In a major boost for aspiring homeowners in Queensland, the Palaszczuk Government made a ground-breaking announcement on Sunday, 19 November 2023. The much-celebrated news revealed that the First Homeowner Grant would be doubled to an impressive $30,000. This significant change came into effect immediately on Monday, 20 November, and will remain in place until 20 June 2025.

Let’s delve into the details of this exciting development and what it means for first home buyers in the Sunshine State.

Read More About the Grant Here and we will keep you updated as information comes to hand.

Qualification Criteria:

To take advantage of this increased grant, there are specific criteria that aspiring homeowners must meet.

🏡 About the Dwelling

The property must be a new (and not previously lived in) home 🆕

The value of the property must be less than $750,000 💰

Eligible properties include new homes, units, townhouses, duplex, or granny flats. 🏘️

About You:

The applicant must be 18 years or older 🙌🏻

This must be the first residential property owned in Australia by the applicant 🥇

Read more qualifying criteria here

The Extended Opportunity:

This enhanced First Homeowner Grant is not only a financial incentive but also a catalyst for the Queensland property market. With the extended timeframe until 20 June 2025, first home buyers have a unique opportunity to explore the market, secure their dream homes, and make the most of the doubled grant.

Benefits for Aspiring Homeowners:

The doubled grant provides substantial financial relief for those embarking on their first home buying journey. It serves as a powerful tool to mitigate the challenges associated with entering the property market, making homeownership more accessible and achievable for many Queensland residents.

If you’re considering taking advantage of this fantastic opportunity, now is the time to contact Go Mortgage. We can be your partner in this financial journey and find you the best deal! Go Mortgage offers the tools and support throughout your journey to getting into your home.

Financial Assessment

This is where we will look at your unique situation and help you understand how much you can afford to borrow and what your budget allows for.

We also look at ALL the incentives you qualify for as a First Home buyer and help you collect as much as possible. Do you qualify for:

• – The First Homeowners Grant = $30K cash FHOG
• – The First Home Buyer Guarantee Scheme = No LMI with FHBG
• – The Stamp Duty Concession = Pay no Stamp duty
• – The First Home Super Saver Scheme = Use your Super

Access to Multiple Lenders

We have access to a wide network of lenders, including major banks, credit unions, and other financial institutions. This allows us to ‘shop’ around for the best mortgage rates and terms tailored to you.

Loan Comparison

We will compare different loan products from the various lenders and present you with a clear understanding of the options available. This includes fixed-rate mortgages, variable-rate mortgages, and other specialised products.

Guidance Through the Application Process

This can be very complex, but we do it every day! We can navigate the mortgage application process for you, guiding you through each step, ensuring that all necessary documentation is prepared and submitted correctly. This can save a lot of time and potential heartache for you.

Negotiation on Your Behalf

Go Mortgage will negotiate with lenders on your behalf, seeking favourable terms, lower interest rates, or other concessions that may benefit you.

Understanding Loan Types

We will explain the different types of loans available, and help you choose the one that aligns with your financial goals.

Pre-Approval Assistance

Getting pre-approved for a mortgage is a crucial step in the home-buying process. We will get this for you, and it will arm you with the right information to find a property that is achievable for you, without wasting precious time looking at a location or a budget that may not be realistic.

Explanation of Fees and Charges

Go Mortgage will break down the various fees and charges associated with obtaining a mortgage and make sure you understand the financial implications of your loan.

Ongoing Support

We are with you from go to whoa 😉! Another resource that you will find handy is our First Home Buyer Handbook. Download it from the website today.

Go Mortgage will provide ongoing support, answer questions, address concerns, and help you navigate any challenges that may arise along the way and then into the future.

In summary, Go Mortgage is your partner in your financial journey and will be your knowledgeable guide throughout the home-buying process to ensure you have made an informed decisions that align with your financial goals.

Below are some examples that may be useful to you when looking at different property prices and your savings.

Scenario 1:

Scenario 2:

If you would like to read more of the talk around the grants, read the Urban Developer Article here.

Read previous Go Mortgage blog on the First Home Buyer Scheme

Read the Queensland Government media statement Here

Will Your Credit Score Stop You From Getting A Loan?

Your credit score is a financial fingerprint that you might not think about until you’re ready to borrow money, however, it plays a critical role in determining how much you can borrow from the bank. Here we will help to unravel the mysteries of credit scores and explain their impact on your borrowing capacity.

Step One: What Is a Credit Score 💳 ?

A credit score is a three-digit number that reflects your creditworthiness. In Australia, credit scores typically range from 0 to 1,200. The higher the score, the better your credit health. There are three companies in Australia where you can obtain your credit score, for free, once every three months. It is a good idea to do this at least once a year to keep your finger on the pulse of your financial success.

Get your credit score from any of the businesses below:

Experian
Equifax
Illion

When it comes to assessing a loan application, the main credit score source the banks use is Equifax.

At Go Mortgage, we leave no stone unturned in our mission to secure the best loan options for you. That’s why, when your dedicated broker assesses your loan, they meticulously examine your credit file. It’s our way of ensuring that every aspect of your financial journey is optimized.

We believe in transparency, trust, and, most importantly, empowering you with the information you need to make the best financial decisions. So, rest assured, we’ve got your back!

Step Two: Why Does Your Credit Score Matter?

Determines Lender’s Trust: Lenders use your credit score to assess the level of risk associated with lending to you. A higher score indicates responsible financial behaviour, while a lower score may raise concerns.

Interest Rates: Your credit score often influences which lender may consider your application, which can then determine the interest rate offered. A worse score can push you into a non-conforming or specialist lender with a higher rate, potentially costing you thousands of dollars in interest.

Loan Approval: Some home loans or banks may have minimum credit score requirements. A low score could lead to loan rejection, while a higher score improves your chances of approval.

Your credit score is a powerful financial tool that shapes your borrowing potential. It affects the amount you can borrow, the interest rates you’re offered, and even your loan approval chances. Maintaining a healthy credit score requires responsible financial habits, such as paying bills on time and reducing debt. By understanding the link between your credit score and borrowing potential, you can make informed financial decisions that set you on the path to achieving your goals.

Our Tip: Don’t panic if your credit score is not so great 🤨. We outline some simple strategies below to improve your credit score.

Improving Your Credit Score

Make On Time Payments: Pay your loans late and this will be recorded on your credit file, negatively impacting your credit score. By making payments on time, you ensure your credit score is nurtured and preserved.

Reduce Your Debt: Lowering credit card balances and paying off outstanding loans can have a positive impact on your credit score.

Review Your Credit Report: Regularly review your credit report for inaccuracies and dispute any errors you find.

Use Credit Responsibly: Avoid opening multiple new accounts at once and apply for credit only when necessary. Regular and multiple applications for credit can negatively impact your credit score: especially for things like BuyNowPayLater (Afterpay, ZipPay, etc) pay day lenders, personal loans, and credit cards.

Maintain Older Accounts: The length of your credit history can influence your score, so keeping older accounts open can be beneficial.

Have A Budget: A powerful tool in your own arsenal is budgeting. Our simple budget planner will help get you started and give you a picture of your financial position.

If you want to talk to us about the health of your credit file and your loan options, simply click to get in touch or call call 1300 855 244.

Let’s Build Your Future, Let’s Go! 🌟🚀

Unlocking Financial Opportunities Is Your Hidden Financial Super Power: The What, Why, and How of Refinancing Your Home Loan

Are you a homeowner eager to make the most of your mortgage? If so, refinancing your home loan could be your ticket to financial freedom. Here we will walk you through the essentials of refinancing, explain what it is, why you might consider it, and how to make it work for you.

Understanding Refinancing: The What

Refinancing involves taking out a new home loan to pay off your existing one. The primary goal is to secure a more favourable loan, whether that means:
Lower interest rates
Better terms
Or a loan that suits your evolving needs.

Why Refinance: The Motivation

The decision to refinance should align with your financial goals. This isn’t just about numbers; it’s about finding a loan that complements your unique needs.

Lower Monthly Payments: If you’re aiming to reduce your monthly mortgage payments, refinancing can make it happen.

Shorten Your Loan Term: Perhaps you want to pay off your mortgage sooner. Refinancing can help you achieve this by selecting a more functional loan than enables extra repayments and can see your loan paid off sooner.

Access Home Equity: If your property’s value has increased, tapping into your home’s equity through refinancing can provide funds for renovations, buying an investment property, or other financial goals. To dive deeper into unlocking the potential of your home’s equity, explore our blog: Beginner’s Guide To Accessing Equity From Property.

Optimised Loan Features: Find a loan with features that better suit your financial objectives, whether it’s flexible payment schedules, lower interest rates, smarter budgeting, or specific loan features.

Considering the Costs: Is It Worth It?

Refinancing isn’t without costs, including discharge fees, application fees, and potential differences in interest rates. To determine if it’s worth the investment, we can go through the options with you. We will guide you through the complexities, ensuring your decision aligns with your unique situation.

You can quickly get a road snapshot of your refinancing outcomes by clicking to our loan comparison calculator.

Choosing a Lender and Crafting a Plan: The How

Your search is about more than just finding a low-interest rate. We will assess your entire financial situation and help you create a practical plan that fits your needs. This process becomes less complex and more enjoyable, saving you both money and headaches in the long run.

How Long will the Refinancing Process Take: Timing

The timeline for home loan refinancing varies depending on the bank or lender, with processes ranging from just a few days to as long as six weeks.

The Final Steps: Settling and Saving

Congratulations! You’ve reached the end of your refinancing journey, and it’s time to settle and enjoy your newfound savings.

Don’t forget, we also offer an annual review to ensure your home loan remains the best fit for your evolving needs. We are here to ensure your financial success!

So, if the idea of saving money, creating a solid financial plan, and having a knowledgeable broker on your side appeals to you, it’s time to take action.

If you want to talk to us about your loan simply click here to get in touch or call 1300 855 244.

Let’s Build Your Future, Let’s Go! 🌟🚀

When it’s time to purchase a home or refinance an existing property, finding the right home loan is crucial. With so many lenders to choose from, it’s hard to decide which one is the best fit for your needs. That’s where a mortgage broker comes in, but the broker you work with matters just as much as the loan.

Knowing how to choose a mortgage broker comes down to a handful of checks you can make before you hand over your payslips. Below are eight things that separate a good broker from a great one.

Is it worth using a mortgage broker?

For most borrowers, yes. A mortgage broker compares loans across multiple lenders, handles the paperwork and negotiates on your behalf, which can save you time and money.

Brokers are also legally required to act in your best interests when recommending a loan – unlike bank branches and mobile bankers. This is especially helpful for first home buyers or those with more complex financial circumstances, as different banks & lenders can assess the same application differently. If you’re still wondering whether it’s worth using a mortgage broker, our guide to mortgage brokers vs banks explains the differences in more detail.

1. They hold the right licence and memberships

Every broker in Australia must hold an Australian Credit Licence or be an authorised credit representative under someone else’s licence. You can verify either on ASIC’s professional registers.

It’s also worth looking for membership of an industry body such as the Mortgage & Finance Association of Australia (MFAA) or the Finance Brokers Association of Australia (FBAA), which set education and conduct standards, and of the Australian Financial Complaints Authority (AFCA), the external dispute resolution scheme you can turn to if something goes wrong. If you can’t find a broker’s name or licence number on the register, keep looking.

At Go Mortgage, we hold our own Australian Credit Licence 376838 and are a member of the MFAA, the FBAA and AFCA.

2. They have access to a wide lender panel

A broker can only recommend loans from the lenders on their panel. A wider panel means more choice, including smaller lenders and specialist lenders that may offer sharper rates or more flexible policies than the big banks. Ask how many lenders they work with and whether they regularly use a range of them, rather than sending most clients to the same two or three. A broker who leans heavily on one lender may be choosing convenience over your best outcome.

At Go Mortgage, we have access to a panel of 65+ banks & lenders.

3. They’re upfront about how they’re paid

So, how do mortgage brokers get paid? In most cases, the lender pays the broker an upfront commission when your loan settles, plus an ongoing trail commission while the loan stays active. That’s why we offer our home loan services at no cost. A good broker will explain this clearly and provide a credit guide disclosing their commissions. If a broker is vague about payment, treat it as a red flag.

Some brokers also charge a fee for complex loans, or pass on a commission clawback if you refinance or pay out the loan within the first year or two. Brokers are legally required to disclose any commissions or extra fees, so ask about it before you sign anything.

At Go Mortgage, our brokers are paid the same irrespective of which lender is recommended.

4. They have a proven track record

Experience counts. A broker who has been in the industry for years will have dealt with a wide range of borrower situations, developed strong relationships with lenders and built a deep understanding of the mortgage market. As a result, they’re better placed to find suitable loan options and terms for your specific situation, and to anticipate problems before they hold up your approval. Ask how long they’ve been working as brokers and what kinds of loans make up most of their work.

5. Their clients leave strong reviews

Reviews are another essential consideration when choosing a mortgage broker. Look beyond the star rating and read what clients actually say. The most useful reviews mention professionalism, responsiveness and the broker’s ability to secure finance in challenging circumstances, such as a tight settlement deadline or a declined application elsewhere.

Check a few sources, such as Google and independent review sites, and notice how the broker responds when a client isn’t happy. A considered reply to a negative review often says more than a wall of five-star ratings.

6. Their work has been recognised by the industry

Awards and recognition are another useful indicator of a broker’s quality. Industry awards from bodies such as the MFAA, the Australian Mortgage Awards and the Better Business Awards are generally judged on factors like customer satisfaction, service and business practices. An award isn’t everything, but consistent recognition over several years suggests a broker who delivers.

It’s also worth looking at the recognition a brokerage has received directly. At Go Mortgage, we’re proud of the industry recognition we’ve achieved over the years. You can explore our awards and recognition to learn more about our achievements and the standards we strive to uphold.

An award isn’t everything, but consistent industry recognition can provide additional reassurance that you’re choosing a broker with a proven commitment to quality service.

7. They understand your type of loan

Not all mortgages are the same. Some property buyers require specific borrowing products, such as first home buyer loans, investment property loans, Low Doc loans or construction finance. A great mortgage broker should have expertise in these specialised areas and an understanding of what each lender looks for.

This matters most if your situation is less straightforward. For example, if you run your own business, look for a mortgage broker for self-employed borrowers who knows which lenders accept alternative income documents. Investors building a portfolio, meanwhile, need a broker who understands loan structuring, so one property doesn’t limit their ability to buy the next.

8. They explain your loan, not just the rate

Ultimately, the goal of any mortgage broker is to secure suitable loan terms for their borrower. A good broker will negotiate a competitive rate. A great one will also make sure you understand the intricacies of your loan, including fees, features and any associated costs, so there are no surprises down the line.

The team behind the broker matters here too. A broker is only as good as their team, and dedicated support staff help keep the process smooth and stress-free. Pay attention to how quickly they return your calls and whether they explain things in plain English.

How to find a good mortgage broker

If you’re wondering how to find a good mortgage broker, start with recommendations from friends, family or your accountant. Then shortlist two or three brokers and check each one against the eight points above. Book an initial chat and come prepared with a list of questions to ask a mortgage broker, such as how many lenders they use and how they’ll support you after settlement. Be wary of anyone who pushes a loan before understanding your goals, promises approval before seeing your documents, or can’t explain why a particular loan suits you.

What makes a good mortgage broker?

In short, what makes a good mortgage broker is a combination of proper licensing, a broad lender panel, transparency, experience and genuine care for your outcome. The great ones go further, staying in touch after settlement and reviewing your loan as your circumstances and the market change.

At Go Mortgage, you are not ‘a Loan’; you are part of our family.

Choosing a mortgage broker you can trust

Choosing the right broker is one of the most important steps in your property journey. Take the time to compare a few, ask the hard questions and pick someone who puts your interests first.