Question 1

What is a mortgage and finance broker and how can Jokuda help me?

Accepted Answer

A mortgage and finance broker acts as an intermediary between you and lenders, comparing home loans and other finance products from multiple banks and financial institutions. Jokuda uses AI technology to match you with the best home loan options from 30+ Australian lenders, completely free of charge. We handle the paperwork, negotiate rates, and guide you through the entire home loan process.

Question 2

How much deposit do I need for a home loan in Australia?

Accepted Answer

Most Australian lenders require a minimum 5-20% deposit for home loans. With a 20% deposit, you can avoid Lenders Mortgage Insurance (LMI). First home buyers may qualify for government schemes allowing deposits as low as 5% or even 2% in some cases. Use our Borrowing Power Calculator to determine how much you can borrow based on your deposit.

Question 3

What are current home loan interest rates in Australia?

Accepted Answer

Home loan interest rates in Australia currently range from 5.09% p.a. to 8.99% p.a., depending on the lender, loan type (fixed or variable), and your financial situation. Jokuda compares rates from 30+ lenders including major banks and specialist lenders to find you competitive rates. Rates are updated regularly and vary based on RBA cash rate changes.

Question 4

Is using Jokuda's mortgage and finance broker service really free?

Accepted Answer

Yes, absolutely! Our service is 100% free for borrowers. We're paid commissions by lenders when your loan settles, so there are no fees, charges, or hidden costs to you. You get expert advice, comparison across 30+ lenders, and full support throughout your home loan application at zero cost.

Question 5

How long does home loan approval take?

Accepted Answer

With Jokuda's AI-powered pre-qualification, you can get an indicative approval within minutes. Formal home loan approval typically takes 3-5 business days for straightforward applications, though complex cases may take 1-2 weeks. We expedite the process by ensuring your application is complete and submitted correctly the first time.

Question 6

Can I get a business loan without providing collateral?

Accepted Answer

Yes, unsecured business loans are available for amounts typically up to $500,000, though they usually have higher interest rates than secured loans. For larger business loan amounts or better rates, lenders may require collateral such as property, equipment, or other business assets. Jokuda compares both secured and unsecured business loan options from specialist lenders.

Question 7

What's the difference between fixed and variable home loan rates?

Accepted Answer

Fixed rate home loans lock in your interest rate for a set period (typically 1-5 years), providing payment certainty. Variable rate home loans fluctuate with market changes and RBA decisions, but often offer more flexibility with features like offset accounts and unlimited extra repayments. Many borrowers choose a split loan combining both. Our mortgage and finance brokers can help you decide what's best for your situation.

Question 8

How much can I borrow for a home loan?

Accepted Answer

Your borrowing capacity depends on your income, expenses, existing debts, employment status, and deposit size. Most Australian lenders will lend 5-6 times your annual income, but this varies. Use our free Borrowing Power Calculator to get an instant estimate, or speak with one of our mortgage and finance brokers for a detailed assessment based on your specific circumstances.

Question 9

What is asset finance and how does it work?

Accepted Answer

Asset finance allows businesses to purchase equipment, vehicles, or machinery without paying the full amount upfront. The asset serves as security for the loan. Types include chattel mortgages, equipment loans, and lease options. Interest rates typically range from 5-10% p.a. depending on the asset and your business profile. Jokuda compares asset finance options from specialist lenders Australia-wide.

Question 10

Can I refinance my existing home loan to get a better rate?

Accepted Answer

Yes! Refinancing can help you secure a lower interest rate, access equity, or consolidate debts. If your current rate is more than 0.3-0.5% higher than available rates, refinancing could save you thousands. Our refinancing calculator shows your potential savings. Jokuda's mortgage and finance brokers compare refinancing options across 30+ lenders and handle the entire process for you - completely free.

Question 11

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

Accepted Answer

You'll typically need: proof of identity (driver's license, passport), proof of income (payslips, tax returns), bank statements (3-6 months), details of assets and liabilities, and information about the property you're purchasing. Self-employed applicants need additional documentation. Our mortgage and finance brokers provide a complete checklist and help you prepare everything needed for a smooth application.

Question 12

Does checking my credit score affect my home loan application?

Accepted Answer

Checking your own credit score through Jokuda does NOT impact your credit file - it's a soft inquiry. However, multiple formal loan applications create hard inquiries which can lower your score. This is why using a mortgage and finance broker is beneficial - we assess your situation first and submit applications strategically to lenders most likely to approve, protecting your credit score.

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