Bridge Finance · Sydney
Frequently Asked Questions
Answers to the questions we're asked most often — covering borrowing power, deposits, rates, documents, and how the process works. Still have questions? Call us on 0492 949 169 or book a free consultation →
About Bridge Finance & Our Service
How does a mortgage broker get paid?
Brokers receive an upfront commission from the lender (typically 0.6–0.7% of the loan amount) and a trail commission (0.15–0.20% per year) for ongoing service. Under best interest duty laws, brokers must recommend the loan that best fits your needs. You pay nothing directly — our service is completely free.
How many lenders do you have access to?
Bridge Finance is accredited with 70+ lenders covering the major banks (ANZ, NAB, Westpac), second-tier lenders (Macquarie, ING, Suncorp, ME Bank), and specialist lenders for complex situations. We're not aligned with any single lender, which means we recommend based on your situation — not our preferred panel.
How do I get started?
Book a free 30-minute consultation — online via the appointments page, or call 0492 949 169. Bring a rough idea of your income, deposit, and target property price. We'll run a borrowing capacity estimate and identify which lenders fit your situation before you spend time on paperwork.
Borrowing Power & Deposits
How much can I borrow?
Most lenders calculate borrowing capacity at roughly 6–7 times gross annual income, adjusted for existing debts and dependants. On a $100,000 salary with no other debts: approximately $550,000–$750,000 depending on lender. Credit cards reduce capacity significantly — a $20,000 credit limit can reduce borrowing by $40,000–$50,000. The most accurate way to know your number is a proper serviceability assessment.
What deposit do I actually need?
20% avoids LMI. 5% is possible with the First Home Guarantee (eligible first home buyers, no income cap, $1.5M cap in Sydney). 5% is also possible with a guarantor arrangement. The minimum most lenders accept is 5% genuine savings, but the lower the deposit, the higher the loan cost. Stamp duty (or stamp duty exemption for FHBs) is additional — factor this into your total upfront costs.
What is LMI and how much does it cost?
Lenders Mortgage Insurance protects the lender (not you) if you default. It applies when your deposit is less than 20% of the purchase price. On a $900,000 Sydney purchase with 10% deposit, LMI can cost $20,000–$35,000 — typically capitalised into your loan rather than paid upfront. Some professions (doctors, lawyers, accountants, engineers) qualify for LMI waivers up to 90% LVR at many lenders.
Interest Rates & Loan Features
Should I choose fixed or variable?
Fixed provides repayment certainty but limits flexibility — break costs can apply if you exit early, and you can't use a full offset account. Variable offers full offset, unlimited extra repayments, and moves with RBA changes. The right choice depends on your savings, plans, and risk tolerance. Many clients split their loan — part fixed, part variable — to get elements of both.
What is an offset account and is it worth it?
An offset account is a transaction account linked to your home loan. Every dollar in it reduces the balance on which interest is charged. If you have a $700,000 loan and $100,000 in offset, you pay interest on $600,000 — saving roughly $5,000+ per year. For borrowers who hold meaningful savings, an offset account is one of the single most valuable features to look for. It's generally only available on variable loans.
The Application Process
How long does approval take?
Pre-approval: 2–5 business days once all documents are submitted. Formal unconditional approval after exchange of contracts: 5–15 business days depending on lender and whether a physical valuation is required. We work with lenders known for fast turnarounds, and we manage the entire process so you're not chasing anyone.
What documents do I need?
For PAYG employees: 2 recent payslips, last tax return + ATO Notice of Assessment, 3 months bank statements for all accounts, and photo ID. For existing debts: credit card, car loan, and mortgage statements. For purchases, add the Contract of Sale. Self-employed applicants need 2 years of tax returns and notices of assessment. We send every client a personalised checklist before we start.
Should I get pre-approval before searching for a property?
Yes — for two reasons. First, it gives you a real budget so you don't waste time at inspections or, worse, fall in love with a property outside your range. Second, it speeds up the formal application once you find a property — often cutting days off your timeline in a competitive market. Pre-approval is typically valid for 90 days.
First Home Buyers
How much deposit do I actually need as a first home buyer?
It depends on the lender, the property and which schemes you qualify for. A larger deposit generally helps you avoid Lenders Mortgage Insurance, but there are low-deposit paths, including government guarantee schemes, that let eligible first home buyers get in with much less. At our first call I'll confirm what's realistic for your situation and what it means for your costs.
Does using a mortgage broker cost me anything?
No. My service is free to you. Lenders pay me a commission when your loan settles, and that doesn't change the rate you're offered or add to your loan. You get access to more than 70 lenders and hands-on help through the whole process at no charge. I'll always be upfront about how I'm paid.
How long does the whole process take from first call to settlement?
It varies with your situation and the lender, so I won't quote you a fixed number here. Pre-approval can often move quickly once your documents are in, while the time to settlement depends heavily on your contract and the property. The biggest thing you can control is having your paperwork ready, and I'll tell you exactly what to gather at our first call.
Can I get pre-approved before I've found a property?
Yes, and it's usually the smart order to do things in. Pre-approval gives you a realistic budget and shows agents you're a serious buyer, so you can shop with confidence. Just keep in mind pre-approval is subject to conditions and isn't the final commitment. Formal approval comes once you've chosen a home and the lender assesses it, including a valuation.
Will checking my borrowing capacity hurt my credit score?
Working out your borrowing capacity with me does not touch your credit file. That's just a conversation and some calculations. A credit enquiry only happens when we formally apply to a lender, which is exactly why I match you to the right lender first rather than having you apply around. It keeps your credit file clean while we work out the right fit.
I have a HECS/HELP debt. Can I still buy my first home?
In most cases, yes. A HECS or HELP debt does reduce your assessed borrowing capacity because it's an ongoing repayment, but lenders treat it differently from one another. Part of my job is finding the lender whose policy is most favourable to your circumstances. Bring the details to our first call and I'll factor it into your numbers.
Refinancing
Will refinancing hurt my credit score?
A refinance does involve a credit enquiry with the new lender, and enquiries can have a short-term effect on your score. That is one reason I do not apply everywhere at once. I benchmark you across the market first, then apply with the lender that genuinely suits you, so we keep enquiries to what is needed rather than scattering applications around.
How long does a refinance actually take?
It depends on the lender, the valuation and how quickly your documents come back. Some refinances move quite quickly and others take longer, especially if a property valuation or a discharge from your current bank is slow. I will give you a realistic estimate for your situation up front, and I chase each step so it does not drift.
Does it really cost me nothing to use you?
For most home loans I am paid by the lender rather than by you, so there is no cost to you for my advice and for arranging the loan. I will always be upfront if anything about your situation is different. There can be third-party costs in a refinance, such as a lender discharge or setup fee, and I factor those into the net-benefit check so you see the true picture.
Can I access the equity in my home when I refinance?
Often, yes. If your property has grown in value, refinancing can be a way to access some of that equity for renovations, an investment deposit or other goals. How much you can access depends on your property value, your loan balance and the lender's requirements, all of which I will confirm for your specific situation rather than quote a figure that may not apply to you.
I'm on a fixed rate. Can I still refinance?
You can, but there may be a break cost for exiting a fixed rate early, and that cost can be significant depending on your loan and how the fixed period is tracking. I will help you weigh the break cost against the potential saving so you can see whether switching now makes sense or whether it is worth waiting until the fixed term ends.
Should I just call my own bank and ask for a discount?
It is always worth asking, and sometimes your bank will move. The catch is you only ever see one lender's answer, and banks rarely lead with their keenest offer. When I review you across my panel, I can tell you whether your current bank's discount is genuinely competitive or whether another lender is further ahead once fees and features are counted.
Investment Property
Can I use the equity in my current home to buy an investment property?
Often yes, and it's one of the most common ways investors fund a deposit without selling anything. We look at how much usable equity you have, then model what accessing it does to your repayments and overall position. How much you can release depends on your property's value and the lender, so I'll confirm your exact numbers rather than promise a figure upfront.
Do lenders count all of my rental income when working out how much I can borrow?
Usually not all of it. Most lenders count a portion of the rent rather than the full amount, and that portion varies between them. This is a big reason the same investor gets different borrowing limits at different banks. I'll confirm how each lender treats your rental income for your situation and match you accordingly.
Is interest-only better for an investment property?
It depends on your goals. Interest-only keeps monthly repayments lower and cash free, which suits investors building a portfolio, while principal and interest builds equity faster and often carries a keener rate. It also interacts with your tax position. I'll model both against your real numbers, and I'm happy to work alongside your accountant on the decision.
What is cross-collateralisation and why should I avoid it?
Cross-collateralisation is when one loan is secured against more than one property, so the bank effectively ties them together. It can feel convenient at first, but it locks up equity and makes selling or refinancing any single property harder. Wherever possible I structure each loan so one property's value never holds the others hostage.
Does it cost me anything to use a broker for my investment loan?
No, my service is free to you. I'm paid by the lender once your loan settles, and that doesn't change your rate or add a fee. You get access to 70+ lenders and independent advice at no cost. If anything about how I'm paid ever affects my recommendation, I'll tell you plainly.
I'm self-employed. Can I still get an investment loan?
Yes, plenty of self-employed clients build strong portfolios. Lenders generally want to see a couple of years of financials and tax returns, though options exist for people with a shorter history. With access to 70+ lenders, I'll look for one whose self-employed policy fits how your income actually works, and confirm what's needed for your situation.
Construction Loans
Can I finance the land and the build together?
Often, yes. A house and land package can sometimes be arranged so the land purchase and construction sit within one structure, or the land is financed first and construction follows. Which works better depends on the block, the builder and your situation. I'll model both and show you which one makes more sense for you before we lodge anything.
Do I make full repayments during construction?
Generally no. During the build you usually only pay interest on the funds that have actually been drawn, so your repayments start small and step up as each stage is released. Once the build is complete, the loan typically converts to a normal principal-and-interest or interest-only home loan. I'll confirm exactly how this looks for your loan and lender.
What happens if my build goes over budget?
It's more common than people expect, which is why I look at the full cost early rather than just the builder's quote. If a genuine shortfall appears mid-build, the options depend on your equity, the lender and how far along you are. Planning a buffer in from the start is the best protection, and that's something I'll help you think through before you commit.
Can I get a construction loan as an owner-builder?
Some lenders do lend to licensed owner-builders, though fewer offer it and the conditions are usually stricter, which can include tighter lending limits and a detailed construction timeline. It's still very doable with the right lender. I'll confirm your eligibility and point you to lenders who are comfortable with owner-builder projects.
Will the lender need to inspect my build?
Usually, yes. Before releasing most progress draws, lenders commonly require the builder's invoice and often a valuer inspection to confirm the stage is genuinely complete. This protects both you and the lender. I help coordinate the timing so these inspections don't hold up payments to your builder.
How is a knockdown rebuild different to a normal construction loan?
A knockdown rebuild involves demolishing an existing home and building new on an established block, so the valuation and lender approach can differ from a vacant-land build. Not every lender handles them the same way. It's one of the more common construction types I arrange, so I know which lenders are comfortable with them and how to present it well.
Self-Employed
Can I get a home loan if I've only been self-employed for one year?
Often yes. The standard full-doc path usually wants two years of returns, but some lenders accept one year's figures, and low-doc options may consider BAS or an accountant's declaration where your recent trading is strong. It depends on your structure and history, so I'll confirm your exact eligibility once I've seen your financials.
Do I pay more interest just because I'm self-employed?
Not automatically. If you qualify full-doc, you generally access the same competitive pricing as everyone else. Rates tend to differ on low-doc or alt-doc applications, but even then the gap depends on the lender and your situation. I'll aim to get you onto the strongest path you genuinely qualify for.
What are add-backs and why do they matter?
Add-backs are non-cash or one-off items in your accounts, such as depreciation, additional super or one-off expenses, that a lender may add back to lift your assessable income above your taxable figure. Claiming the right ones can meaningfully change your borrowing capacity. The catch is knowing which each lender accepts, which is part of my job.
I run a company or trust. Is that harder to finance?
It's not harder, it just needs to be read correctly. Director's wages, retained profits and trust distributions are all assessed differently across lenders. Some read your structure far more favourably than others. I'll work through your financial statements and match you to a lender that treats your setup well.
Will minimising my tax hurt my chances of getting a loan?
It can. Low declared income helps your tax bill but reduces the income a lender can assess, which affects how much you can borrow. If you're planning to buy or refinance soon, it's worth talking to your accountant about timing. I'm happy to explain what lenders look at so you can plan around it.
Does it cost me anything to use you as my broker?
No. There's no cost to you for my help. I'm paid by the lender on settlement, not by you. You get the benefit of me matching you to the right lender, maximising your legitimate add-backs and managing the application, at no charge.
Ready to take the next step?
Book a free 30-minute consultation with William. No fees, no obligation — just expert advice tailored to your situation.
© 2026 Bridge.Finance Pty Ltd ATF Zhu Family Trust. Credit Representative 567817 of Australian Credit Licence 384704. MFAA Member. AFCA Member.
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217 Burwood Road, Burwood NSW 2134, Australia