Deepak Sabharwal - Mortgage Broker in Minto

29/11/2025

Do you know what your credit record says about you?

Have you ever actually seen it?

For many borrowers, it can be quite a surprise to learn that a few blotches have appeared over the years on their credit history report.

Unfortunately, many are blissfully unaware until they apply for a home loan. Once your application has been lodged, it can be tricky to challenge your credit report and prove your worth to the lenders.

Don't let this happen to you. Enrol in boot-camp today and get your credit record in shape - and the good news? You won't need to squeeze into the Lycra and start counting calories.

1) Review your credit record

The first step is to get your hands on a copy of your credit history report.

This can usually be done through your mortgage broker, or by directly contacting a Credit Reporting Body.

There are quite a few companies who can provide your credit report to you, but the national bodies are: Veda, D&B, and Experian.

2) Challenge any discrepancies or misunderstandings

If you think that there's a discrepancy on your credit history report, you can challenge these.

The first step is usually to contact the company who added the incorrect information to your report, and see if they can amend it.

Failing this, you can dispute the discrepancy through a Credit Reporting Body.

3) Be honest

It pays to be upfront with your lender about anything on your credit report that could impact your ability to borrow.

Most lenders are fairly strict, but some will take into account your explanation credit issues, and the steps you took to resolve them.

4) Cut down debt and credit

Before you apply for a loan, try to reduce the amount of credit card debt - and also available credit that you have.

Some borrowers are surprised to learn that a credit card with no debt owing at all - but with a high limit, can have an impact when being assessed for a loan.

Try to reduce your limits wherever possible, or if you don't really use the card then consider cancelling it.

5) Know your finances

Come to the first meeting with your lender or broker, prepared to explain your budget, expenses, income and your capacity to repay the loan.

It's also important that you can demonstrate savings, as most lenders will require at least 5% of the purchase price in order to approve a loan. When it comes to the deposit, the more you can pay upfront, the greater your chances of being approved for a loan.

If you can put down 20%, you will remove the need for Lenders Mortgage Insurance (LMI) which could represent significant savings for you.

25/11/2025

Did you hear about this great win for home buyers?

Australian home owners scored a win on July 1 2011 when lenders were banned from charging exit fees on home loans, making it more enticing for borrowers to shop around for a better deal.

Exit fees were generally charged for the first four or five years of a mortgage to discourage borrowers from switching to a competitor before the lender had made a profit on the loan. Unable to now charge exit fees on variable loans, many lenders are making sure they cover their costs upfront with higher set-up fees.

If you are thinking of switching, you should make sure you get all the facts and compare like with like so what you gain in the short term isn't lost in the long run. Take into account loan establishment fees, ongoing account fees, the cost of any property valuations required by your new lender and settlement fees when doing your sums on how much you will be saving by switching.

Exit fees also shouldn't be confused with break fees on fixed rate loans. Lenders can and do still charge a fairly hefty fee if you exit a loan during a fixed term.

Break fees on fixed rate loans are usually based on: the interest rate you locked in, compared to the current market interest rate; the length of time remaining on your fixed-rate term; and your original loan amount. They can run into thousands of dollars, and remain a formidable deterrent to fixed rate customers thinking of a switch.

One of the best ways to get a helicopter view of what it will cost you to switch and what you stand to gain is to talk to your local Mortgage Broker. That way you can be sure if you close the door on your current loan, you are stepping forward financially.

25/11/2025

Make your dream car affordable with a low cost car loan.

25/11/2025

22/11/2025

Are you protecting your bank and leaving yourself vulnerable?

Did you feel a sense of relief when you finally sorted out all of the details and contracts for your loan? You took out home and contents insurance, you arranged for a cheque to cover the last few costs at settlement.

And you saw the paperwork for the Lenders Mortgage Insurance so you're all covered in case you can't repay your mortgage, right? Wrong!

Many borrowers make the tremendous mistake of assuming that Lenders Mortgage Insurance is their safety net in case of unexpected circumstances. This mistake could cost you the farm, and maybe even a few chickens.

LMI

Lenders Mortgage Insurance (LMI) is designed to protect your lender or your bank - not you. Unless you were able to fork over more than 20% of the purchase price, chances are your lender would have required you to talk out LMI.

LMI doesn't provide any assistance to you if you become unable to repay your mortgage. It won't kick in if you break your leg, or if you suddenly lose your job. LMI will not provide for your family in the event of your untimely death.

Lenders Mortgage Insurance is just that - insurance for your lender. This is designed to protect your lender in case you don't make your repayments. If the lender is forced to sell your property in order to recover their money - they want to make sure that they won't lose out if the selling price is not as much as what you paid. This is especially relevant if you only paid a small deposit.

Personal Insurance

There are an enormous variety of insurance products on the market that protect you from all sorts of misfortune.

Life Insurance will provide financial assistance to your family in the event that you suddenly pass away or become permanently disabled. There are many insurers out there so it's worth comparing lots of different Life Insurance products to make sure you're getting a good deal.

Income Protection Insurance is a safety net in case you become unable to work due to illness or injury, and sometimes because of involuntary redundancy. This can be very helpful for those who are self-employed - would you be able to keep up your loan repayments if you weren't working for a few months?

Trauma or Crisis insurance is another option that you can investigate, which will help you out in a variety of sticky situations.

The important thing to understand is - you have plenty of options. There are lots of insurance products out there that protect you from the unexpected. But LMI is not one of them - unless you're a lender.

21/11/2025

Here is why you shouldn't scrimp on loan repayments:

With household costs on the rise, many mortgagees are struggling to balance their budgets. It's not surprising more Australians are skipping mortgage payments to help make ends meet.

However, missing loan repayments could land you in a bigger hole. Not only will you be up for late fees - ranging from a manageable $9 to a stinging $195 per overdue payment - but you could be adding thousands of dollars of extra interest to your debt.

At worst, a string of missed mortgage payments could see the bank recalling your loan, forcing a fire sale of your home. Even a couple of missed payments could put a red flag on your credit history, which is going to cramp future borrowings.

One of the best ways to reduce the risk of mortgage stress is to give yourself a buffer on your budget. In Australia, it's recommended borrowers' mortgage repayments make up no more than 30% of household income. The problem is many home owners borrow to the edge of the threshold when interest rates are low - as they are now - leaving no room for inevitable rate rises and other increased living costs.

Instead, budget for mortgage repayments at a 9% interest rate, a long-term average that accounts for peaks and troughs over the long run. When rates are low, stick the extra funds into your mortgage. You will not only save on interest but will have established a safety net, which you can draw on if needed when rates run high.

If you are already feeling the pinch and struggling to make payments, talk to a Mortgage Broker sooner rather than later. A Mortgage Broker can help negotiate with the lender on your behalf and can look into other loan options to ease the squeeze.

20/11/2025

Introducing 5 great reasons to invest in property today:

Do you sometimes listen to those seasoned property investors and wonder how they got started?

It's quite simple actually - they probably started with just one investment property.

Anyone can realise the dream of achieving your financial goals through property investment.

If you're not sure why you would want to get involved, here are the five best reasons:

1. Financial Independence

Now, more than ever, it's important to make sure you have steps in place if you want to live comfortably in your retirement. The retirement age seems to be increasing, and people are no longer able to rely on the aged pension as a sole source of income.

If you start now you can build a property investment portfolio that will provide you with financial independence - whatever that means to you.

For some people that means one investment property that provides a rental return. For others, it means building a veritable monopoly of investment properties in an apparent bid to conquer the universe.

2. Take control of your own investments

The great thing about investing in property is that you're completely in control of what you purchase, and you can take steps to ensure that you give yourself the best chance of achieving excellent capital growth or rental return figures.

The problem with investing in shares and superannuation is that you aren't able to control fluctuations in the market - your role is very passive.

3. Grow your portfolio as your equity increases

Once you start investing in property, it's sometimes difficult to stop. One investment starts to grow which allows you to purchase another, and before you know it you have a nice little collection of properties making money for you.

4. Capital Growth

If you choose wisely, you should be able to achieve strong capital growth on your investment properties. The key is to choose the right type of property in the right area. This might not be an area where you would choose to live - it just needs to be an area with lots of potential for growth.

5. Rental Income

If you hope to achieve a good rental income from your investment properties, you should purchase carefully, and keep your ideal tenant in mind. If you like the idea of renting to students, make sure you look in areas near a university or very near to public transport. If you would prefer to rent to a family, schools, shopping centres and parks might be more important.

But decide what's most important first: capital growth or rental return. You might not always get a great rental return in an area that has a high level of growth.

19/11/2025

We have recently helped someone reduce their loan repayments by over $423 per month through refinancing their home loan and other debts.

In fact for the clients I see who are struggling with their mortgage and debt repayments, I regularly manage to save them hundreds of dollars per month.

In these uncertain times of interest rate changes most mortgage owners are now starting to consider their finance options.

Perhaps I can help you, like I was able to with many of your nearby residents.

If you require:
- reduced loan repayments,
- consolidation of debt,
- funds to renovate, install a pool or purchase a significant item,
- finance to purchase another property,
- parent equity guarantees to assist your children to purchase a property, or any other finance requirement

Please contact me for a free no obligation assessment of your current situation. https://www.mortgageaustralia.com.au

18/11/2025

Variable Interest Rate - Are you sure this is the right choice for you?

With so many different loans on the market, it's easy to get a little confused. It's not always simple to work out which lender is offering the best deal, or who has the best interest rate.

One of the main choices you need to make early on, is whether to opt for a standard variable interest rate, or a fixed rate loan.

Many lenders offer fixed rate loans for 1 to 3 years, some even offer periods of up to 10 years without a change to your interest rate. So with all of this certainty on offer, what are the benefits of the old-fashioned variable interest rate?

Lower interest rate

Usually your rate will be lower than a fixed rate mortgage, meaning that you pay less interest. Variable rates are generally lower than fixed rates. If you choose to fix your rate, you're paying for the certainty that this offers.

Take advantage of decreasing cash rate

If your lender reduces their standard variable interest rate, your interest will be reduced accordingly, meaning that you always pay the lowest standard rate that your lender is offering. So when the Reserve Bank lowers the official cash rate, there is a good chance that your repayments will reduce.

Features and Flexibility

Usually standard variable rate loans offer an array of features that you don't get with a fixed rate loan.

Most variable rate loans give you the flexibility to make additional payments when you want to, but then redraw the extra money again later if your situation changes.

Many lenders also allow offset accounts for your savings which reduce the overall interest charged on your loan - because the bank takes your savings into account before calculating your interest.

When you opt for a variable rate loan, you always have the flexibility to fix your rate later, meaning that you can wait and see if rates are further reduced, potentially saving you money. If you have already fixed your rate, you will continue to pay the same interest rate even when the official cash rate continues to decrease.

On the other hand though, if the official cash rate rises, your loan repayments will increase accordingly. Did you make the mistake of borrowing too much? If you opt for a variable rate loan, and then interest rates start to rise, you might find that you struggle to meet your repayments.

To avoid issues in the future, it's really important that you take the time to compare the loans available to you, and choose the loan that suits your lifestyle and budget.

17/11/2025

How to buy a property with a friend (and remain friends)!

How would you like to double your deposit and double your income to buy your first property? Sounds pretty good doesn't it? That's the reason why many young homebuyers are now working together with a partner, friend or relative to break into the property market.

Although there are some excellent benefits to entering a property partnership, there are some pretty nasty horror stories out there too - so you need to make sure you protect yourself against the worst.



Make sure you have similar goals for you property purchase.

Do you both agree on how long you would like to keep the property for? Do you want to rent it out, or will you be living there together? Make sure everyone is on the same page before you enter into any contracts.



Buy with someone who is at a similar stage in life.

If you buy with a family member who has a baby on the way, you might be asking for trouble. Likewise, buying with a sibling who is too young to appreciate the importance of keeping up financial commitments could be just as much of a recipe for disaster.



Take a moment to check your financial compatibility.

You will be responsible for the loan if the other party becomes unable to pay, so take the time to have some open discussions about money, and make sure you are both equally committed to paying things on time and keeping track of the bills.



Decide if you want to be housemates.

If you plan to live together in the home, make sure you both agree about things that could cause arguments such as having pets in the house, allowing partners to sleep over, housework and other potentially touchy subjects.



Get Legal Advice.

Find out about your options legally if something was to go wrong, and decide whether you want to be Joint Tenants, or Tenants in Common. This might depend on whether you will pay an equal share of the deposit and loan repayments.



Create a formal agreement.

Get a formal agreement drawn up that covers as many issues as you can think of. Hopefully you won't have any problems, but it might be helpful if you already agree on the solution ahead of time. Property partnerships can turn into nasty legal battles when parties don't agree on important issues, such as whether or not to sell the property. If you can thrash out some of these issues now you will save yourself a lot of worry in the future.



Keep records of spending.

Make sure you keep it even, and try to keep records of who paid for what, just in case you have problems down the track.

Hopefully your property partnership will be a very positive experience, and if you follow these steps you should be well on your way to being a great team.

16/11/2025

How to save for your FIrst Home - without moving back to Mum and Dad:

Are you trying to save up for your first home? There's so much to think about - not just an enormous deposit, but stamp duties, moving costs, conveyancing fees and loan costs all add up to quite a number.

Saving such a large amount can be a tough slog. You try and put a bit away each week but unexpected things tend to pop up, and it can feel like you're not getting anywhere at all. But there are a few things you can do to speed up your savings journey.

1. Cut your costs

It's time to sit down with the calculator and work out just how much you spend - on what. It's all too easy these days to 'tap and go' when you make purchases, without really stopping to notice the cost.

For example, you might be horrified to learn that you currently spend $900 per year on energy drinks. And that's not including your morning coffee.

Wait until you're in the right mood - and then be brutal. It's time to work out where you can trim the fat.

2. Kill the credit cards

Credit cards are expensive to keep - and they have a way of blossoming if you don't keep paying them off in full. If you have a credit card debt, get rid of it.

Sell your old textbooks, get a Saturday job, do whatever it takes because this one isn't doing you any favours.

Not only will a credit card accrue interest, your savings goals will be undermined if you have to keep making repayments on credit cards all the time.

3. Make a budget

Write down what you earn. Then list all of your 'non-negotiable' expenses - like rent, groceries, bills, train fares etc.

Deduct the non-negotiable expenses, and what you have left is your disposable income. Rather than disposing of it - try to save as much as possible.

Make a plan for how much you can afford save each month. It might be a bit of a stretch some months if you receive a big bill - so try keeping a separate account where you save a small amount every week.

That way, if you receive your car registration you can pay it without compromising on your savings that month.

4. Leave some room to breathe

We all need a break occasionally, and it's important that your budget does include some room to breathe. You might need to buy new shoes for work, or a present for your sister's birthday.

Don't make it so tight that you can't even go to the movies. Leave a bit of slack for those times when you really need to live a little. That way, you're more likely to reach your savings goal.