What is an offset account, and how does redraw work?

An offset account is a transaction account linked to your loan — the balance in it reduces the interest you’re charged, while keeping your money accessible. Redraw lets you pull back extra repayments you’ve made ahead of schedule. Both can save interest; which suits you depends on how you manage your cash flow, and we can explain the differences in plain terms.

Will applying for a loan hurt my credit score?

Every formal application leaves an enquiry on your credit file, and lots of applications in a short period can look unfavourable. Part of a broker’s value is matching you to a lender you’re likely to qualify with before you apply — so you’re not making scattergun applications that could dent your score.

Do you help with investment and commercial loans too?

Yes. Alongside home loans we help with investment property loans, commercial property finance, and business lending such as equipment and cash-flow facilities. If your needs are more complex, that’s exactly where a broker’s lender relationships and experience earn their keep.

How do I get started with Coin Capital?

The easiest first step is a no-obligation chat — in person, over the phone, or online. We’ll talk through your goals, give you an honest read on your options, and map out the next steps. You can book a time that suits you whenever you’re ready.

This page is general information only and doesn’t take into account your personal circumstances. See our Terms for details.