Question 1

Why use a mortgage broker instead of going directly to a bank?

Accepted Answer

A mortgage broker acts as your personal advocate, comparing hundreds of loan products from 50+ lenders to find the best deal for your situation. We save you time, money, and stress by doing the research and negotiation for you. Banks only offer their own products, while we have access to the entire market. We also help you understand complex terms, make refinancing simple, and provide ongoing support throughout your loan journey.

Question 2

What makes RyRo Loan Centre different from other brokers?

Accepted Answer

We're an award-winning mortgage broking company with 13+ years of experience and access to 50+ lenders across Australia. Our personalised approach, combined with our extensive experience and proven track record, ensures you get the best possible loan solution tailored to your needs. We've helped over 2000+ clients achieve their property dreams and maintain a perfect 5.0/5 star rating from 340+ Google reviews. We focus not just on getting you the lowest rate, but also on structuring your loan for maximum long-term benefit.

Question 3

Does RyRo Loan Centre charge fees for their services?

Accepted Answer

No, we do not charge you any fees for our services. Our services are completely free for borrowers as we receive commission from lenders. Additionally, when you work with us, there will be no hidden costs or charges. We believe in complete transparency about any fees, and you'll never be surprised by unexpected charges.

Question 4

How do I know if I'm getting the best loan rate?

Accepted Answer

With access to 50+ lenders, we compare hundreds of loan products to ensure you get the most competitive rate available. We'll explain all the costs involved, not just the interest rate, so you can make an informed decision about your loan. Our goal is to save you money, not just get you approved. We also consider loan structure, features, and flexibility - sometimes a slightly higher rate with better features can save you more money long-term.

Question 5

Can I get a loan with a poor credit score or bad credit history?

Accepted Answer

Yes, it's possible! While a poor credit score can make borrowing more challenging, we work with specialist lenders who understand that everyone's financial journey is different. We'll help you explore all available options and work towards improving your financial position. Some lenders specialise in helping people with credit issues, and we can guide you on steps to improve your credit score over time.

Question 6

What is borrowing capacity, and how is it calculated?

Accepted Answer

Borrowing capacity is the maximum amount a lender is willing to loan you based on your financial situation. It's calculated using several key factors: your household income (including regular overtime and bonuses), existing debts (credit cards, personal loans, car loans, etc.), number of dependents, and your living expenses. Most lenders use a formula that typically allows borrowing 5-7 times your annual income, but this varies based on your specific circumstances. We can help you understand your exact borrowing capacity and ways to potentially increase it.

Question 7

What is the minimum deposit required for a home loan?

Accepted Answer

For owner-occupied properties, the minimum deposit is typically 5% of the property value, though some lenders may require 10% or more. For investment properties, most lenders require a 10% minimum deposit, though some may accept 5% in certain circumstances. Keep in mind that deposits below 20% will require Lenders Mortgage Insurance (LMI), which adds to your costs. We can help you understand the deposit requirements and explore options like family guarantees to reduce your deposit needs.

Question 8

What is the difference between fixed and variable interest rates?

Accepted Answer

Fixed rate loans have rates that remain constant for a predetermined term (1-5 years), providing payment certainty but less flexibility. Variable rate loans have rates that can change when the lender or Reserve Bank adjusts rates. Currently, fixed rates are often more competitive than variable rates, but this can change based on market conditions. We'll help you choose the right option based on your financial goals, risk tolerance, and market outlook.

Question 9

What are the advantages and disadvantages of fixed rate loans?

Accepted Answer

Fixed rate advantages include payment certainty during the fixed term and protection from rate increases. If variable rates rise, your fixed rate won't change. However, disadvantages include being locked into higher rates if variable rates drop, potential break costs if you need to exit early, and limited extra repayment options (most lenders cap extra payments at $10,000-$20,000 per year). Fixed rates are currently more competitive than variable rates, but this can change.

Question 10

What are the advantages and disadvantages of variable rate loans?

Accepted Answer

Variable rate advantages include rates that decrease when market rates fall, unlimited extra repayments without fees, and the ability to link offset accounts to save on interest. You also have more flexibility to refinance or make changes. Disadvantages include rates that increase when market rates rise, leading to higher repayments. Variable rates have been higher than fixed rates recently, but this can change based on economic conditions.

Question 11

What is an offset account and how does it work?

Accepted Answer

An offset account is a transaction account linked to your home loan that reduces the interest you pay. The money in your offset account is "offset" against your loan balance for interest calculations. For example, if you have a $500,000 loan and $100,000 in your offset account, you only pay interest on $400,000. This can save you thousands in interest over the life of your loan. Most banks offer full offset accounts with variable rate loans, and some even offer partial offset with fixed rate products.

Question 12

What documents do I need to apply for a home loan?

Accepted Answer

You'll need recent payslips, bank statements, tax returns, identification documents, and details about the property you're purchasing. We'll provide you with a comprehensive checklist tailored to your specific situation. The exact documents required depend on your employment type and loan amount. Self-employed applicants typically need additional documentation like BAS statements and profit & loss statements.

Question 13

How long does the home loan approval process take?

Accepted Answer

Pre-approval typically takes 1-3 business days, while full approval can take 1-10 working days depending on the lender and complexity of your application. We work with you to ensure all documentation is complete upfront to avoid delays. Our goal is to get you approved as quickly as possible, and we'll keep you updated throughout the process.

Question 14

What is Lenders Mortgage Insurance (LMI) and when do I need it?

Accepted Answer

LMI is insurance that protects the lender if you default on your loan. It's required when you borrow more than 80% of the property value. The cost depends on your loan amount and deposit size, typically ranging from 1-4% of the loan amount. We can help you understand LMI costs and explore ways to minimise or avoid it, such as using a family guarantee or saving for a larger deposit.

Question 15

When should I consider refinancing my home loan?

Accepted Answer

Consider refinancing when interest rates drop, your financial situation improves, you want to access equity, or you're unhappy with your current lender. We can help you determine if refinancing will save you money or provide better features. Generally, if you can save 0.5% or more, it's worth considering. Other reasons include wanting better loan features, consolidating debt, or changing from fixed to variable (or vice versa).

Question 16

What are the costs involved in refinancing?

Accepted Answer

Refinancing costs may include discharge fees from your current lender ($200-$1,000), application fees with the new lender ($0-$1,000), and potentially LMI if your loan-to-value ratio changes. We'll calculate all costs upfront and ensure the savings from refinancing outweigh the costs. Many lenders offer cashback incentives ($2,000-$4,000) that can offset these costs, making refinancing more attractive.

Question 17

Can I refinance if I'm in financial difficulty?

Accepted Answer

Yes, we work with specialist lenders who can help if you're experiencing financial hardship. Options may include debt consolidation, extending your loan term, or switching to interest-only payments temporarily. We'll assess your situation and find the best solution to get you back on track. Some lenders specialise in helping borrowers with financial difficulties.

Question 18

How often can I refinance my home loan?

Accepted Answer

There's no legal limit on how often you can refinance, but it's generally recommended to wait at least 6-12 months between refinances to avoid excessive costs. We'll help you determine the optimal timing based on market conditions and your financial goals. Consider refinancing when you can save at least 0.5% in interest rate or access better loan features.

Question 19

What is negative gearing and how does it work?

Accepted Answer

Negative gearing applies to investment properties only. It occurs when the expenses of holding an investment property (interest, maintenance, rates, etc.) exceed the rental income in a financial year, creating a tax loss. This loss can be claimed in your tax return, reducing your taxable income. It's a legitimate tax strategy that can make investment properties more affordable, but you should consult with an accountant to understand the full implications for your situation.

Question 20

How do you get paid as a mortgage broker?

Accepted Answer

We receive commission from lenders when we successfully arrange a loan for you. This commission is typically 0.5-0.7% of the loan amount and is paid by the lender, not by you. We're required to disclose all commissions and ensure they don't influence our recommendations. Our goal is always to find the best loan for your needs, regardless of commission rates.

Question 21

Do you work with all lenders in Australia?

Accepted Answer

We have access to 50+ lenders including major banks, regional banks, credit unions, and non-bank lenders. This gives us a comprehensive view of the market to find the best deal for you. We're not tied to any particular lender and will recommend whoever offers the best terms for your situation. Our independence allows us to be truly objective in our recommendations.

Question 22

What ongoing support do you provide after loan settlement?

Accepted Answer

We provide ongoing support throughout your loan term, including annual reviews, assistance with rate changes, and help with additional borrowing. We'll monitor your loan and market conditions to ensure you continue to have the best deal available. You can contact us anytime for advice or assistance, and we'll help you navigate any changes in your financial situation.

Question 23

Can you help with investment property loans?

Accepted Answer

Absolutely! We specialise in both owner-occupied and investment property loans. Investment loans have different criteria and rates, and we can help you understand the tax implications and find the best investment loan for your portfolio. We also help with portfolio management, refinancing multiple properties, and understanding negative gearing benefits.

Question 24

Is loan structuring more important than interest rate?

Accepted Answer

While getting the lowest interest rate is important, loan structuring is equally crucial for long-term success. The right structure can save you thousands over the life of your loan. Consider your cash flow for the next 3-5 years, whether you might convert the property to investment, any expected life changes, and your long-term property goals. We help you balance rate with features like offset accounts, redraw facilities, and flexibility to ensure your loan works for your entire journey.

Question 25

How do I get started with RyRo Loan Centre?

Accepted Answer

Getting started is easy! Simply book a free, obligation-free consultation with us. We'll discuss your goals, review your financial situation, and create a personalised plan to help you achieve your property dreams. No pressure, just expert guidance. You can also use our online calculators to get an initial estimate of your borrowing capacity and repayments.

Question 26

What happens during the initial consultation?

Accepted Answer

During our free consultation, we'll discuss your property goals, review your financial situation, explain the loan process, and answer all your questions. We'll also run a preliminary assessment to determine your borrowing capacity and identify the best loan options for your circumstances. We'll help you understand different loan types, rates, and features to make an informed decision.

Question 27

How do you choose the best lender for me?

Accepted Answer

We consider multiple factors including interest rates, fees, loan features, your financial profile, and personal preferences. We compare products from our 50+ lenders and present you with the best options. Our recommendation is based on what's genuinely best for you, not on commission rates. We also consider your long-term goals and potential future changes.

Question 28

What if my loan application is declined?

Accepted Answer

If one lender declines your application, we'll work with other lenders who may have different criteria. We have access to specialist lenders who work with various financial situations. We'll also help you understand why the application was declined and what steps you can take to improve your chances in the future. Sometimes it's just a matter of finding the right lender for your specific situation.

Question 29

How long does the entire loan process take?

Accepted Answer

From initial consultation to settlement typically takes 1-10 working days, depending on the lender and complexity of your application. We'll keep you updated throughout the process and work to ensure everything runs smoothly. Our goal is to make the process as stress-free as possible for you, and we'll handle all the paperwork and lender communication.

Question 30

Principal & Interest vs Interest Only repayments - which should I choose?

Accepted Answer

For owner-occupied loans, Principal & Interest (P&I) repayments are almost always recommended as they reduce your loan balance over time. Interest Only (IO) repayments are generally only allowed temporarily with a solid reason. For investment properties, many people choose Interest Only to maximise cash flow and tax benefits, though P&I reduces the loan faster. We'll help you understand the pros and cons of each option and work with your accountant to develop the right strategy for your situation.

Question 31

My lender is charging me a higher home loan rate than I see advertised elsewhere. Can I change lenders?

Accepted Answer

This is exactly the reason why most people change lenders. There may be a penalty clause in your current home loan, meaning you may need to pay a discharge fee, but it could still be in your financial interests to change. When shopping around it is always important to look for the comparison rate of a product. A comparison rate is essentially the true rate, taking into account the fees and charges you will pay on the loan. So even though you see a lower rate it doesn't mean the repayments are less. Our loan advisors are able to take the hassle out of this for you. Why not contact us to be put in touch with best brokers? We have access to over 800 mortgage products from more than 50+ lenders

Question 32

I have just come off a 'honeymoon' interest rate to a much higher rate. Can I move lenders or am I locked into my mortgage?

Accepted Answer

Although you can walk away from most mortgages, penalty fees sometimes apply. To consider your options, contact us today!

Question 33

If I move my mortgage to a new lender, is there anything stopping that lender from increasing their rates in a few months time?

Accepted Answer

It depends what kind of product you have. If you're concerned about rising rates, perhaps you should consider a fixed rate home loan, where repayments are fixed for a period from 1 to 5 years

Question 34

Why do some lenders charge more than others for lending the same amount of money?

Accepted Answer

Banks and other lenders pay different amounts for the money they on-lend to you, they have different overhead structures and different profit expectations. All these factors affect how much they charge to lend people money

Question 35

What documentation do I need to refinance?

Accepted Answer

The last 3 - 6 months of mortgage statements is sufficient to begin this process. For more advice contact us now

Question 36

Can I get a mortgage where I pay less than I'm paying now?

Accepted Answer

With lenders adjusting their rates outside of the reserve bank now is a great time to shop around check that you have the right loan for your needs, we are a great starting point. It will depend what interest rate you're currently paying, what type of home loan you have (e.g. fixed, variable, interest only, line of credit) and what features you want in your loan. Contact us today to get details on your options

Question 37

Can I consolidate credit card or other debts into a home loan?

Accepted Answer

This is one of the reasons many people refinance. The advantage is that you pay a much lower interest rate on a mortgage than for most other forms of debt - e.g. credit cards, overdraft facilities, personal loans etc. Providing you have sufficient equity in your property, you may be able to consolidate all your debt on a home loan. If you take this option though it is important to make sure you maintain your repayments at their current level or you could end up paying more over a longer period of time. Speak with us today to discuss your personal needs

Question 38

How much money can I borrow?

Accepted Answer

We're all unique when it comes to our finances and borrowing needs. Get an estimate on how much you could borrow with our clever loan options tool. Chat to us when you're ready, we can help with calculations based on your circumstances.

Question 39

How do I choose the loan that's right for me?

Accepted Answer

Our guides section will help you learn about the major options available. There are variety of different home loans available. we can recommend the right loan(s) for you, so talk to our advisers today!

Question 40

How often do I make home loan repayments?

Accepted Answer

Most lenders will provide you with flexible repayments option which will be better suit your pay cycle. We recommend a weekly or fortnightly repayment instead of monthly. This will enable you to make several payments within a year, which ultimately will save you money and time off your loan

Question 41

What fees/costs are involved in switching mortgages?

Accepted Answer

Penalty fees could apply if you're paying off your current mortgage early, especially if you're exiting a fixed home loan. But these may be offset by repayment savings when you switch home loans. We will be delighted to assist you with any fees that will apply in your circumstances.

Question 42

What is the minimum deposit for an investment property in Sydney?

Accepted Answer

Most lenders require a minimum deposit of 10–20% of the purchase price. Borrowing above 80% LVR requires Lenders Mortgage Insurance (LMI). Many investors use equity from existing properties to fund the deposit and avoid LMI.

Question 43

What are current investment loan interest rates in Sydney?

Accepted Answer

As of early 2025, variable investment loan rates start from approximately 5.79% p.a. for principal and interest at 80% LVR. Interest-only investor loans start from around 6.20% p.a. Rates vary by LVR, lender, repayment type and your profile. A broker compares rates across 30+ lenders.

Question 44

Are investment loan interest repayments tax-deductible?

Accepted Answer

Yes. Under ATO guidelines, the interest on an investment property loan is generally fully tax-deductible against rental income. Where expenses exceed income (negative gearing), the net rental loss can be offset against other taxable income. Always seek advice from a qualified accountant for your specific position.

Question 45

How does negative gearing work with an investment loan?

Accepted Answer

Negative gearing occurs when total deductible expenses (interest, management fees, rates, insurance, depreciation) exceed rental income. The net rental loss reduces your total taxable income  -  the government effectively shares in your holding costs through reduced tax. It works best for high-income earners in the 37–45% marginal tax bracket.

Question 46

What is the difference between interest-only and principal & interest for investment loans?

Accepted Answer

Interest-only (IO) means you pay only the interest for a set period (typically up to 5 years), giving lower repayments and maximised deductible expenses. Principal and interest (P&I) builds equity and results in lower total lifetime interest. The right choice depends on your tax position, cash flow and strategy  -  we can model both for you.

Question 47

Can I get an investment loan if I'm self-employed?

Accepted Answer

Yes. Most lenders require two to three years of tax returns, financial statements and BAS for full-doc assessment. Low doc investment loan options are available through specialist lenders using accountant declarations and BAS; rates are typically slightly higher.

Question 48

What is cross-collateralisation and should I avoid it?

Accepted Answer

Cross-collateralisation is when multiple properties secure one or more loans with the same lender. It can seem convenient but gives the lender significant control over your portfolio and limits selling or refinancing individual assets. For most portfolio investors, standalone security across multiple lenders is preferred for flexibility and scalability.

Question 49

How much can I borrow for an investment property in Sydney?

Accepted Answer

Borrowing capacity depends on your income, existing debts, expected rental income, property value and location, and each lender's serviceability model. Lenders apply a 3 percentage point buffer above the loan rate (APRA requirement). We model your capacity across multiple lenders to find your maximum viable loan and the best lender.

Question 50

What is the maximum LVR available for investment loans?

Accepted Answer

Most major banks cap investment loans at 80% LVR before LMI; some allow up to 90% with LMI. Non-bank specialists may consider higher LVRs in limited circumstances. For the best rates, aim for 60–80% LVR.

Frequently AskedQuestions

Why Choose Us?

Expert Guidance

50+ Lenders

Fast Processing

Got Questions? We Have Answers

General Questions

Why use a mortgage broker instead of going directly to a bank?

What makes RyRo Loan Centre different from other brokers?

Does RyRo Loan Centre charge fees for their services?

How do I know if I'm getting the best loan rate?

Can I get a loan with a poor credit score or bad credit history?

What is borrowing capacity, and how is it calculated?

Home Loans

What is the minimum deposit required for a home loan?

What is the difference between fixed and variable interest rates?

What are the advantages and disadvantages of fixed rate loans?

What are the advantages and disadvantages of variable rate loans?

What is an offset account and how does it work?

What documents do I need to apply for a home loan?

How long does the home loan approval process take?

What is Lenders Mortgage Insurance (LMI) and when do I need it?

Refinancing

When should I consider refinancing my home loan?

What are the costs involved in refinancing?

Can I refinance if I'm in financial difficulty?

How often can I refinance my home loan?

What is negative gearing and how does it work?

Brokerage Services

How do you get paid as a mortgage broker?

Do you work with all lenders in Australia?

What ongoing support do you provide after loan settlement?

Can you help with investment property loans?

Is loan structuring more important than interest rate?

Application Process

How do I get started with RyRo Loan Centre?

What happens during the initial consultation?

How do you choose the best lender for me?

What if my loan application is declined?

How long does the entire loan process take?

Principal & Interest vs Interest Only repayments - which should I choose?

5% Deposit Scheme (No LMI)

What is the 5% Deposit Scheme?

How much deposit do I need for the first home buyer guarantee?

Is the 5% Deposit Scheme the same as LMI?

Is the 5% Deposit Scheme the same as the First Home Guarantee?

Am I eligible for the 5% Deposit Scheme?

What is the first home buyer guarantee income limit?

What is the property price cap for the 5% Deposit Scheme in NSW?

How do I apply for the 5% Deposit Scheme?

Can I use the 5% Deposit Scheme for an established home?

Can I use the 5% Deposit Scheme to build a new home?

Can I combine the 5% Deposit Scheme with the First Home Owner Grant?

Can I combine the 5% Deposit Scheme with the NSW stamp duty exemption?

Can I use the 5% Deposit Scheme with Help to Buy?

What documents do I need for the first home buyer guarantee?

How long does pre-approval take?

Is the 5% Deposit Scheme available through any lender?

What happens to the guarantee when I've paid down my loan?

Can I rent out the property after buying through the scheme?

Does the 5% Deposit Scheme apply in all states?

Asset Finance

What is asset finance and how does it work?

What is the difference between a chattel mortgage and a hire purchase?

What is the difference between a finance lease and an operating lease?

Do I need a deposit for asset finance?

What is a balloon payment in asset finance?

Can I get asset finance with bad credit?

Can I claim GST on a chattel mortgage?

What is the Instant Asset Write-Off and how does it relate to asset finance?

What is the PPSR and why does it matter for asset finance?

What is the difference between leasing vs chattel mortgage?

Can sole traders and ABN holders get asset finance?

What assets can be financed?

How quickly can asset finance be approved?

What is fleet finance?

Should I use my bank or a broker for asset finance?

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What is the minimum requirement to get a business loan in Australia?

How much can a business borrow?