FREQUENTLY ASKED QUESTIONS

•We’re loan approval specialists, not just your average mortgage broker.
•Our services are free for most home loans.
•We help clients all across Australia.
•We work with nearly 40 lenders, including major banks.
•We’re full members of FBAA and AFCA, so you can trust in our professional and ethical
A: Your credit score is one of the key factors lenders use to assess your ability to repay a loan. A higher score tells lenders you’re a lower risk, which can help you:
•Qualify for a loan more easily
•Access better interest rates
•Potentially borrow a larger amount
 
You can check your credit score for free once a year through sites like Equifax, Finder, or GetCreditScore.
 
Credit score guide (for reference):
•Excellent: 833 – 1,200
•Very Good: 726 – 832
•Good: 622 – 725
•Average: 510 – 621
•Weak: 0 – 509
 
Ideally, aim for a score as close to 1,000 as possible.
 
Tips to improve your credit score:
•Pay all bills and loan repayments on time
•Reduce your credit card limits
•Avoid applying for multiple loans or credit cards at once
•Pay off existing debts in full where possible
 
Maintaining a healthy credit score puts you in a better position when applying for a home loan.

If you’re taking out a home loan, your lender will usually require you to have building insurance in place. This is to make sure the property can be rebuilt if something serious happens, like a fire or natural disaster.

If your property is part of a strata title (such as a unit or apartment), building insurance is generally included in your strata fees—just check with your strata manager for the details.

For standalone homes, you’ll need to insure the property for its full replacement value. This may be based on the figure provided by the lender’s valuer, or another amount you feel confident with. To estimate the rebuild cost, you can use an online building insurance calculator or speak to an insurance provider for guidance.

The amount you can borrow isn’t the same for everyone—it depends on several factors. Your income and savings are key, but other elements like the type of property you’re buying and even the location can influence your borrowing capacity. For instance, some lenders have restrictions on studio apartments or properties in certain postcodes.

At Shuva Griha Mortgage and Finance, we take the time to assess your full financial situation. This allows us to not only help you understand how much you can borrow, but also guide you on how to structure your loan in the most effective way. Book an appointment with us for personalised advice that’s tailored to your needs.

In most cases, your pre-approval will be valid for up to 90 days. Some lenders may offer a longer validity period, but 90 days is generally the standard timeframe. At Shuva Griha Mortgage and Finance, we’ll guide you through the process and keep track of key dates to ensure your pre-approval stays up to date while you search for the right property.

Yes, engaging a solicitor or conveyancer is an important part of the home buying process. Their role is to manage the legal aspects of your property purchase and protect your interests throughout the transaction.

It’s best to contact a solicitor or conveyancer early—ideally once you’ve received your home loan pre-approval. When you find a property, they’ll review the Contract of Sale, conduct title and local government searches, and alert you to any issues that may affect your decision to proceed.

Once contracts are signed, your solicitor or conveyancer will guide you through the settlement process. This includes preparing legal documents, coordinating the settlement date, and advising you on the funds required to complete the purchase.

At Shuva Griha Mortgage and Finance, we can also help connect you with trusted legal professionals if needed.