Bloome Home Loans –
Experienced Mortgage Brokers Western Sydney

The maximum loan amount a lender typically offers is between 5 to 7 times your gross income. It’s crucial to present your income to lenders in the best possible way to ensure clarity. Factors like personal loans, credit cards, and HECS debt significantly impact how much you can borrow. Some lenders are strict about including overtime, bonuses, commissions, and self-employed income, while others are more flexible. We specialize in understanding these factors and how they affect your ability to obtain credit.

Absolutely! We pride ourselves in knowing lender policies for our self employed clients. Some lenders will offer prime rates will an ABN as little as 6 months old. Understanding your business and then representing this in the right way to the right lender is very important. A good Accountant will ensure you have tax effective income. A good Mortgage Broker will understand the good work your accountant has done and then represent this to the bank in the right way to increase your borrowing power.

Years ago, lenders required at least a 20% deposit plus stamp duty to buy a home. As living costs and home prices rose, they realised this was an unrealistic barrier. They now allow clients to have as little as a 2% deposit, with the addition of a one-time insurance premium known as Lenders Mortgage Insurance (LMI). LMI protects the lender if you default on the loan, but the premium is paid by you and typically added to the home loan. While it can be a significant cost, it allows you to enter the property market sooner.

Lenders look at your Capacity to repay the loan, your Capital / how much money you have, Collateral you are offering as security for the loan, Conditions including the economic environment, loan purpose and interest and your Character to ensure you are a responsible borrower and will repay the loan

Rather than count yourself out of being able to get finance we recommend you contact us as you may be surprised what is possible. There are specialist lenders we have relationships with that will consider your loan application even with bad credit, defaults, ATO debt and bankruptcies.

Every lender is different. For our first meeting we recommend getting evidence of income, liabilities and ID. We will guide you on the specific requirements as we progress your application.

We’ll clarify this once your application is submitted. Approval timeframes vary based on the lender and the complexity of your case. We closely monitor your application daily to ensure it stays on track, as delays are unfortunately common in the industry.

Yes. This is sometimes called “the bank of mum & dad”. Loans with no deposit may be possible if another property is offered as partial security to support the loan. It may not increase the amount you can borrow but it will reduce the risk to the lender and result in a lower interest rate. It will also save you having to pay Lenders Mortgage Insurance. It is not without risk though. The guarantors property is used to secure your loan If you default on your loan the bank may call upon the guarantor to pay the shortfall. Guarantor loans of this nature are limited but still present a risk.

We save you time by preparing the loan application and presenting you to the most suitable lender in the best manner, request interest rate reductions on your loan, structure the loan, offer guidance on the benefit of making additional loan repayments and saving you time. When we say our home loans don’t cost the Earth, we mean it. Even a 0.50% interest difference on a $500,000 loan over 30 years will save you more than $55,000.