Low Doc Loans

Documentation requirements vary depending on your employment type and loan purpose, but standard requirements include recent payslips (typically last 2-4 payslips), tax returns and notices of assessment for the past two years, and bank statements for all accounts over the last 3-6 months. You'll also need identification documents such as driver's licence and passport or birth certificate. For the property purchase, you'll need the contract of sale or property details if refinancing. Self-employed borrowers require additional documentation including business financial statements, BAS statements, and accountant-prepared financial reports. If you have existing loans or credit commitments, statements for these will be required. Depending on your circumstances, additional documents may include rental agreements for investment properties, child support agreements, employment contracts, or evidence of other income sources such as government benefits. At Mortgage Motion Finance, we provide a personalised document checklist based on your specific situation and lender requirements. Our team reviews all documentation before submission to ensure completeness and accuracy, potentially reducing processing times and avoiding delays.

Absolutely! We help clients refinance their existing loans to get better rates, terms, or release equity for other financial goals. Reach out to explore your options.

Absolutely. Mortgage Motion Finance has extensive experience assisting clients with investment property financing across Australia, including many clients from the North Warrandyte area building investment portfolios. Investment property loans have different assessment criteria compared to owner-occupied properties, and we work with lenders who offer attractive rates and terms for investors. We can assist with financing for various investment strategies including negative gearing, positive cash flow properties, and portfolio expansion. Our team understands the tax implications and rental yield considerations important to property investors. We work with clients purchasing their first investment property through to experienced investors with multiple properties. Services include refinancing existing investment loans to improve cash flow, accessing equity for further investments, and structuring loans appropriately for tax purposes. We also have relationships with lenders who specialise in unique investment scenarios such as developments, commercial properties, and properties purchased through self-managed super funds. Our brokers can explain the different loan features available to investors and help structure your borrowing to align with your investment strategy and long-term goals.

Several programs exist to assist first-time home buyers in Australia, and Mortgage Motion Finance can help you access these opportunities. The First Home Owner Grant provides financial assistance to eligible first-time buyers, with amounts varying by state - in Victoria, this is currently $10,000 for new homes. The First Home Loan Deposit Scheme allows eligible buyers to purchase with as little as a 5% deposit without paying Lenders Mortgage Insurance, with the government providing a guarantee to approved lenders. Some lenders also offer specific first-time buyer products with reduced fees, lower deposit requirements, or other concessions. State-based programs may include stamp duty concessions or exemptions for first-time buyers within certain price ranges. Additionally, first-time buyers may be eligible to access their superannuation under the First Home Super Saver Scheme, allowing voluntary contributions and associated earnings to be withdrawn for a home deposit. Family guarantee loans enable parents to use their property equity to help children purchase their first home without a cash deposit. Our team stays updated on all available programs and eligibility criteria, ensuring first-time buyers from North Warrandyte and across Australia can maximise their opportunities to enter the property market.

Lenders assess multiple factors when evaluating home loan applications, with the primary considerations being your ability to service the loan and the security of the property. Income stability and sufficiency are crucial - lenders examine your employment history, current income, and likelihood of continued employment. They calculate your debt-to-income ratio and conduct serviceability testing at higher interest rates to ensure you can meet repayments if rates increase. Your credit history plays a significant role, with lenders reviewing your credit report for previous loan applications, payment history, and any defaults or adverse events. The deposit amount and source are important, with larger deposits generally viewed favourably. Property factors include location, type, condition, and potential for capital growth, as these affect the lender's security position. Living expenses are assessed to ensure realistic budgeting, and existing debts including credit cards, personal loans, and other commitments are factored into affordability calculations. Lenders also consider your savings history, demonstrating your ability to manage money responsibly. At Mortgage Motion Finance, we help clients understand these criteria and position their applications to meet lender requirements effectively.

The timeline varies depending on the type of loan and your circumstances. However, we aim to make the process as smooth and quick as possible, keeping you updated every step of the way.

If your financial circumstances change after loan approval but before settlement, it's crucial to inform both Mortgage Motion Finance and your lender immediately. Changes such as job loss, reduced income, taking on additional debts, or changes in relationship status can potentially affect your loan approval. Lenders may conduct verification checks before settlement and have the right to withdraw approval if circumstances have materially changed. However, minor changes or temporary situations may not necessarily impact your approval, depending on the lender's policies and the nature of the change. If changes occur after settlement, you're generally not required to notify your lender unless you're seeking to modify your loan terms. However, if you're experiencing difficulty meeting repayments, early contact with your lender is advisable to discuss potential solutions such as repayment variations, interest-only periods, or other hardship provisions. At Mortgage Motion Finance, we maintain relationships with our clients beyond settlement and can provide guidance if circumstances change. We can assist with loan modifications, refinancing to different products if needed, or liaising with lenders to find workable solutions that protect your position while meeting your changed circumstances.

Interest rate changes directly impact your mortgage repayments if you have a variable rate loan, which adjusts with Reserve Bank of Australia cash rate movements and lender margin changes. When rates increase, your repayments rise accordingly, and when rates decrease, your repayments reduce. For example, on a $500,000 loan, a 0.25% rate increase might add approximately $70-80 to monthly repayments. Fixed rate loans provide protection from rate movements during the fixed period, but will revert to variable rates at the end of the fixed term. Split loans, combining fixed and variable portions, offer partial protection while maintaining some flexibility. Rate changes affect not only repayment amounts but also loan terms - if you maintain the same repayment amount when rates decrease, you'll pay off your loan faster and save on total interest. Conversely, rate increases extend loan terms if repayments aren't adjusted upward. At Mortgage Motion Finance, we help clients understand different rate options and their implications. We can assist with loan restructuring when significant rate movements occur, potentially refinancing to access lower rates or adjusting loan features to manage repayment impacts. We also provide ongoing advice about market conditions and timing considerations for rate decisions.

We provide a range of loans, including home loans for owner-occupiers, refinancing, equity release, investment loans for residential and commercial properties, SMSF loans, car loans, and equipment/asset finance.

Most clients do not pay direct fees to Mortgage Motion Finance for our mortgage broking services. We typically receive commission payments from the lenders when your loan settles, which means our service comes at no upfront cost to you. This commission structure is regulated by ASIC and is disclosed transparently in our documentation. In some specialised lending scenarios, such as complex commercial loans or certain SMSF arrangements, there may be specific fees involved, which we will always discuss and agree upon before proceeding. Our Credit Guide, which we provide during your initial consultation, outlines all potential costs and commission arrangements. This approach allows us to assist clients from North Warrandyte to Perth without creating additional financial burden during what is often already a significant financial commitment. We believe in transparency regarding all costs and will always explain how we are remunerated for our services.

Our team works closely with you to understand your needs and financial goals. Based on this, we recommend tailored loan solutions that suit your situation.