Choosing the right mortgage broker is sometimes the most important step in your home loan journey as not all mortgage brokers are created equal. We have had countless clients who have come to Gateway Finance after being told no from banks or other mortgage brokers. Often this comes down to a lack of experience or aptitude for deciphering what institution (bank) is best for a situation. The best type of mortgage broker is one that doesn’t only use their favourite banks, but one that tailor picks the bank based on your circumstances.
We were recently mentioned in a Domain article where we helped one of our wonderful clients achieve what other mortgage firms had said was impossible. We literally helped make a single income earner and her mother’s dream come true!
Read the full article here or read it below. The article highlights the importance of finding the right mortgage broker, one that will go to battle for your home loan.
Please note: the below is an extract from a domain.com.au article written about one of our wonderful clients. The article was written by Pauline Morrissey and published in the Buyer Diary section of Domain on March 18, 2025.
For my sister, Jasmine Skewes, and our mum, Patricia Skewes, buying a home was never just about property – it was about securing a future.
As a single-income earner and a widowed single mother, respectively, home ownership once felt out of reach. However, with the grit and determination that defines many Filipino migrant families, they made it happen, purchasing their own piece of the Australian dream.
Together, they bought a home in the outer suburbs of Newcastle, NSW, in February 2023. Modest as it may be, it represents something far greater – security, stability, and a milestone worth celebrating.
In this Q&A, Jasmine shares how this was achieved.
As I approached my mid-30s, working as a strata manager trainee, I realised how difficult it would be to afford a home on my own. My mother had spent her life working low-paying jobs and faced a future of forever renting. That wasn’t what I wanted for her – or myself. With my older sister’s guidance, we got serious about clearing debts and saving for a deposit.
Saving for a deposit took about two years. For my mum and me, it wasn’t about setting aside large sums but staying consistent. We initially planned for a 5 per cent deposit, assuming we’d have to pay Lenders Mortgage Insurance (LMI). But when the First Home Guarantee (FHBG) scheme expanded in July 2023 to include family members applying together, we were able to buy with just our 5 per cent deposit and no LMI, making home ownership possible much sooner.
We started with a mortgage broker, but after one meeting, it was clear they weren’t optimistic. My mother was in her late 50s, and our combined income wasn’t high. Their reluctance was discouraging, but we sought out another broker who had helped my sister. They were much more proactive, guiding us through the process and securing our pre-approval. It reinforced that it pays to shop around for the right broker. A big shoutout to Mel Taylor of Gateway Finance (THATS US!)
Our borrowing power maxed out at $600,000, so we focused on townhouses and duplexes in Newcastle’s outer suburbs. The search took around six months. After several failed offers, we thought we found “the one” in a renovated two-bedroom duplex five minutes from our rental. We offered $585,000, but an all-cash buyer beat us. It was incredibly disheartening.
Weeks later, the agent called to say the other buyer had pulled out. My sister suggested negotiating, so instead of simply accepting our previous offer, we countered with $575,000. To our relief, the vendor accepted. That $10,000 reduction will save us significantly over the life of the loan.
We wanted to stay connected to Newcastle’s lifestyle, from dining out to the beaches and everything the city has to offer. While our budget meant we were confined to hunting in the fringe suburbs, we’re happy to have found a home that’s still just a 20-minute drive from the city.
In saying that, Maryland has its perks too. We’re both a relatively short drive from work, and although the beach isn’t as close, we save some travel time on trips to Sydney with easy access to the highway.
Ideally, we wanted a three-bedroom home with an al fresco space, but we knew we had to be flexible, as first-home buyer properties were highly competitive.
The property we purchased only has two bedrooms and no dedicated al fresco area. But it was fully renovated, which meant no immediate work was needed, which was crucial since we had no extra funds for renovations.
The large yard makes up for it, though. We recently hosted a Filipino party for my Mum’s 60th birthday in the backyard, with over 30 guests and even space for a lechon (whole roast pig).
Knowing we never have to worry about rental applications again is a big relief. My dog, Barny, finally has a permanent home, and we no longer need to provide a pet resume! More importantly, my mother now has security in her retirement, and I’ve officially entered the property market.
We’ve been in our home for a year, and while we’re still working hard to afford the mortgage, the sacrifices have been worth it. I’m planning to move in with my partner later this year, so the idea is to keep this home as an investment property for me and as a forever home for my mum.
To say we were thrilled to find out we were mentioned in the above article was an understatement! Helping our clients achieve their goals is just part of our daily 9 to 5 and we sometimes forget what a difference we can make in peoples lives. We work hard to set ourselves apart from other Mortgage Brokers because we don’t focus on the money, we focus on the clients and trying our hardest to help them achieve their dreams. We want to be part of their story, we want to hear about the new dog they brought home to the house we helped them get! We want to be a small part in the history of their home and to help everyone get the joy of getting the keys to their house for the first time. These are the things that we strive for and keep us coming to work with a smile on our face because we know we make a difference. We are in the dream making business here at Gateway Finance.
So if you want to have your finance dreams come true, then get in contact with us. We can’t guarantee we can achieve success every time, but we will work our hardest to give you the best chance!
Buying a home can be confusing with so much information to absorb. We provide an overview of the important information regarding home loans.
When you apply for a home loan, you borrow a specific amount of money from a lender to purchase a property. The amount you can borrow depends on various factors, including your income, expenses, credit history, and the value of the property.
Home loans typically come with either a variable interest rate or a fixed interest rate, or a combination of both. A variable rate can change over time, while a fixed rate remains the same for a predetermined period. The interest rate determines the amount of interest you’ll pay on the loan.
Owner Occupier Home loans, that’s where the owner lives in the property, are usually repaid in regular instalments over an agreed loan term, which is often 25 to 30 years. Each repayment includes both principal (the amount borrowed) and interest (the cost of borrowing). The frequency of repayments can usually be monthly, fortnightly, or weekly.
The loan term is the length of time you have to repay the loan in full. Shorter loan terms typically result in higher monthly repayments but lower overall interest costs. Longer loan terms can lower monthly repayments but result in more interest paid over the life of the loan.
When purchasing a property, most lenders in Australia require a deposit. The deposit is a percentage of the property’s purchase price and serves as an upfront payment. Generally, a deposit of 20% of the property’s value is recommended to avoid paying lender’s mortgage insurance (LMI), although a lender may lend up to 95% of the property’s value, which would mean the borrower would only have to have a 5% deposit.
If you have a deposit of less than 20% of the property’s value, you may need to pay LMI. LMI is a type of insurance that protects the lender if you default on the loan. The cost of LMI is typically added to your loan amount.
When taking out a home loan, you should also consider additional costs such as application fees, valuation fees, legal fees, and ongoing fees charged by the lender. These costs can vary depending on the lender and loan product.
It’s important to note that home loan products and features can vary among lenders, so it’s advisable to research and compare different options to find the most suitable loan for your needs. Additionally, seeking advice from a mortgage broker or financial professional can provide valuable guidance tailored to your specific circumstances.
Disclaimer:
Please keep in mind that the information provided here is a general overview, and it’s always recommended to consult with a mortgage professional for specific details and advice regarding home loans in Australia.
We were recently featured in a Domain article about one of our wonderful clients that we helped obtain a home loan. It highlights the importance of picking the right mortgage broker in your home loan journey. Don’t settle for a no or for pessimism, talk with a mortgage broker who will give you the right advice and support to turn your dream into a reality.
Blacktown has recently been revealed as having the highest percentage of the population under mortgage stress in Sydney. We provide details regarding mortgage stress and how a mortgage broker can investigate options to ease the repayment pressures of your existing home loan through methods such as refinancing your loan or debt consolidation.
There is some good news for interest rates for 2025 with Australian Bureau of Statistics (ABS) recently announcing some good news. The drop in CPI could mean that interest rates could drop in 2025. We explain the news and provide some input into what interest rates in 2025 could look like and how to make sure you are ready to take advantage of the drops when they come.
Your credit score is a crucial financial indicator that lenders use to assess your creditworthiness. A healthy credit score can open doors to better loan terms, lower interest rates and increased financial opportunities. To ensure your credit score remains in good shape give our article a read to make sure your credit is the best it can be.
Financial resilience refers to the ability to withstand and recover from unexpected financial setbacks while maintaining a steady course towards your goals. It empowers individuals and families to weather economic storms, seize opportunities and achieve long term financial stability. Being financially resilient means having a robust financial foundation that can endure unforeseen events and adapt to changing circumstances.
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