Everything You Wanted to Ask
(and Some You Didn't Know To)

In almost all cases, our service is completely free to you. Mortgage brokers are paid a commission by the lender once your loan settles — we receive this from the lender, not from your pocket.

In rare cases — such as very complex commercial or specialist lending — a fee may be discussed and agreed upfront before any work begins. We'll always be transparent about this from the first call.

When you go directly to a bank, you're choosing from their products only — and their role is to sell those products. Urban Loans sits on your side of the table, not the lender's.

We compare options across our panel of 70+ lenders — including the big four, non-banks, and specialist lenders — to find the genuine best fit for your situation. Then we handle the application, the paperwork, and the ongoing relationship so you don't have to.

For our initial conversation, you don't need anything — just your numbers. When we move to a formal application, we'll typically need:

Identity: Passport or driver's licence  |  Income: 2 recent payslips and last 2 years' tax returns  |  Assets & Liabilities: Latest bank statements (3 months), super, existing loans  |  Property: Contract of sale or property address

We'll send you a tailored document checklist once we understand your scenario.

Lenders calculate your borrowing capacity based on your gross income, existing debts, living expenses, dependants, and a stress-tested interest rate (typically 3% above the loan rate). The result varies significantly between lenders — sometimes by $100,000+.

Use our Borrowing Power Calculator for a quick estimate, or book a call and we'll run a precise figure across our full lender panel in minutes.

Pre-approval: Usually 2–5 business days once your documents are in order.

Formal (unconditional) approval: Typically 5–10 business days after the lender receives a signed contract. Some digital lenders move faster — we'll match you to the right lender for your timeline.

Having clean, complete documents makes the biggest difference. We guide you through this step by step so there are no surprises.

Pre-approval (conditional) means the lender is comfortable with your income and expenses and is willing to lend up to a certain amount — subject to a satisfactory property valuation. It lets you bid at auction or make offers with confidence.

Unconditional approval means the lender has assessed everything — your finances and the specific property — and will provide the loan. This is when you can exchange contracts. Pre-approval is a strong signal; unconditional is the green light.

Most lenders require a minimum of 5% of the purchase price, though 10–20% is ideal. With less than 20%, you'll typically pay Lenders Mortgage Insurance (LMI) unless you're eligible for a government guarantee scheme.

First Home Guarantee: Eligible first home buyers can buy with as little as 5% with no LMI, backed by the Federal Government. Some lenders also accept guarantor support from a family member in place of a cash deposit.

LMI (Lenders Mortgage Insurance) protects the lender — not you — if you default on a loan above 80% LVR (loan-to-value ratio). It typically costs between 1–4% of the loan amount and can be capitalised into the loan.

You can avoid LMI by: saving a 20%+ deposit, using a guarantor, qualifying for the First Home Guarantee, or being eligible for certain professional LMI waivers (doctors, lawyers, accountants). We'll identify the cleanest path for your situation.

Budget approximately 3–5% of the purchase price on top of your deposit to cover:

Stamp duty (the biggest one — state and purchase-price dependent)  |  Conveyancing / legal fees: $1,000–$2,500  |  Building & pest inspection: $400–$800  |  Lender fees: application or valuation fees (varies)  |  Moving costs, utility connections

Use our Stamp Duty Calculator to estimate your state-specific cost. First home buyers in most states receive significant concessions.

Absolutely. Self-employed lending is one of our core strengths. We work with lenders who offer low-doc and alt-doc solutions that verify income using BAS statements, business bank statements, or an accountant's declaration — without requiring two years of full tax returns.

We understand that business owners structure their income in ways that don't always look straightforward on paper — and we know exactly which lenders read the numbers the right way.

Yes to both. A family guarantee (sometimes called a security guarantee) lets a parent use equity in their own home to support your deposit — meaning you can potentially buy with zero cash deposit and avoid LMI entirely.

Guarantor loans carry obligations for the guarantor if you default, so we explain the structure, risks and exit strategies clearly for all parties before proceeding. We also check eligibility for the First Home Guarantee, which supports 5% deposits without a guarantor or LMI.

It depends on the nature and recency of the credit issue — but in many cases, yes. Our panel includes specialist and non-conforming lenders who assess applications case-by-case rather than relying purely on a credit score.

Factors that help: time since the default, whether it's been paid, the size of your deposit, and your current income stability. We review your full picture and give you an honest assessment before you apply — protecting your credit file from unnecessary enquiries.