Home Loans

Buying your next home on the Gold Coast

Whether you’re upgrading for a growing family, downsizing, moving here from interstate or buying a holiday home, we’ll find a loan that fits and manage it from pre-approval through to settlement.

Buying your first home? See our first home buyers page for government schemes and low-deposit options.

“The agent we recently purchased our home from was so impressed with his 3 day turn around on finance, that he has engaged Joe for his future clients.”
Abbey R., Facebook review

Start with pre-approval

Pre-approval tells you how much a lender is likely to lend before you make an offer. It lets you bid at auction or negotiate with confidence. We’ll get your pre-approval with a lender that suits your situation, not just the first one that says yes, and keep it current while you search.

Choosing your loan

Variable, fixed or split? Variable rates move with the market and usually allow unlimited extra repayments and a full offset. Fixed rates give certainty for one to five years but usually limit extra repayments and can carry break costs. A split gives you some of both.

Offset or redraw? An offset account reduces the interest you pay while keeping your savings accessible. A redraw facility is cheaper but less flexible. If you keep a healthy balance, an offset usually pays for itself.

How much deposit? With a 20% deposit you avoid lenders mortgage insurance (LMI). Many lenders accept 10% or less with LMI. Some professionals, such as medical and legal practitioners, may qualify for an LMI waiver.

Buying before you sell? A bridging loan can cover the gap between buying your next home and selling your current one. It’s useful but needs careful planning, and we’ll model the worst case with you.

Things that catch Gold Coast buyers out

• Apartments and units. Some lenders limit lending on small apartments or in high-density buildings, or ask for a bigger deposit. That matters in parts of Surfers Paradise, Broadbeach and Southport. We check the lender’s policy on the specific building before you sign.
• Coastal and flood-prone properties. Insurance costs can affect what a lender thinks you can afford. Get a quote before you make an offer.
• Building and pest conditions. Make your contract subject to finance and to building and pest inspections, and give yourself enough days to get them done.
• Valuations coming in low. In a moving market, the bank’s valuation can come in under the price. We’ll warn you early if it’s a risk and know which lenders to approach.

What happens from offer to settlement

1. Offer accepted. Send us the contract and we’ll lodge for formal approval straight away.
2. Valuation. The lender values the property.
3. Formal approval. We review the loan documents with you before you sign.
4. Settlement. We liaise with your solicitor or conveyancer and the lender, confirm your offset is linked, and keep you updated throughout.

Example: a $3.2 million purchase

A Gold Coast buyer came to us after finding the property they wanted. They had a deposit ready but needed to know what they could borrow and which lender would suit them.

We went through their income, expenses, deposit and existing commitments, then compared loans across our panel.

They bought the property for around $3.2 million with a home loan of about $2.56 million. We managed the application through to approval and settlement so they knew where things stood at every step.

Client details have been changed or omitted for privacy.

Frequently asked questions

How much can I borrow?

It depends on your income, expenses, existing debts and the lender. Each lender calculates it differently. Use our calculator for an estimate, then talk to us for a figure across several lenders.

How long does pre-approval last?

Usually three to six months, depending on the lender. We’ll keep track and renew it if needed.

Do I need a 20% deposit?

No. You can buy with less, but LMI usually applies below 20%. We’ll show you the cost of LMI against waiting to save more.

Can I keep my current home as an investment?

Often, yes. We’ll look at whether you can borrow for the new home while keeping the current loan, and how to structure the two. See investment property loans.

Talk to Joe

Call (07) 5538 8334 or book a time with Joe.

General information only. It does not take into account your objectives, financial situation or needs. Lending criteria, fees and charges apply, and all loans are subject to lender approval. Fast Funding (Australian Credit Representative Number 397509) is a Corporate Representative of BLSSA Pty Ltd (Australian Credit Licence 391237).