Mortgage Choice - Lucas & Elijah Barrett

Mortgage Choice - Lucas & Elijah Barrett Our Mortgage Choice team in Bayside provide simple, expert advice to help you find a great home loan for your next purchase. The best part?

We have access to loans from over 35 banks & lenders and do all the legwork for you. Our service is entirely free.

04/06/2026

How does a mortgage actually work? 🏡🍕 Here is the exact math behind the pizza analogy.

Let us say you want to purchase a home in Melbourne for $600,000.

The Deposit (Your First Slice): You have saved up a 5% deposit, which is $30,000 using the government's 5% deposit scheme. You pay this 5% deposit to secure the property with the real estate agent.

The Loan (The Rest of the Pizza): The bank pays the remaining $570,000 to the seller on settlement day so you can actually get the keys and move in.

The Interest: Because the bank fronted you that $570,000, they charge you a fee. Which is an annual percentage of the loan amount. At the moment, it is around 6% per annum. That is divided up into monthly repayments you pay off in monthly instalments over the next 30 years.

There are many different banks that specialise in many different mortgages, and that is for us to figure out for you.

And the best part? The banks pay us a commission to do this for you, so our service is completely free.

Your focus right now should just be on saving enough for that 5% deposit.

Let us know: Are you currently saving for your slice of the pizza (your 5% deposit)?

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The information provided in this post is for general education purposes only and is not intended to constitute specialist or personal advice. This post has been prepared without considering your objectives, financial situation or needs. Mortgage Choice Pty Ltd ACN 009 161 979 (Australian Credit Licence 382869) and Smartline Operations Pty Ltd ACN 086 467 727 (Australian Credit Licence 385325) are owned by REA Group Limited.

13/05/2026

Should you use all your savings for your deposit?

Not always.

If you only have the minimum funds required, then most or all of your savings may need to go towards the purchase. But if you have excess savings, sometimes it makes more sense to keep some funds in your offset account instead.

You’ll still save interest, while keeping a financial buffer for emergencies and unexpected costs after settlement.

Not sure how much you need? Get in touch with us today 📲



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The information provided in this post is for general education purposes only and is not intended to constitute specialist or personal advice. This post has been prepared without considering your objectives, financial situation or needs. Mortgage Choice Pty Ltd ACN 009 161 979 (Australian Credit Licence 382869) and Smartline Operations Pty Ltd ACN 086 467 727 (Australian Credit Licence 385325) are owned by REA Group Limited.

07/05/2026

Talking to a broker, like us, is entirely at no-cost to you.

Book a 10 minute Discovery Call by clicking the link in our bio to see how much you can borrow, ask a question about your savings or how much deposit you may need for a property!



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The information provided in this post is for general education purposes only and is not intended to constitute specialist or personal advice. This post has been prepared without considering your objectives, financial situation or needs. Mortgage Choice Pty Ltd ACN 009 161 979 (Australian Credit Licence 382869) and Smartline Operations Pty Ltd ACN 086 467 727 (Australian Credit Licence 385325) are owned by REA Group Limited.

23/04/2026

It's the hot topic at the moment - fixed rates! Should I fix my rate? Is it better to not fix my rate? Why should I fix my rate?

Understandably, in a volatile interest rate environment, the topic of fixing your rate is an important one. However, fixing your rate comes down more to a lifestyle decision than trying to beat the banks at their own game.

We can chat with you about the costs, benefits and cons to both variable and fixed, and help make a decision that suits your goals.

Get in touch with us today. 🏚️💰️



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The information provided in this post is for general education purposes only and is not intended to constitute specialist or personal advice. This post has been prepared without considering your objectives, financial situation or needs. Mortgage Choice Pty Ltd ACN 009 161 979 (Australian Credit Licence 382869) and Smartline Operations Pty Ltd ACN 086 467 727 (Australian Credit Licence 385325) are owned by REA Group Limited.

21/04/2026

NURSES, DOCTORS, ACCOUNTANTS, LAWYERS!! Listen up!! 🧑🏻‍⚕️👮🏼👩🏽‍⚕️

You may be eligible for an LMI waiver, saving you tens of thousands of dollars when you purchase a property if you've got less than a 20% deposit.

To see if you're eligible, get in touch with us today.



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The information provided in this post is for general education purposes only and is not intended to constitute specialist or personal advice. This post has been prepared without considering your objectives, financial situation or needs. Mortgage Choice Pty Ltd ACN 009 161 979 (Australian Credit Licence 382869) and Smartline Operations Pty Ltd ACN 086 467 727 (Australian Credit Licence 385325) are owned by REA Group Limited.

16/04/2026

Here are some hidden costs you may not know apply when purchasing a property! 🤑🏘️



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The information provided in this post is for general education purposes only and is not intended to constitute specialist or personal advice. This post has been prepared without considering your objectives, financial situation or needs. Mortgage Choice Pty Ltd ACN 009 161 979 (Australian Credit Licence 382869) and Smartline Operations Pty Ltd ACN 086 467 727 (Australian Credit Licence 385325) are owned by REA Group Limited.

15/04/2026

💸💸💸 We're giving away $5,000! 💸💸💸

If you've already got a mortgage, apply to refinance your home loan by 16 May for the chance to win a monthly $5,000 prize, giving you some breathing room on your next mortgage repayment. 🏡

We can compare your current loan to thousands of products in the market to make sure you’re still on a competitive interest rate.

T&C's apply. Minimum Loan Amount $250,000.(https://www.mortgagechoice.com.au/campaign/refinancetowin/terms-and-conditions/).



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The information provided in this post is for general education purposes only and is not intended to constitute specialist or personal advice. This post has been prepared without considering your objectives, financial situation or needs. Mortgage Choice Pty Ltd ACN 009 161 979 (Australian Credit Licence 382869) and Smartline Operations Pty Ltd ACN 086 467 727 (Australian Credit Licence 385325) are owned by REA Group Limited.

09/04/2026

A boarder is when you rent out a room in the home you live in to someone else! This can not only increase how much you can borrow, but that money can go towards helping you pay off your mortgage.

There are a few moving parts to using boarder income in your calculations, so it's important you talk to us to help you navigate it.

Get in touch with us today. 🏘️💰️



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The information provided in this post is for general education purposes only and is not intended to constitute specialist or personal advice. This post has been prepared without considering your objectives, financial situation or needs. Mortgage Choice Pty Ltd ACN 009 161 979 (Australian Credit Licence 382869) and Smartline Operations Pty Ltd ACN 086 467 727 (Australian Credit Licence 385325) are owned by REA Group Limited.

02/04/2026

WHEN SHOULD I GET PRE-APPROVED? 🤷🏼

It is never too early to get pre-approved, so if purchasing a property in the next couple months, or the second half of this year is a goal of yours, now is the time to get in touch.



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The information provided in this post is for general education purposes only and is not intended to constitute specialist or personal advice. This post has been prepared without considering your objectives, financial situation or needs. Mortgage Choice Pty Ltd ACN 009 161 979 (Australian Credit Licence 382869) and Smartline Operations Pty Ltd ACN 086 467 727 (Australian Credit Licence 385325) are owned by REA Group Limited.

27/03/2026

LAST DAY of our MARCH MORTGAGE MYTHS SERIES and today's myth is "I have to live in my first home for a year". 🏘️💰️

Lucas breaks down why this is not true if you're using the 5% deposit scheme, which has no exact policed time frame but rather, your property must have enough equity in the property before you can rent it out.



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The information provided in this post is for general education purposes only and is not intended to constitute specialist or personal advice. This post has been prepared without considering your objectives, financial situation or needs. Mortgage Choice Pty Ltd ACN 009 161 979 (Australian Credit Licence 382869) and Smartline Operations Pty Ltd ACN 086 467 727 (Australian Credit Licence 385325) are owned by REA Group Limited.

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