Refer a Client

The timeline for a mortgage application can vary depending on several factors, but typically the process takes between two to six weeks from application to approval. At Open Finance Solutions, we work efficiently to keep things moving, but some elements are beyond our control, such as lender processing times and how quickly you can provide required documentation. The pre-approval stage usually takes a few days to a week, while formal approval can take one to three weeks. First home buyers often need a bit more time as they're unfamiliar with the documentation requirements, but we guide you through each step. Property investors and business owners may face longer timeframes due to more complex financial assessments. We'll provide you with a realistic timeline based on your specific situation and keep you informed throughout the process, ensuring you're aware of any potential delays or additional requirements that arise.

A mortgage broker acts as an intermediary between you and potential lenders, working on your behalf to find suitable home loan options that align with your financial situation and goals. At Open Finance Solutions, we take the time to understand your circumstances, whether you're a first home buyer, property investor, or business owner. We have access to a wide panel of lenders across Australia, which means we can present you with multiple options rather than being limited to one bank's products. Our role includes assessing your financial position, preparing your loan application, liaising with lenders throughout the process, and providing guidance until settlement. This personalised service can save you considerable time and effort compared to approaching lenders individually, and our expertise helps ensure your application is presented in the most favourable way possible.

The deposit required varies depending on your circumstances, but generally, lenders prefer a deposit of at least 20% of the property's purchase price. This amount allows you to avoid paying Lenders Mortgage Insurance (LMI), which protects the lender if you default on your loan. However, many Australians successfully purchase property with smaller deposits. First home buyers may be able to borrow with as little as 5% deposit, though this will require paying LMI. Some lenders offer products with even lower deposit requirements for eligible borrowers. The First Home Guarantee scheme can help eligible first home buyers purchase with a 5% deposit without paying LMI. At Open Finance Solutions, we work with your specific situation to explore your options. For property investors, deposit requirements are typically higher, often 20% or more. Business owners may have access to different options depending on their financial position. We'll assess your savings, any equity in existing properties, and eligibility for government schemes to determine what's achievable for you.

Pre-approval, also called conditional approval, is an indication from a lender that they're willing to lend you a certain amount based on an initial assessment of your financial situation. It's not a guarantee, but it gives you confidence when house hunting and shows sellers that you're a serious buyer. The pre-approval process involves a credit check and review of your financial documents, and it's typically valid for three to six months. Formal approval, also known as unconditional approval, happens after you've found a property and the lender has conducted a valuation and completed their full assessment. This is a firm commitment to lend, subject only to standard conditions like buildings insurance. At Open Finance Solutions, we'll help you obtain pre-approval before you start your property search, which is particularly important for first home buyers at auctions. We'll then manage the progression to formal approval once you've found your property, ensuring all lender requirements are met promptly.

The documentation requirements depend on your employment status and financial situation, but generally, you'll need to provide proof of identity, income verification, and details of your assets and liabilities. For employees, this typically includes recent payslips, tax returns, and bank statements showing your savings and spending patterns. Self-employed individuals and business owners will need additional documents such as business financial statements, tax returns for the business, and potentially a letter from your accountant. First home buyers should also gather proof of genuine savings and any government grants you're eligible for. Property investors will need details of existing investment properties and rental income. At Open Finance Solutions, we provide you with a detailed checklist tailored to your circumstances, so you know exactly what's required. We'll also review your documents before submission to ensure everything is in order, which helps avoid delays in the approval process.

Absolutely. Business owners and self-employed individuals can certainly obtain home loans, though the assessment process differs from that of employees. Lenders typically want to see evidence of consistent income over time, usually requiring two years of tax returns and financial statements. At Open Finance Solutions, we specialise in helping business owners present their financial position effectively to lenders. We understand that business income can fluctuate and that many business owners structure their finances in tax-effective ways that might show lower personal income on paper. We know which lenders are more flexible with self-employed applicants and how to prepare applications that highlight your capacity to service a loan. Some lenders offer products specifically designed for business owners, including options for those with complex income structures or who haven't been self-employed for the standard two-year period. Our experience in this area means we can guide you towards lenders who understand business ownership and evaluate applications accordingly.

Getting pre-approved before you start seriously looking at properties is highly recommended, and at Open Finance Solutions, we encourage all our clients to take this step. Pre-approval helps you understand your borrowing capacity, which means you can focus on properties within your budget rather than falling in love with something you can't afford. For first home buyers, this is particularly important as it helps you set realistic expectations and avoid disappointment. If you're planning to bid at auction, pre-approval is essential because auctions require unconditional purchases, and you need confidence in your financial position. Property investors benefit from pre-approval when moving quickly on investment opportunities, as it demonstrates to selling agents that you're a qualified buyer. Having pre-approval can also strengthen your negotiating position in private sales. The process also identifies any potential issues with your application early, giving you time to address them before you find your ideal property. We'll guide you through obtaining pre-approval at the right time for your circumstances.

Our relationship with you doesn't end at settlement. At Open Finance Solutions, we provide ongoing support throughout the life of your loan because we understand that your financial circumstances and goals change over time. We conduct regular reviews to ensure your home loan remains suitable for your needs and that you're not paying more than necessary. As your circumstances change, whether you're considering renovations, refinancing, purchasing an investment property, or your fixed term is ending, we're here to provide advice and assistance. We monitor the lending market for opportunities that might benefit you and keep you informed of relevant changes to lending policies or new products. For property investors, we can help with your portfolio growth strategy and structuring additional purchases. Business owners may need finance solutions as their business evolves, and we can assist with these changing requirements. You'll have direct access to your broker, and we encourage you to reach out whenever you have questions or your situation changes. This ongoing relationship ensures you always have an experienced professional looking after your finance needs.

Using equity in your existing property to purchase an investment property is a common strategy for Australian property investors, and it's something we help clients with regularly at Open Finance Solutions. Equity is the difference between your property's current value and what you owe on your mortgage. If you've built up sufficient equity, you may be able to borrow against it without selling your home. Lenders typically allow you to access up to 80% of your property's value, minus what you owe, though some may lend more if you're willing to pay LMI. This strategy can help you enter the property investment market without having to save a large cash deposit. However, it's important to consider the increased debt level and ensure you can service both mortgages comfortably. We'll assess your financial position, including your income, expenses, and existing debts, to determine how much equity you can access responsibly. We'll also discuss the tax implications and structure of your loans to ensure your investment strategy aligns with your long-term financial goals.

In most cases, our mortgage broking services don't cost you anything directly. Open Finance Solutions receives a commission from the lender when your loan settles, which means you can access our professional advice and assistance without upfront fees. This commission structure is standard across the Australian broking industry and is regulated to ensure transparency. We're required by law to disclose all commissions and any fees in our documentation before you proceed. Some specialised services or complex scenarios may involve additional fees, but we'll always discuss these with you beforehand and ensure you understand any costs before moving forward. Our priority is to provide value through our expertise, market knowledge, and the time we save you in finding an appropriate home loan solution for your needs.