Find clear answers to common questions about home loans, investment loans, refinancing, and borrowing with Finance Circle Group.
General FAQs
Common questions about home loans and borrowing
Can I have both fixed and variable rates on my home loan?
Yes, you can split your home loan to have both variable and fixed interest rate payments. Contact Finance Circle Group (info@financecirclegroup.com.au) to discuss your options.
Do you always require valuation of property?
Yes, this is compulsory to ensure the security value is accurate. Some lenders may rely on desktop valuations without inspection for convenience.
How much can I borrow
Yes. Please click the Calculators button in the top menu or go directly to our calculators page.
How do I know if I'm eligible to get a First Home Owner Grant (FHOG)?
Eligibility requires you to be an Australian citizen or permanent resident, building your first home with the intention to live in it as your principal residence within 12 months. Conditions vary by state. We can lodge your FHOG application on your behalf.
How is my borrowing capacity calculated?
Borrowing capacity considers income less monthly expenses (loans, credit cards, dependents). Information needed includes marital status, dependents, gross taxable income, credit card limits, other debts. See our guide on Understanding Your Borrowing Capacity.
How is my repayment calculated?
Principal & interest repayments are based on loan term, rate, and balance. Fortnightly and weekly repayments are calculated as half or quarter of monthly. Use our Repayment Calculator to test scenarios.
How is the Lenders Mortgage Insurance (LMI) premium calculated?
LMI is based on loan amount, property value, property location, and whether it is owner-occupied or investment.
How often do I make loan repayments?
Principal & Interest loans can be weekly, fortnightly, or monthly. Interest Only loans are monthly only.
Is there a way to know which loan suits my needs?
Our site provides loan information. For tailored advice, call or email Finance Circle Group.
Documents Required
What you need to prepare for your loan application
What are the supporting documents for Purchase of Property?
Typically required: ID (Licence, Passport, Medicare), 2 payslips per applicant, 3 months bank statements showing salary credits, Contract of Sale, and proof of savings.
What are the supporting documents for Refinance?
Typically required: ID (Licence, Passport, Medicare), 2 payslips per applicant, 3 months bank statements, and 6 months of home loan statements.
What if part of my deposit is gifted funds?
A statutory declaration from the gifting family member confirming the gift is non-repayable is required. Some lenders may need it in a specific format.
Rates & Fees
Understanding loan rates and associated costs
What is the comparison rate?
The comparison rate is designed to help consumers compare different loan products by including the interest rate plus most fees and charges, expressed as a single percentage rate.
What fees are typically involved in a home loan?
Common fees include application fees, valuation fees, settlement fees, ongoing account keeping fees, and early exit fees. We’ll provide a full breakdown of all applicable fees for your loan.
How often do interest rates change?
Variable rates can change at any time based on market conditions and lender policies. Fixed rates remain the same for the agreed fixed period. We’ll keep you informed of any rate changes that affect your loan.
Still have questions? We’re here to help.
Talk to one of our finance specialists for tailored advice.