FAQs our Wollongong Mortgage Brokers get asked

A good Wollongong mortgage broker should be locally based, hold a current credit representative number, and have verifiable Google reviews from Illawarra clients. Greg Cooke at SimpleFin has 10+ years' experience, holds credit representative number 467836 under LMG (ACL 517192), and works from the UOW Innovation Campus in North Wollongong. Ask any broker upfront how they're paid, which lenders they recommend most often, and whether they stay in touch after settlement.

With Wollongong's median house price around $1.26 million, a 20% deposit is roughly $252,000 - but most Wollongong buyers don't need that much. First home buyers can purchase with a 5% deposit under the federal First Home Guarantee scheme, and standard buyers typically need 10-20% depending on lender and LMI tolerance. We help first home buyers work out the smallest viable deposit for their situation.

Wollongong buyers access the same NSW and federal schemes as the rest of the state. The $10,000 First Home Owner Grant applies to new builds up to $600k (or house-and-land packages up to $750k). The First Home Buyers Assistance Scheme gives full stamp duty exemption up to $800k and a sliding concession to $1M. The federal First Home Guarantee lets eligible buyers purchase with 5% deposit and no LMI. These three can be stacked - we help Wollongong first home buyers claim all entitlements.

Borrowing capacity depends on income, expenses, debts, and deposit - not location. A single buyer on $90k with minimal debts might borrow $500-550k. A couple earning $180k combined could reach $900k-$1.1M. Given Wollongong's median house price, most first home buyers in the area need a household income of $130k+ to comfortably purchase a house, or $90k+ for a unit. A pre-approval gives you a real figure.

Suburbs that consistently come in below Wollongong's median include Warrawong, Berkeley, Cringila, Lake Heights, Unanderra, and Dapto. Houses in these areas typically sit in the $700k-$900k range, putting them within reach of the FHBAS stamp duty exemption. Coastal suburbs like Thirroul, Austinmer and Wombarra command a significant premium and rarely qualify for first home buyer concessions.

Stamp duty in Wollongong follows standard NSW rates - the location doesn't change the tax. Standard buyers pay tiered duty based on purchase price. First home buyers get a full exemption up to $800k, sliding concession from $800k-$1M, and full duty above $1M. On a $1M Wollongong property, standard stamp duty is approximately $40,000. On an $800k property, an eligible first home buyer pays zero.

Going direct ties you to one lender's products and rates. A Wollongong mortgage broker compares 60+ lenders simultaneously and typically secures sharper rates because lenders compete harder for broker-introduced business. The other advantage: if your bank says no, a broker knows which lenders will say yes - particularly useful for self-employed, low-deposit, or credit-impaired Wollongong borrowers.

Most pre-approvals come back within 3-10 business days. Self-employed applicants or anyone with complex income typically sit at the longer end. With auction-heavy markets like Wollongong, getting pre-approval before you start inspecting is critical - auction purchases have no cooling-off period and no finance clause.

Yes - this is where brokers genuinely outperform banks. Self-employed Wollongong borrowers (tradies, contractors, business owners, UOW academics with consulting income) need lenders who understand non-PAYG income. Some lenders accept one year of tax returns; others want two. Some accept BAS only; others require accountant declarations. A broker knows which lenders fit your specific income structure.

Refinancing isn't just chasing a lower rate - it's restructuring to fit your current situation. We review your existing loan, model the switching costs (discharge fees, application costs, LMI if applicable), then lodge with whichever lender comes out ahead. Most Wollongong clients who refinance through SimpleFin save thousands across the loan's life.

Common triggers: your fixed rate is rolling off, your current rate is 0.5%+ above market, you want to access equity for renovations or investment, you're consolidating debt, or your circumstances have changed (new job, growing family, separation). A 2-yearly review usually pays for itself. We offer free refinance health checks for Wollongong homeowners.

Yes - and structuring an investment property loan correctly matters more than getting the lowest rate. Loan structure affects tax deductibility, future borrowing capacity, and how easily you can scale a portfolio. Wollongong is currently an active investor market with rental yields around 2.4-2.8% on houses and stronger yields on units near UOW.

Wollongong's investor profile typically splits two ways: capital growth plays (houses in established coastal suburbs like Thirroul or Wollongong CBD) or yield plays (units near UOW or Wollongong Hospital for student/professional tenants). Loan structure should match strategy - interest-only is more common for growth holdings, principal-and-interest for higher-yield holds. Get the structure decided before you buy, not after.

LMI (Lenders Mortgage Insurance) applies when your deposit is below 20%. On a typical $1M Wollongong purchase with a 10% deposit, expect LMI of roughly $20,000-$30,000 added to the loan. You can avoid LMI entirely through the First Home Guarantee scheme, a guarantor arrangement, or qualifying for a professional LMI waiver (doctors, accountants, lawyers and some other professions).

Neither is universally better - it depends on cash flow, how long you plan to hold, and rate outlook. Fixed rates give certainty; variable rates give flexibility (offset, redraw, extra repayments). Many of our Wollongong clients split: part fixed, part variable. We model both scenarios before you commit.

From application to unconditional approval is typically 1-3 weeks. From approval to settlement is usually another 4-6 weeks, driven by the contract's settlement period - standard NSW contracts default to 42 days. For auction purchases in Wollongong, you need unconditional finance on the day, so pre-approval is non-negotiable.

Yes. Construction loans work differently - funds release in stages as your builder hits milestones, and you only pay interest on what's drawn. Not every lender does construction well, and the wrong choice causes cash flow problems mid-build. Important for Wollongong buyers building new: choosing the right construction lender can also affect your First Home Owner Grant eligibility, since the $10k grant applies to new builds under $750k.

Yes - and this is increasingly common in Wollongong given NSW planning reforms encouraging dual occupancy. Granny flat finance can be structured as part of a construction loan or funded through equity in your existing home. Some lenders treat the rental income from a granny flat as serviceable income (helping you borrow more), others don't.

No Wollongong-specific local government grants currently apply beyond the standard NSW and federal schemes. However, the $10k FHOG plus $30k+ stamp duty exemption (on an $800k property) plus 5% deposit scheme combined can deliver $40k-$50k+ of total support to eligible Wollongong first home buyers. Stacking all three is the goal.

Non-residents face Foreign Investment Review Board (FIRB) requirements, higher deposit thresholds (often 30%+), and a 9% NSW foreign buyer surcharge on stamp duty. Australian expats returning home or earning offshore income have more options but a smaller lender pool. We've worked with both groups in Wollongong.

Equity refinancing increases your loan balance to release cash for renovations, investment, or other purposes. With Wollongong house prices up roughly 6% in the year to late 2025, many homeowners have meaningful equity available. The lender reassesses your serviceability at current borrowing capacity - so income, expenses and existing debt still matter. Refinancing for equity release typically takes 3-6 weeks.

Step one: a no-obligation chat about your goals and finances. Step two: we assess borrowing capacity and shortlist suitable lenders. Step three: pre-approval. Step four: property search and contract. Step five: formal (unconditional) approval. Step six: settlement. We manage lender communication, paperwork and submission throughout - you focus on finding the place.

Yes. Commercial loans - for business premises, commercial investment property, or commercial refinancing - work differently to residential. LVRs are lower (typically 65-75%), rates are higher, and the lender pool is narrower. Many residential brokers don't do commercial well. Greg has worked across both residential and commercial lending through his roles at NAB, PLAN, Choice, FAST and Loan Market.

Yes, through a Limited Recourse Borrowing Arrangement (LRBA), which is the only legal way an SMSF can borrow to buy property. SMSF loans have higher rates (typically 1-2% above standard home loans), lower LVRs (usually 70-80%), and require a bare trust structure. Worth discussing with both a mortgage broker and your accountant before committing.

Yes - and pre-approval is essential. Wollongong's auction-heavy market means no cooling-off period and no finance clauses apply once the hammer falls. We can have pre-approval ready before auction day with a clear maximum bid figure, and stay available during the bidding process for any last-minute lender questions.

Standard documents: photo ID, last 2 payslips, 3 months of bank statements, recent group certificate or tax return, and details of all existing debts (credit cards, HECS, car loans, BNPL). Self-employed applicants need 2 years of tax returns plus recent BAS. We send a clear checklist before application so nothing's missed.

Often yes - but it depends on what's on your file. A late phone bill is very different from a default or bankruptcy. Specialist non-bank lenders work with credit-impaired Wollongong borrowers at slightly higher rates, with the option to refinance to mainstream lenders once your credit recovers. We've had clients approved who'd been refused by their own bank.

Consolidating credit cards, personal loans or car finance into your home loan can dramatically reduce monthly repayments by extending the term and dropping the interest rate. The trade-off: you pay more interest over time and put your home at risk for debts that weren't previously secured. Worth doing only with a clear repayment plan - we model both scenarios before recommending it.

Online lenders can be cheap but inflexible - your application either fits the template or it doesn't, and there's no one to call when something goes wrong. A local Wollongong broker knows the regional property market, has direct contacts at lender BDM level, and is accountable face-to-face. For most buyers a 0.05% rate difference matters less than having an actual person managing the file.

The simplest way is a no-obligation chat - call Greg directly on 0457 531 124 or message via the contact page. Most first conversations take 15-20 minutes, and we can usually tell you within that time whether your situation is workable and what the next step looks like. No fees, no obligations, no pressure.