Mortgage Domayne FAQ

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You might find the answer here. If not, contact us for personalised assistance.


About Us

  • Switching your home loan to a new lender can be complicated. There is a fair bit of paperwork involved, fees to move your loan to your chosen lender, as well as a lot of new loans to think about as well as choose from.

    This means that switching lenders can be a hassle and difficult affair, although by getting a Mortgage Domayne broker to guide you this process, they can simplify the switch. We are dedicated to helping you understand your choices and assisting you to make the switch if it benefits you and your loan.

    Ring us today and talk to us to see what this switch means to you.

  • The interest rates are competitive as we speak with our lending partners, who provide respective products and we discuss this with you. Given our relationships with our various lending partners, we offer better rates than going direct. So, talk with us at Mortgage Domayne to see how we can find you the best interest rate.

  • We have over 25 lenders to find you the most competitive and most suitable loan for your needs. We do the hard work for you, as our brokers ensure that we achieve the best results for you and reduce the hassles often associated with going to the banks.

    To save time, hassle and to make the most of your time so you can focus on other things, call one of our brokers to see how we can find you a competitive and suitable loan for your needs.

  • Yes, we hold a credit licence.

  • We do not charge a brokerage fee for this services.

  • Our brokers are paid by the banks for new applications and undertaking most of the work that the bank staff would have to do.

    This approach works like outsourcing and this is a very effective way for you to get the best rates for your loan.

  • We at Mortgage Domayne are dedicated to ensuring the best possible loan. It’s often assumed that the industry, in general, is out to provide unsuitable loans for people to increase financial gain.

    This is very far from the truth as the industry is controlled by a series of regulations as of 2010. It is against the law for us to assist you with applying for unsuitable loans. We recommend a series of suitable loans from our various lenders and then help you to find the most appropriate option.

  • We do not choose banks to get a higher percentage, this is due to the fact that we have over 25 lending partners, who have specialised and general products to suit your loan needs.

  • No, Mortgage Domayne is independent and given this, we have access to a variety of different banks and lenders to assure you the best loan options.

  • Yes, our mortgage brokers help people who live outside of Victoria. We assist people across Australia irrespective of living within a small town, a city or a remote area. We also help international clients, who are looking to find a property within Australia.

    We work centrally in Melbourne to find all our clients the best loans to assist with their needs. So, irrespective of where you are, so come chat with us via phone call or in person.


  • Yes, you can buy a display home and Mortgage Domayne can assist you with this. Display homes are a great property investment. This is because they are built with high standards, feature carefully maintained landscaping and quality finishes, and are guaranteed to be rented for a specific time. As well as this, fantastic tax depreciation deductions exist.

    It is important to know that while display homes are very attractive options, loans for this type of investment are a little different. This is due to the fact, there is often a lease-back option which may include the builder or building company retaining the property as the tenant for a set amount of time with a potential for an extension on this lease back option.

    Deliberating on a loan for a display home and want to learn more?

    Call us at Mortgage Domayne to discuss your options.

  • Investing in property is exciting. It can also be a confusing time with lots of hassle and frustration. At Mortgage Domayne we talk to you to streamline the process of investing in property irrespective of what you wish to purchase. We work hard to ensure that you get a competitive interest rate compared to going directly to the bank yourself.

    One of the first things is to check your finances. This is vital. It can be as simple as listing your assets, including incomes and your expenses. This will allow you to gauge how much money you can invest. While it might be easy to assume that it’s “out of your price range”, chances are you will be able to acquire a loan. So long as you have a stable and good paying job with solid employment history, you needn’t worry about being approved for a loan.

    After you have checked your finances, pre-approval is your next step and by going through Mortgage Domayne our brokers can sit with you can be beneficial to talk through the wide range of suitable loans. At this point in time, it’s important to find out if you qualify for a loan, check your credit rating and consider any of your current debts. Also, your broker will advise you of the paperwork you need to complete this step.

    Once you are approved, it is important to follow up on the paperwork with your broker and ensure that your finances are in order to assure that you are comfortable with your loan. It is important to understand your attitude to risk and your overall strategy.

    This strategy will help you with the life of your loan. We at Mortgage Domayne will be with you to ensure that you’re progressing well with your repayments and occasionally we may call you to offer you a better deal. Come talk with about how to invest in property and we will help you throughout this process.

  • Yes, you can use equity to buy another property. Owner-occupiers wishing to increase their property ownership, can find themselves a holiday house or look to commercialise their property portfolio. At Mortgage Doymane, we talk with you to ensure the best way of maximising your equity to buy another property.

    While thinking about using equity to buy another property is exciting and can be the start of a great series of investments, it is important to think about a few things to ensure that you have the best suited loan. One of the most important things to consider is your cash flow as having a second mortgage can have a massive impact on your monthly cash flow. It is important to guarantee that you’re in a position to pay both loans by having a stable income.

    On top of considering your income, it is also important to find rental income statements for the second property if you wish to use your equity on your home loan. It is vital to contact your real estate agent and get a copy of your rental estimate letter.

    The lender requires this letter at the application stage and keep in mind that the rental property estimate will assist in serviceability calculations. Often lenders will not accept 100% of the rental property estimate but will accept a percentage of the amount. To ensure a constant loan serviceability, it is important to find a popular property which provides constant tenants to create enduring income.

    As well as ensuring that there is always someone in your new house, it is important to look at the type of loan that suits your needs. At Mortgage Domayne, our brokers ensure that your needs are catered for as we can find home loans which are at a competitive rate. The interest rates are lower than going to the bank directly as we consult our lending partners. We can find the best interest only loans, variable interest rate loans and best fixed rate loans to suit your needs. We also talk with you regarding your respective fees and any exit costs to ensure that your loan caters to your needs.

    Given the complexity of things to using equity to acquire another property, contact us at Mortgage Domayne to ensure that you get access to the best loans.

  • You can use the First Home Owners Grant as a deposit for your first property. It is generally regarded as a part of your savings. This once off tax-free payment to people buying a first home in Australia and within Victoria the price of your desired property is equivalent to $750,000 or under. It is important to consider if you meet the following conditions:

    • You must be an Australian citizen or permanent resident buying or building your first home in Australia.
    • The property you buy must be a recognised house, unit or flat specifically designed for people to live in.
    • You or your partner must not have purchased a property in Australia before.
    • You must occupy the home within 12 months of settlement – or within 12 months of building completion if it’s a newly built home.
    • You must apply for the grant within 12 months of settlement or building completion.
    • Contracts must be exchanged between the buyer and seller before the cut-off dates, and the money is paid at the time of settlement.

    In Victoria, you might be eligible for specific exemptions and concessions such as reduced stamp duty for your property. These include the following:

    • First-home buyer duty reduction
    • Off-the-plan concession
    • Pensioner concession
    • Principal place of residence concession
    • First-home owner with family exemption/concession
    • Young farmer’s exemption/concession

    To find out how you can use the First Home Owners Grant to benefit you greatly talk with one of our award-winning mortgage brokers.

  • You might be able to get a home loan with a bad credit history. Our brokers can help you with specialised lenders, who can offer home loans to you even if you have bad credit.

    It is important to talk with us about your options for obtaining a home loan with bad credit, irrespective of your bad credit history e.g. if you experienced as a having paid and unpaid defaults, discharged bankrupt etc. Also, it is important to see what can be done to minimise future occurrences of bad credit marks.

    To see how you can get a home loan if you have bad credit, enquire with us today.

  • The required deposit as a percentage depends on your situation and the way that the lender assesses your borrowing limits. Sometimes, the required minimum deposit is 5%, plus mortgage based insurance or additional conditions. Generally, this applies when your income is sufficient to cover the loan repayments, you also have stable employment and a good credit history with no defaults.

    However, it is important to consult with us for a free assessment to see what options are suitable for you regarding your situation. Give us a call or come by our office.


  • At Mortgage Domayne, we can sit down and talk about your options to consolidate your debt. Depending on your current loan, a few options exist to minimise both the cost of your loan repayments and potentially the life of your loan.

    One option to consolidate your debt is through a property loan. Property loans are attractive, as you’ll find the interest rate is likely to be a lot less than any other rate that you will normally come across. Therefore, by using your mortgage for debt consolidation, could see you saving yourself a lot of money on your repayments.

    Although a short personal loan can be shortened by this type of debt consolidation, the overall repayment process can also be lengthened. This could see an increase on your home loan. It is important to think about your overall repayment strategy, increasing your repayments or you may see an overall increase in your payments in the life of your loan.

    Alternatively, a personal loan can be a much more attractive option when compared with certain types of debt, such as a credit card loan. This is due to the fact, that personal loan interest rates are less than those of credit card loan interest rates. Another bonus of a personal loan is the monthly repayment schedule. This is great for budgeting and looking at the life of your loan. This is a relatively hassle free option of repayment.

    Another option is Credit Card Balance Transfers to find you a better deal with your repayments. Our brokers at Mortgage Domayne can transfer your credit card balance to find you a lower interest rate than your current loan interest rate. This means that the overall repayment is less than what you would have paid.

    At Mortgage Domayne, we look at your loan and your circumstances to ensure the best options for debt consolidation. We talk with you about the nature of your current loan, potential loan options, plus any additional fees and/ or changes which may occur to remaining balance throughout the life of your loan. To ensure that you get the best professional advice, be sure to contact us Mortgage Domayne.

  • A guarantor works by allowing the equity in their own property to be used as additional security for your loan. This is often used for when you don’t have enough for the required sum for your deposit and you wish to avoid paying for Lender’s Mortgage Insurance. The primary security for your loan is your property, however, the lender also gets a mortgage over your guarantor’s property. This mortgage does not directly support the loan, but it does support the guarantor’s guarantee to meet the financial needs of your loan.

    In order to ensure that you get the best information tailored to your needs, contact us today.

  • There is no fixed time period to wait before you change your mortgage however, there are respective costs incurred each time you change your mortgage. Each mortgage has a set of attached fees and conditions, which vary from mortgage to mortgage. By changing your loan, such as refinancing or finding a new lender, there will be fees and costs, which may increase the life of the loan itself or may substantially increase the repayments of your loan.

    By talking with a Mortgage Domayne broker, you can assess when or even if there is a time to change your mortgage in some way or another. Call us to see how we can assist you in changing your mortgage.

  • Switching your home loan to a new lender can be complicated. There is a fair bit of paperwork involved, fees to move your loan to your chosen lender, as well as a lot of new loans to think about as well as choose from.

    This means that switching lenders can be a hassle and difficult affair, although by getting a Mortgage Domayne broker to guide you this process, they can simplify the switch. We are dedicated to helping you understand your choices and assisting you to make the switch if it benefits you and your loan.

    Ring us today and talk to us to see what this switch means to you.

  • Lenders Mortgage Insurance (LMI) allows people to purchase homes by offering help to borrowers, who don’t have a large deposit, which often as an assurance for repayment. This type of insurance assists with assuring the payment of the mortgage. With this type of loan, you borrow a large percentage of the property’s value and have a lower deposit than is usually required.

    At Mortgage Domayne, we talk you through this process and assess your situation. Inquire about how you can get a free assessment and quote through us.

  • In an offset account (a.k.a. the mortgage offset account, a.k.a. the home loan offset account), the borrower takes out their loan and opens a saving account or a transaction account which links to the loan. Whatever money is in the savings/ transaction account is “offset” daily against the loan balance. This means that the money in your savings/ transaction account acts as if the money is paid into your loan. This will reduce the mortgage interest charged. This means that you ultimately saving on interest as your perceived loan is reduced.

    Consult one of our mortgage brokers about your options of obtaining an offset account.

  • Interest loans can be tricky, as they are set up to encompass different variable rates. Often, when the fixed term ends on your mortgage, it reverts to the standard variable interest rate. However, there is always an exception to this. Talk with your broker to double check the fine print and what will happen. Alternatively, talk with the lender to clarify what happens with your loan after this fixed term ends.