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Frequently Asked Questions

Who is BOSS MONEY?

BOSS MONEY is led by Tom Uhlich, a qualified accountant and experienced mortgage broker with over 20 years as a Broker. In January 2024, Tom achieved the incredible milestone of settling $1 billion in loans, a testament to his expertise and dedication. Known for delivering tailored solutions and exceptional results, Tom and the BOSS MONEY team focus on simplifying the mortgage process, securing competitive rates, and helping clients achieve their financial goals. Whether you’re a first-time buyer, investor, or looking to refinance, BOSS MONEY is your trusted partner for all things mortgage.

General Mortgage Questions

What does a mortgage broker do, and how can BOSS MONEY help me?

A mortgage broker acts as an intermediary between you and lenders, helping you secure a home loan that suits your needs. At BOSS MONEY, we compare multiple lenders to find competitive rates, handle the paperwork, and guide you through every step. Whether you’re a first-time buyer, refinancing, or an investor, we simplify the process, saving you time, money, and stress.

What are the benefits of using a mortgage broker instead of going directly to a bank?

A mortgage broker provides access to a wide range of lenders, giving you more loan options than a single bank. At BOSS MONEY, we work solely in your best interest, negotiating favourable rates and terms. We also handle the complexities of the process, ensuring you get a loan that matches your financial goals while saving you time and hassle.

How do I qualify for a home loan in Australia?

Qualifying for a home loan involves demonstrating a stable income, manageable expenses, and a good credit history. Lenders also assess your deposit amount and debt-to-income ratio. At BOSS MONEY, we review your financial situation, help you prepare your application, and connect you with lenders that match your profile, increasing your chances of approval.

What documents do I need to apply for a mortgage?

Key documents include proof of income (pay slips or tax returns), identification, bank statements, and details of existing debts or liabilities. At BOSS MONEY, we provide a checklist tailored to your situation to ensure you have everything ready for a smooth application process.

How much deposit do I need to buy a house?

Typically, lenders require a deposit of 5%–20% of the property’s price. A 20% deposit can help you avoid Lenders Mortgage Insurance (LMI), but lower deposit options are available. At BOSS MONEY, we explore solutions like family pledge loans or government grants to help you secure your home with less upfront cost.

Can I get a mortgage if I have bad credit?

Yes, getting a mortgage with bad credit is possible, though it may involve higher interest rates or stricter conditions. At BOSS MONEY, we specialize in finding lenders who work with individuals with poor credit histories. We’ll guide you through your options and help you build a plan to improve your financial health over time.

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First Home Buyers

What is the First Home Owner Grant (FHOG) in Australia?

The FHOG is a government initiative that provides financial support to eligible first-time buyers. It often applies to purchasing new homes or building a property, with the grant amount varying by state or territory. At BOSS MONEY, we’ll help you determine your eligibility and include the grant in your loan application to maximize your savings.

How can a first-time buyer secure the best home loan deal?

First-time buyers can secure great deals by comparing lenders, understanding government grants, and improving their credit scores. At BOSS MONEY, we simplify this process by providing personalized advice, negotiating with lenders on your behalf, and ensuring you access every benefit available.

What is Lenders Mortgage Insurance (LMI), and can I avoid it?

LMI protects the lender if you default on your loan. It’s typically required if your deposit is less than 20%. You can avoid LMI by saving a larger deposit, using a family pledge loan, or taking advantage of certain government programs. At BOSS MONEY, we’ll help you navigate these options to minimise costs.

Are there any government incentives for first home buyers in Brisbane?

Yes, first home buyers in Brisbane may be eligible for the First Home Owner Grant, stamp duty concessions, and various government schemes like the First Home Guarantee. At BOSS MONEY, we’ll help you identify and apply for these incentives to make buying your first home more affordable.

Refinancing and Equity

When should I refinance my mortgage?

Refinancing is ideal when interest rates drop, your financial situation changes, or you want to consolidate debts. It can also help you access equity or reduce repayments. At BOSS MONEY, we analyse your current loan and financial goals to determine the right time to refinance.

How can I access the equity in my home?

You can access equity by refinancing or applying for a home equity loan. Equity is the difference between your property’s value and the amount you owe on your mortgage. At BOSS MONEY, we’ll guide you through the process and help you use your equity strategically for renovations, investments, or other needs.

Can refinancing help me save money on my home loan?

Yes, refinancing can save you money by securing a lower interest rate, reducing monthly repayments, or shortening your loan term. At BOSS MONEY, we’ll assess your situation and compare lenders to ensure refinancing aligns with your financial goals.

What’s the process of refinancing a home loan?

Refinancing involves reviewing your current loan, comparing new options, and applying for a replacement loan with better terms. At BOSS MONEY, we handle the paperwork, negotiate with lenders, and ensure a smooth transition to your new loan.

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Investment Properties

How do I get a mortgage for an investment property?

Securing an investment loan requires a solid financial profile, including good credit, stable income, and a sufficient deposit (or equity in another property). At BOSS MONEY, we’ll guide you through lender requirements and help you find competitive options tailored to property investors.

What’s the difference between interest-only and principal-and-interest loans?

Interest-only loans involve paying just the interest for a set period, keeping repayments low, while principal-and-interest loans require paying down both the interest and loan balance. At BOSS MONEY, we’ll help you decide which option suits your investment strategy.

Can I use equity in my home to buy an investment property?

Yes, you can leverage your home’s equity as a deposit for an investment property. At BOSS MONEY, we’ll assess your equity, guide you through the loan process, and help you maximise your borrowing power for investment purposes.

How does negative gearing work for property investors?

Negative gearing occurs when your investment property expenses exceed income, creating a taxable loss. This can reduce your taxable income and provide financial benefits. At BOSS MONEY, we’ll explain how negative gearing fits into your investment strategy.

Family Pledge Loans

What is a family pledge or guarantor loan?

A family pledge loan allows a close relative to use their property as security, reducing your deposit requirement and avoiding Lenders Mortgage Insurance (LMI). At BOSS MONEY, we ensure you and your guarantor fully understand the benefits and risks involved.

How does a family pledge loan work at BOSS MONEY Mortgage Brokers?

With a family pledge loan, a portion of your guarantor’s property equity is used as collateral. This reduces upfront costs and may improve your borrowing capacity. At BOSS MONEY, we specialize in structuring these loans to benefit both you and your guarantor.

Can I get a 100% home loan in Australia?

Obtaining a 100% home loan are available via a family pledge loans that allow you to secure a home loan without a deposit by using a family member’s property as security. At BOSS MONEY, we can help you explore these options and determine if a 100% home loan is possible for your circumstances.