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Ensuring You Know What You’re Getting Into

Even non-first timers don’t know everything there is to know about taking on a loan or maximising returns. Browse through the most common questions about the financial process and Mint Money’s solutions so you don’t go in blind.

About Mint Money

Mint Money is a leading mortgage brokerage company in Australia. We specialise in helping individuals and families secure the best mortgage deals tailored to their unique financial situations.

Mint Money offers mortgage brokering services to help you find and secure the right home loan for your needs. We also provide assistance with refinancing, debt consolidation, and investment property loans.

Johnny Sukkar, principal broker and founder of Mint Money, has 10 years of experience as an independent mortgage broker, and 11 years in banking before that. The Mint Money team has years of experience and has helped clients in the thousands.

Mint Money is a member of the Mortgage Finance Association of Australia (MFAA). The MFAA is the peak national body providing service and representation to over 10,000 professional credit advisers (mortgage and finance brokers, mortgage managers and aggregators) to assist them to develop, foster, and promote the mortgage and finance industry in Australia.

The MFAA represents and lobbies for professional credit advisers, delivers services that support their career paths, and positions them as the professionals of choice in the mortgage and finance industry for both consumers and regulators.

Lenders pay us to administer and manage mortgages on their behalf. We are not aligned with a specific bank or lender, but instead work with over 40 financial institutions to get you the best loan that’s suited to your requirements and needs. We’re 100% transparent, with no hidden costs or commissions.

Range of services
Mint Money offers a much greater range of products than any one bank. As a mortgage broker, we have a range of over 35 lender options with different products, interest rates and lender policies to find the best solution for you.

Client focus
Our focus and loyalty is, first and foremost, you. In contrast, the banks’ first loyalty is to their shareholders and therefore meeting their monthly lending target. Branch lenders tend to be transaction-focussed. They are concerned with optimising their income from the application at that moment and on-selling additional services.

Long-term goals
Mint Money focuses on your future plans and the optimum loan structure for the medium to long-term. We educate you on why it’s important to set up loan facilities correctly to plan for future financial ambitions.

Mortgage brokers and Mint Money now manage the client relationships that banks have neglected. You have a relationship with your Mint Money mortgage broker that your parents once enjoyed with the local branch manager. We know our clients and have a long-term relationship with them. You don’t have to tell your story to a stranger every time you require financial assistance (as you do with the banks).

For First-Time Loan Takers

LVR stands for Loan-to-Value Ratio. It’s the ratio of the loan amount to the property’s value. In Australia, an LVR of 80% or higher typically requires Lender’s Mortgage Insurance (LMI).

LMI is insurance that protects the lender if you have a high LVR. It’s an additional cost for borrowers and is required when borrowing more than 80% of a property’s value.

You can apply for a home loan through a bank, credit union, or a mortgage broker like Mint Money. The process involves providing financial information, completing an application, and meeting eligibility criteria.

Pre-approval is an initial assessment of your loan application by a lender. It helps you determine your borrowing capacity and shows sellers you’re a serious buyer.

A fixed-rate loan has a stable interest rate for a set period, providing budgeting certainty. A variable-rate loan’s interest rate can change over time based on market conditions.

P&I loans require you to repay both the loan amount (principal) and interest, gradually reducing the debt. IO loans only require interest payments for a set period, with the principal remaining unchanged.

Costs include interest, application fees, ongoing fees, stamp duty, conveyancing fees, and LMI if your LVR is over 80%.

Stamp duty is a tax based on the property’s selling price set by state governments.

You can use our calculators or consult with us to determine your borrowing capacity and estimate repayments based on your income, expenses, and loan type.

The FHOG is a government initiative that provides a grant to first-time home buyers. Eligibility criteria, grant amounts, and application processes may vary by state or territory.

A mortgage broker like Mint Money acts as an intermediary between you and lenders, helping you find the right loan, complete paperwork, and secure the best deal. Our services are generally free for borrowers.

If you’re facing financial difficulty, contact your lender immediately. They may offer temporary solutions, such as repayment holidays, to help you get back on track.

Refinancing involves applying for a new loan to replace your existing one. It can help you secure a better interest rate, access equity, or change loan terms.

For First-Time Investors

An investment property is real estate purchased with the primary goal of generating rental income or capital appreciation. It is not your primary residence.

Capital appreciation is the increase in the value of your investment property over time. It can result from market demand and property improvements.

Rental yields are the annual rental income generated by your property as a percentage of its total value. It’s a key indicator of your property’s profitability.

Mint Money can assist you by providing expert guidance and access to a wide range of lenders and loan products to help you secure financing for your investment property.

Negative gearing occurs when your rental income is less than your property expenses, resulting in a tax deduction. Positive gearing is when your rental income exceeds your expenses, providing a profit. Our team can help you analyse the financial implications of both strategies.

Rental income is generally taxable, but you can claim deductions for property-related expenses. Mint Money can guide you on maximising your tax benefits.

While Mint Money specialises in financing, we work with a network of real estate professionals who can help you find investment properties that align with your financial goals.

A buyer’s agent is a professional who can help you find suitable investment properties. Mint Money can connect you with experienced buyer’s agents to streamline your property search.

We provide access to a broad range of loan options, competitive interest rates, and personalised advice to help you choose the right loan for your investment. We also assist with the application process.

Yes, we have experience working with first-time investors and can provide tailored advice and assistance to make the process smoother for you.

For Someone Looking into Debt Consolidation

Debt consolidation is the process of combining multiple debts, such as credit card balances, personal loans, and other debts, into a single loan. This can make it easier to manage and potentially lower your interest rate.

A debt consolidation loan is a single, larger loan used to pay off existing debts. After consolidation, you have one monthly payment to manage, typically with a lower interest rate.

Debt consolidation combines multiple debts into one new loan, whereas debt settlement involves negotiating with creditors to pay off your debts for less than the full amount owed.

Debt consolidation can be achieved through personal loans, home equity loans, balance transfer credit cards, or refinancing existing loans. Mint Money can help you explore these options and select the most suitable one.

Yes, you can consolidate a mix of secured (e.g., car loans) and unsecured debts (e.g., credit card debt) into one debt consolidation loan.

Debt consolidation can help you manage your debts, but it’s important to be cautious about taking on new debt. You must avoid accumulating more debt after consolidating.

Mint Money can help you assess your current financial situation, explore debt consolidation options, connect you with lenders, and assist with the application process.

You’ll typically need to provide details of your existing debts, income, expenses, and identification documents when applying for a debt consolidation loan.

The timeline can vary but generally takes a few weeks. It involves application, approval, and the settlement of your new loan.