Documentation and Eligibility: What You’ll Need

Preparing your documents early saves time and ensures smooth approval. Common requirements include:

• Proof of identity: Passport, driver’s license
• Income verification: Recent payslips, tax returns, or bank statements if self-employed
• Deposit proof:
  • Savings account statements
  • Overseas mortgage or sale proceeds
  • Gift letters if family funds assist with deposit
• Visa details: Copy of your visa, ensuring it permits property ownership
• Property details: Contract of sale, property appraisals

Important note:

Lenders often require your deposit to be sourced from legal, verifiable funds. If your savings are overseas, consider currency conversion and transfer times.

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Special Scenarios and Tips

First-Time Buyers

Many Australians and newcomers get overwhelmed with the process. Your broker should explain:

• The importance of a pre-approval, which gives you confidence before making an offer.
• Possible costs like stamp duty and registration fees.
• The role of LMI if your deposit is under 20%. For example, on a $600,000 home with a 10% deposit, LMI could be around $15,000, paid upfront or added to your loan.

Property Investors

Investing in Melbourne’s dynamic market can be profitable. Investors often face:

• Stricter serviceability assessments
• Tax considerations
• Different lenders with investor-specific products

A good broker helps structure loans to maximize tax benefits and minimize costs.

Converting Overseas Savings

If your deposit is from overseas, consider:

• Currency exchange rates
• Transfer times and fees
• Whether your funds are “genuine savings” (proof of savings over time)

Expert tip: Larger deposits reduce LMI and improve approval chances.

Navigating Visa and Residency Rules

Foreign nationals typically face restrictions. You might need FIRB approval before buying. Your broker should guide you through:

• Visa eligibility for property ownership
• The timing of FIRB application (usually within 30 days of contract)
• Maintaining compliance with Australian laws

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How to Find the Right Mortgage Broker in Melbourne

Here are practical steps:

• Research online: Look for brokers with positive reviews and specialized experience.
• Ask for referrals: From friends, family, or real estate agents.
• Interview candidates: Ask about their experience with clients like you.
• Check credentials: Ensure they are accredited through associations like the Mortgage & Finance Association of Australia (MFAA).

Final Thoughts

Choosing the best mortgage broker in Melbourne involves considering experience, network, transparency, and your specific circumstances. A skilled broker can make the journey smoother, helping you secure the best loan terms, navigate legalities, and avoid costly pitfalls.

As the saying goes:

"A well-chosen broker is worth their weight in gold."

With the right guidance, you’ll be closer to turning your Melbourne property dreams into reality. Whether you’re a first-time buyer or an experienced investor, trusted advice and thorough planning are your keys to success.