Frequently Asked Questions

How a broker compares lenders for you, how we are paid and why structure matters as much as rate.

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

  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.

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

  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.

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• How do you get paid as a mortgage broker?

  We receive commission from lenders when we successfully arrange a loan for you. It is paid by the lender, not by you, and we show you the amount in writing before you go ahead. 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.

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• Do you work with all lenders in Australia?

  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. See the lenders we work with.

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• How do you choose the best lender for me?

  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.

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• Is loan structuring more important than interest rate?

  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 to 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.

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Who we are, what it costs, who you deal with and how we look after you after settlement.

• What makes RyRo Loan Centre different from other brokers?

  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 2,500+ clients achieve their property dreams and are rated 5.0 from 360+ Google reviews. We focus not just on getting you the lowest rate, but also on structuring your loan for maximum long-term benefit.

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• Does RyRo Loan Centre charge fees for their services?

  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.

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• Who will I deal with at RyRo Loan Centre?

  You deal with Sumit Joshi, our director and principal broker, from your first call to settlement. Sumit works out your options, talks to the lenders and stays your contact after the loan settles. Kathryn Thomas, our loan processor, keeps the paperwork moving with the lender so nothing stalls. Car, vehicle and equipment finance is handled by Rohan Joshi at our sister company, RyRo Asset Finance. Meet the team.

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• Is RyRo Loan Centre licensed to give credit advice?

  Yes. Sumit Joshi is an authorised credit representative (Credit Representative 446824), which means the credit assistance we give you is regulated under Australia's national consumer credit laws. We have to make sure any loan we recommend is not unsuitable for you, and we must tell you how we are paid. Car and equipment finance comes from RyRo Asset Finance, which holds its own authorisation (ACR 565295).

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• Has RyRo Loan Centre won any awards?

  Yes. RyRo Loan Centre was an AFG Award Winner seven consecutive years, 2013 to 2019, and an AFG Excellence Awards finalist five years in a row, 2022 to 2026. Sumit Joshi has been nominated in the Top Broker category every year since 2022, and RyRo Loan Centre in the Top Mortgage Groups category every year since 2022. Read more about us.

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• What ongoing support do you provide after loan settlement?

  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.

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What you can borrow, the deposit you need, LMI and how long approval takes.

• What is borrowing capacity, and how is it calculated?

  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. Each lender uses its own formula, so the same income can give quite different answers from one lender to the next. We can help you understand your exact borrowing capacity and ways to potentially increase it. Try our borrowing power calculator for a first estimate.

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• What is the minimum deposit required for a home loan?

  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.

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

  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 to 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.

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• Where do I start as a first home buyer?

  Start by finding out what you can borrow and which first home buyer schemes you may qualify for, then get pre-approval before you make an offer. Those three steps tell you your real price range and stop you falling for a home you cannot finance. We check your borrowing power across lenders, see whether you are eligible for the 5% Deposit Scheme, the NSW stamp duty exemption or the First Home Owner Grant, and organise pre-approval. Our NSW first home buyer checklist walks through the rest.

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• Can my parents help me buy my first home?

  Yes. The most common way is a guarantor home loan, where a parent uses some of the equity in their own home as extra security for your loan instead of handing over cash. It can let you buy with a smaller deposit and avoid Lenders Mortgage Insurance, and the guarantee can usually be released once your loan is paid down or your property grows in value. It is a serious commitment for your parents, so they should get their own advice first. Our guarantor home loan guide explains how it works.

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

  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.

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• How long does the home loan approval process take?

  Pre-approval typically takes 1 to 3 business days and full approval depends on the lender and how complex your application is. 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. Read our home loan pre-approval guide.

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Fixed or variable, offset accounts and the repayment type that suits you.

• What is the difference between fixed and variable interest rates?

  Fixed rate loans have rates that remain constant for a predetermined term (1 to 5 years), providing payment certainty but less flexibility. Variable rate loans have rates that can change when the lender or Reserve Bank adjusts rates. Which one costs less changes with the market, so we compare both against your plans before you choose. We'll help you choose the right option based on your financial goals, risk tolerance, and market outlook.

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• What are the advantages and disadvantages of fixed rate loans?

  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 to $20,000 per year). Fixed rates are currently more competitive than variable rates, but this can change.

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• What are the advantages and disadvantages of variable rate loans?

  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.

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• What is an offset account and how does it work?

  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. Run your numbers in our home loan offset calculator or read offset vs redraw.

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• Principal & Interest vs Interest Only repayments: which should I choose?

  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.

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When to switch, what it costs, consolidating debts and what you need to start.

• When should I consider refinancing my home loan?

  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. Other reasons include wanting better loan features, consolidating debt, or changing from fixed to variable (or vice versa). See how our refinancing service works.

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• What are the costs involved in refinancing?

  Refinancing costs may include discharge fees from your current lender ($200 to $1,000), application fees with the new lender ($0 to $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.Some lenders offer cashback incentives from time to time that can offset these costs, making refinancing more attractive.

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• What fees/costs are involved in switching mortgages?

  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.

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

  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 50+ lenders.

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• 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?

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

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

  Lenders change their rates on their own timing, not just when the Reserve Bank moves, so it pays to check your loan regularly. 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

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

  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

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

  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

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• What documentation do I need to refinance?

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

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

  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

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• Can I refinance if I'm in financial difficulty?

  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.

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• How often can I refinance my home loan?

  There's no legal limit on how often you can refinance, but it's generally recommended to wait at least 6 to 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.

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• How much money can I borrow?

  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.

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

  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!

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• How often do I make home loan repayments?

  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

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Negative gearing, investment loans, growing a portfolio and buying property in super.

• Can you help with investment property loans?

  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. See investment loans.

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• What is negative gearing and how does it work?

  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. Read negative gearing explained.

  Plan my investment loan

• Can RyRo help me build a property portfolio?

  Yes. We plan your loans as a portfolio, not one purchase at a time, so each loan keeps as much borrowing power as possible for the next one. That usually means choosing lenders in a sensible order, keeping each property on its own loan where it makes sense, and using equity without tying every property together. We work alongside your accountant on the tax side. Start with our investing service.

  Plan my investment loan

• Can RyRo arrange SMSF property loans?

  Yes. We arrange loans for self-managed super funds buying residential or commercial property, using a limited recourse borrowing arrangement that the fund holds through a separate bare trust. Only some lenders offer SMSF loans and their rules are strict, so the fund needs the right structure and enough cash left over for costs and repayments. Check the strategy with your accountant or financial adviser first, then see our SMSF loans page.

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Your first consultation, how long it takes and what happens if a lender says no.

• How do I get started with RyRo Loan Centre?

  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.

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• What happens during the initial consultation?

  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.

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• How long does the entire loan process take?

  How long it takes from first chat to settlement depends on the lender, the property and how complex your application is. We give you a realistic timeline on day one. 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.

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• What if my loan application is declined?

  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.

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Credit issues, self-employed income, professionals and business finance.

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

  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. Read how your credit score affects a home loan.

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• Do you help self-employed borrowers get a home loan?

  Yes. Self-employed borrowers are a big part of what we do. Most lenders want two years of tax returns and financials, but some will assess you on one year, on BAS statements or on an accountant's letter instead, through a low doc home loan. We match how your income is shown to the lender that will accept it, so you are not declined on paperwork. Our self-employed home loan guide explains the options.

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• Do you arrange home loans for doctors and other professionals?

  Yes. Some lenders give doctors, dentists, accountants, lawyers and other eligible professionals better terms, including waiving Lenders Mortgage Insurance with a smaller deposit. Eligibility depends on your profession, registration and income, and the rules differ between lenders. See medico loans or our guide to the LMI waiver for professionals.

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• Can RyRo help with business loans and commercial property?

  Yes. RyRo Loan Centre arranges business loans, commercial property loans, warehouse and industrial purchases and development finance, as well as home loans. Business lending looks at your trading history, cash flow and the security you can offer, so we match you to lenders that suit your business. Start with our business finance page.

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Handled by Rohan Joshi at our sister company, RyRo Asset Finance.

RyRo Asset Finance Pty. Ltd., (ABN 69 682 063 896) an Authorised Credit Representative (ACR #565295) of Fintelligence Pty Ltd (ABN 80 625 017 174), Australian Credit Licence # 511803.

• Does RyRo arrange car loans and equipment finance?

  Yes, through our sister company RyRo Asset Finance, run by Rohan Joshi. Rohan arranges car loans, ute, van and truck finance, and equipment and machinery finance for individuals and businesses, comparing a panel of lenders. It is a separate business with its own credit authorisation, so its disclosure sits beside this answer. See car loans and asset finance.

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• What is the difference between RyRo Loan Centre and RyRo Asset Finance?

  They are two separate businesses. RyRo Loan Centre, led by Sumit Joshi (Credit Representative 446824), arranges home loans, refinancing, investment, specialist and commercial lending. RyRo Asset Finance, led by Rohan Joshi, is an Authorised Credit Representative (ACR 565295) of Fintelligence Pty Ltd and arranges car, vehicle and equipment finance. Each has its own Google reviews and its own credit disclosure.

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