Several factors influence your mortgage interest rate. These include your credit score, debt-to-income ratio, loan-to-value ratio, the type of loan, and current market conditions. A higher credit score and lower ratios generally lead to lower interest rates.

Deposit requirements vary depending on the loan type and lender.

Most lenders prefer a 20% deposit to avoid Lenders Mortgage Insurance (LMI), but you can often borrow with as little as 5% — or sometimes even less through government schemes like the First Home Guarantee (formerly the First Home Loan Deposit Scheme), the Family Home Guarantee, or the Regional First Home Buyer Guarantee.

The right deposit for you will depend on your savings, the lender's policies, your borrowing capacity, and your overall financial situation.

A fixed-rate mortgage has a constant interest rate and monthly payments throughout the loan term. A variable rate mortgage has an interest rate that may change periodically. Variable rate mortgages may have lower initial rates but carry the risk of future adjustments.

The home loan approval process typically takes around 4 to 6 weeks from application to settlement, though it can vary. Pre-approval can often be sorted in just a few days, giving you the confidence to start house hunting or making offers. The full process depends on a few things: the complexity of your situation, how quickly you can provide the documents we need, the lender's current processing times, and how long settlement takes once your offer is accepted. We'll keep you updated at every stage so you always know where things are at.

Most mortgages allow prepayment or additional payments. Some loans may have prepayment penalties, so it's crucial to review your loan agreement. Making extra payments can help reduce the loan balance and interest paid over time.