Frequently Asked Questions

A mortgage broker helps you compare home, car, business & commercial loan options from a panel of lenders and guides you through the application process. At MVM Finance Group, we assess your financial situation, compare suitable loan products, negotiate with lenders and manage the application through to settlement. We also manage your loan post settlement reviewing it every 6 months.

Banks can only offer their own products. A mortgage broker can compare options across multiple lenders, helping you find a loan that suits your circumstances, goals and borrowing capacity.

In most cases, our services are provided at no direct cost to the borrower. We are generally paid a commission by the lender once your loan settles. We will always disclose how we are remunerated.

MVM Finance Group has access to a broad panel of lenders, including major banks, regional banks and specialist lenders, allowing us to find solutions for a wide range of borrower circumstances. item.

Approval times vary between lenders and borrower circumstances. Generally, obtaining pre-approval can take a few days to a couple of weeks, while formal approval and settlement may take several more weeks.

Yes. Some lenders are more flexible than others. We can review your circumstances and identify lenders that may be suitable based on your credit profile.

Depending on your circumstance, and what schemes you qualify for as low as a 2% deposit could work. We even have lending options that require a 0% deposit. 

Yes, many first home buyers purchase with a 5% deposit. 

LMI is insurance that protects the lender when the borrower has a smaller deposit, typically less than 20% of the property's value.

Eligible buyers may qualify for government grants, stamp duty concessions or first home buyer assistance programs. We can help determine which incentives may apply to your situation.

Borrowing capacity depends on factors such as income, expenses, debts, dependants and credit history. We can provide a personalised borrowing assessment.

Yes. Pre-approval can help you understand your borrowing capacity and provide confidence when making offers on properties.

Refinancing involves replacing your existing mortgage with a new loan, either through your current lender or a different lender. The goal is usually to secure a more competitive interest rate, access additional features, reduce repayments, consolidate debt, or access equity in your property.

As a general rule, your mortgage should be reviewed at least every 6 months. 

The lending market is constantly changing, with lenders regularly adjusting interest rates, policies, fees, and loan features. A review can help ensure your loan remains competitive and continues to suit your financial goals.

You may want to consider refinancing if:

• Your interest rate is no longer competitive
• Your fixed rate period is ending
• Your interest-only period is expiring
• Your income has increased
• Your property has increased in value
• You have accumulated additional savings
• You want to renovate your home
• You would like to access equity
• You have personal loans, credit cards or car loans you wish to consolidate
• Your financial goals have changed

Yes. Whether you are self-employed, have changed jobs or experienced other financial changes, there may still be refinancing options available.

Yes. Many borrowers refinance to access equity for renovations, investments or other approved purposes.

Potentially, yes.

Refinancing may allow you to secure a lower interest rate, extend your loan term, or restructure your debt. This can reduce your monthly repayments and improve cash flow.

Every situation is different, and the potential savings will depend on your current loan balance, interest rate, and financial circumstances.

Even a small reduction in your interest rate can lead to significant savings over the life of your loan.

A refinancing review compares your existing loan against current lending options to determine whether there are opportunities to reduce interest costs, fees, or repayments.

Yes.

In some cases, your existing lender may offer a more competitive rate or alternative loan product to retain your business. This process is often referred to as a product switch or loan restructure.

A mortgage broker can compare this option against other lenders to ensure you're receiving a competitive outcome.

Yes.

If your property's value has increased since you purchased it, you may have built up additional equity that could potentially be accessed through refinancing.

A property valuation is typically completed during the refinancing process to determine your current equity position.

Equity is the difference between your property's current market value and the amount you still owe on your mortgage.

For example:

• Property      Value: $900,000
• Loan      Balance: $500,000
• Available      Equity: $400,000

Depending on lender policies and your financial position, a portion of this equity may be accessible.

Many homeowners access equity for purposes such as:

• Purchasing an investment property
• Funding renovations or extensions
• Buying a vehicle
• Paying school fees
• Investing in shares or managed funds
• Contributing to superannuation
• Debt consolidation
• Assisting with major life expenses
• Repaying family loans or gifted deposits

The intended use of funds will be assessed as part of the lending application. 

Yes.

Many property investors and upgraders use available equity from their existing home to help fund a deposit and associated costs for a new property purchase.

This can reduce the need to accumulate cash savings before purchasing again.

Debt consolidation involves combining multiple debts into your home loan.

This may include:

• Credit cards
• Personal loans
• Car loans
• Store finance
• Other unsecured debts

By consolidating these liabilities into one repayment, borrowers may benefit from a lower interest rate and simplified financial management.

Debt consolidation can be beneficial when managed correctly.

Potential benefits include:

• One repayment instead of multiple repayments
• Lower interest costs
• Improved cash flow
• Easier budgeting
• Faster debt reduction strategies

However, it's important to ensure the overall structure aligns with your long-term financial objectives.

Yes.

Many borrowers refinance to consolidate credit card balances into their mortgage. This can reduce interest costs and simplify repayments.

A lender will assess your overall financial position before approving the refinance.

Yes.

Many lenders offer refinancing options for self-employed borrowers. Documentation requirements may differ depending on the lender and your business structure.

Common documents include tax returns, financial statements, Accountants Letters, BAS statements and business bank statements.

The best way to determine whether refinancing is suitable is to conduct a comprehensive home loan review.

At MVM Finance Group, we assess your current loan, financial position and future goals to identify opportunities to improve your lending structure and potentially save money over time.

If it has been more than 6 months since your last mortgage review, it may be time to explore your options.

Many property investors use available equity in their existing property to assist with purchasing an investment property.

An investment loan is a home loan used to purchase a property intended to generate rental income or capital growth.

Both options have advantages and considerations. The right structure depends on your investment strategy, cash flow and long-term goals.

There is no set limit. Borrowing capacity depends on your income, equity position, rental income and overall financial situation.

Many lenders will include a portion of anticipated or existing rental income when assessing borrowing capacity.

Yes. Many lenders offer home loan solutions for self-employed borrowers, although documentation requirements may differ from PAYG applicants.

Many lenders prefer at least two years of trading history, although some lenders may consider borrowers with a shorter trading period.

Requirements vary but may include:

• Tax returns 
• Financial statements 
• BAS statements 
• Business bank statements 
• Accountant's letters 

A low documentation home loan is designed for eligible self-employed borrowers who may not have traditional income verification documents available.

Yes. Many self-employed borrowers successfully refinance to secure better rates, access equity or restructure their lending.

We assess your circumstances, recommend suitable options, prepare and submit your application, liaise with the lender and guide you through to settlement and beyond.

Pre-approval provides an indication of borrowing capacity based on preliminary assessment. Formal approval occurs after the lender has fully assessed your application and the property.

Potential costs may include:

• Deposit      
• Stamp duty 
• Legal or conveyancing fees 
• Building and pest inspections 
• Government registration fees 

It is helpful to have:

• Income details 
• Existing debts 
• Savings information 
• Details of any existing properties or loans 

Look for a mortgage broker with access to a broad lender panel, strong client reviews, industry experience and a transparent process.

MVM Finance Group provides personalized finance solutions, guidance throughout the lending process and access to a wide range of lending options for first home buyers, refinancers, investors and self-employed borrowers across Melbourne and the Mornington Peninsula.

We also take care of your loan after settlement reviewing it every 6 months. 

Yes. While MVM Finance Group is based in Victoria, we can assist clients in many locations throughout Australia depending on their lending requirements. We can also help expats for our Australian friends living overseas