Find answers to commonly asked questions
Melcorp Finance offers personal service and expert guidance, assisting property buyers of all types. We work for you and are driven to get you the best deal possible.
We’re local experts who are focused on Melbourne – and we’re committed to achieving goals for those who seek to buy here.
Fixed Rate: with this type of home loan, interest rates and repayments remain the same for a period of time agreed upon before the mortgage is finalised. The loan reverts to a variable rate at the end of this agreed upon time.
Variable Rate: the interest rate on this type of property loan can fluctuate alongside changes in the RBA.
The amount you can borrow for a loan depends on multiple factors., The matrix for borrowing capacity varies from bank to bank – so if you want to buy that dream at the top end of your budget, speak to one of our brokers who can recommend where to get the best deal for your needs.
Two key areas assessed are:
Our mortgage brokers understand the loan approval process and work closely with you to assess your situation, finding ways to ensure you can achieve your goals. We will help determine all of the features that make up your best loan option, including the amount.
Use our calculator for a quick idea of what you may be able to borrow – and for an in-depth approach that includes variations between banks, contact our brokers today.
Yes. There are options for those who are self-employed, which vary from bank to bank and relate to factors such as your income and the age of your business. A broker will use documents such as tax returns to verify your borrowing capacity is in compliance with the policies of multiple banks.
Our mortgage brokers will advise you on how to pay your loan off faster, where bankers will keep you in your loan for longer. Property loans come with terms and conditions – and these can include fees for early repayment. If rapid repayment is your goal, it’s important to get a loan that allows you to achieve it.
In general, a few basic concepts for fast repayments are:
FHOG stands for First Home Owner’s Grant. The FHOG is a federal scheme that is administered – and funded – by individual states
Eligibility for the First Home Owner’s Grant depends on multiple factors. As legislation can change over time and requirements can vary depending on area, always be sure to check the appropriate official government websites for your region – or contact Melcorp Finance directly to find out the current requirements.
For Victoria:
Note: this guide does not constitute a determination of eligibility by the State Revenue Office
No, if both parties wish to have their names on the title of the property. Although both parties must qualify for the First Home Owner’s grant in order to receive it, only 1 grant is given for a property purchase.
With less than 20%, you may be required to pay Lenders Mortgage Insurance (LMI) premium. You also may be able to use a family member as a guarantor, leveraging their property for your loan.
Everyone has a unique set of circumstances and financial attributes. It’s important to have your broker compare the lenders with lower LMI premiums.
Discuss your options with one of our experienced mortgage brokers to find the best option for your circumstances.
Refinancing is a process that allows you to change your current home loan to a new home loan with a better provider. There are a number of reasons why you may want to change your loan.
We provide free financial health checks to help you determine if refinancing is beneficial to your needs.
There are many reasons to refinance your home loan, such as:
We will consider your reasons and situation when refinancing to make sure it truly fits your needs. There are many things to consider, so it’s a choice best informed by a holistic outlook on your finances via the guidance of a financial export.
Stamp duty is a tax paid on certain assets such as homes. It is required by state and territory governments. Stamp duty varies by region, and also by property size.
In Victoria, stamp duty is calculated based on the value of the property and the purpose of its purchase – residential or investment.
As Stamp duty rates and rules are subject to change, always check the State Revenue Office of Victoria for the most current information.
When buying a home, building and pest inspections will generally cost around $500 - $1000 and are performed to provide an assurance of quality before you purchase. Although it’s an added expense, it’s one that ensures you know exactly what you’re buying.
Building and pest inspections generally don’t directly apply to apartments, but you can speak to your solicitor about entering a building & pest inspection clause into a contract as an optional safety net.
Land tax is tax paid on property, specifically land, and varies by state. In Victoria, property used as a principal place of residence may be exempt from land tax.
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