Answers to common home loan questions from clients in Adelaide and across Australia.

Q1. What does a mortgage broker actually do?

A mortgage broker compares home loans from multiple lenders and helps you choose and apply for one that suits your situation.

At Jain Home Loans, we:

• Listen to your goals and budget
• Calculate your borrowing power
• Compare options across a panel of banks and non-bank lenders
• Explain rates, features, and fees in plain language
• Prepare and submit the application and follow it through to settlement

You deal with one broker, not a call centre, while still getting access to a wide range of lenders.

Q2. Do I pay you a fee, or are you paid by the bank?

In most standard home loan situations, you do not pay us directly. We are usually paid a commission by the lender after your loan settles.

If there is ever a situation where a fee might apply, such as a very complex or specialised scenario, we will tell you up front and in writing before you decide to proceed.

Q3. Is it better to go to my own bank or use a broker?

Going to your own bank means you only see one lender’s products and policies.

Using a broker like Jain Home Loans means:

• We can compare offers from multiple lenders
• We may find a bank that views your income or situation more favourably
• You get help with paperwork, follow-ups, and negotiations

Some clients end up with their existing bank on a better deal, while others move to a lender that fits them better. Our job is to show you clear options either way.

Q4. How many lenders do you work with?

We work with a panel of banks, non-banks, and specialist lenders. The exact list may change over time, but typically includes major banks, second-tier banks, and specialist self-employed or low-doc lenders.

The goal is not to use every lender. It is to match you with a suitable lender based on your income, deposit, property type, and long-term plans.

Q5. Do you only work with clients in Adelaide?

We are based in Adelaide, South Australia, but we help clients across Australia.

• Local clients, such as Indians and migrants, often meet via phone or Zoom
• Interstate clients are fully serviced online and over the phone
• All applications, documents, and updates can be handled digitally, so distance is not an issue

Q6. In what languages can you assist?

We regularly assist clients in:

• English
• Hindi
• Punjabi
• Gujarati
• Urdu

Many of our clients are migrant families who appreciate being able to talk about money and property in the language they are most comfortable with.

Q7. How much deposit do I need to buy a home?

It depends on your situation and the lender, but as a rough guide:

• 20% deposit plus costs often avoids Lenders Mortgage Insurance
• 10 to 15% deposit is still considered by many lenders, often with LMI
• 5% deposit can sometimes work for strong applications or with government schemes, subject to eligibility

You also need to plan for stamp duty, legal fees, and other purchase costs. Part of our role is to help you map out the total funds required, not just the deposit.

Q8. What is Lenders Mortgage Insurance (LMI), and is it always bad?

LMI is insurance that protects the lender, not you, when your deposit is usually less than 20%. It allows some buyers to get into the market sooner with a smaller deposit.

It is not always bad. In some cases, paying LMI can still make sense, for example if:

• You are a strong saver but the market is moving quickly
• You want to start rentvesting or buying your first home earlier
• The long-term capital growth or rental income may offset the cost over time

We will show you both scenarios, with and without LMI, so you can make an informed call.

Q9. How is my borrowing power worked out?

Lenders look at:

• Your income, such as salary, overtime, bonuses, business income, and rental income
• Your living expenses
• Existing debts and credit limits
• The type of loan and interest rate buffer

Each bank has its own formula, which is why borrowing power can vary a lot between lenders. We use our tools and experience to estimate borrowing power across multiple lenders so you do not get stuck planning around just one bank’s view.

Q10. What costs should I expect when buying a property?

Common upfront costs include:

• Deposit
• Stamp duty, which varies by state and property type
• Conveyancing or legal fees
• Building and pest inspections
• Loan set-up fees, if any
• LMI, if applicable

We will help you prepare a simple funds-to-complete summary so you know what you need before you start making offers.

Q11. What is the difference between pre-approval and unconditional approval?

Pre-approval, also called conditional approval: the lender has looked at your basic situation and is comfortable in principle, but still needs to confirm items such as property details, valuations, and outstanding documents.

Unconditional or formal approval: the lender has fully assessed your application and the property and is ready to proceed to loan documents and settlement.

We help you manage both stages so you do not accidentally treat a soft online indication as a full approval.

Q12. How long does it take to get a home loan approved?

Timeframes vary by lender, but as a general guide:

• Pre-assessment with us is often within a few days once documents are provided
• Conditional approval can take from a couple of days to a couple of weeks
• Formal approval is often within a few days after valuation and conditions are met

We recommend lenders that suit your timeframe as well as your numbers, and we keep you updated along the way.

Q13. What documents will I need to provide?

This depends on your situation, but commonly:

• ID such as licence, passport, and Medicare
• Recent payslips and possibly employment letters
• Tax returns or financials for self-employed clients
• Bank statements showing income and expenses
• Statements for existing loans, credit cards, and Afterpay or Zip
• Details of any existing properties, rent, and rates notices

We will give you a clear checklist, and where possible set up secure digital document upload so it is easy to send everything through.

Q14. Can you help if I am self-employed or have a complex income?

Yes. We regularly assist self-employed clients, contractors, and business owners, including those with company or trust structures, fluctuating income, and multiple income streams.

Some lenders are more flexible with self-employed income than others. We help you present your situation clearly and choose lenders with policies that match your reality.

Q15. When should I think about refinancing my home loan?

Common triggers for a refinance review include:

• Your rate is no longer competitive
• Your fixed rate has expired
• Your income or situation has improved
• You want to consolidate other debts
• You are planning renovations or another purchase

We can run a refinance savings check to compare your current loan with alternatives, taking into account fees, cashback offers, fixed versus variable options, and your future plans.

Q16. How often should I review my home loan?

As a rough rule, it is sensible to review your loan every 1 to 2 years, or sooner if:

• Interest rates move significantly
• Your fixed rate or interest-only period is ending
• Your income, family, or property plans change

A quick review can reveal whether a reprice with your current lender is enough or if a full refinance is worth considering.

Q17. Can you help with investment loans, rentvesting, and negative gearing?

Yes. We work with property investors and rentvestors at different stages.

While we do not provide tax or financial advice, we can:

• Help structure loans across home and investment properties
• Discuss how interest-only versus principal and interest affects cash flow
• Work alongside your accountant or adviser on negative gearing and ownership structures
• Explain how different lenders view rental income and multiple properties

Our focus is to make the lending side work smoothly as part of your broader investment plan.

Q18. Do you arrange construction loans or loans for building a new home?

Yes. We assist clients with:

• House and land packages
• Custom builds
• Major renovations that need a construction facility

We explain:

• How progress payments work
• What to expect with valuations and contingencies
• How to manage cash flow during the build

Construction loans can feel more complex than standard purchases. Our role is to simplify the process and coordinate with your builder and lender.

Q19. Can you help if my credit history is not perfect?

In many cases, yes. It depends on the type and size of the issue, how long ago it occurred, and whether it has been resolved.

Some lenders are more flexible around late payments or older defaults than others. We will have an honest conversation about what is realistic and, if needed, help you put together a prepare-to-apply plan rather than rushing into a declined application.

Q20. Do you provide financial advice, tax advice, or legal advice?

No. We provide credit advice about home loans and related lending solutions.

For tax, investment, or legal questions, we will:

• Encourage you to speak with a qualified financial adviser or accountant
• Work with them, with your permission, to align loan structures with your broader strategy

This way, you get the right professional input in each area.

Q21. What happens after my loan settles? Are you still involved?

Yes. After settlement we aim to be your long-term lending partner, not a one-off contact.

We can:

• Help you understand and use your new loan features, such as offset, redraw, and extra repayments
• Conduct rate reviews and ask lenders for discounts where possible
• Reassess your options when your plans or the market changes
• Support you with your next purchase, upgrade, refinance, or investment

You are always welcome to call or email with questions, even years after settlement.