What is Parker Finance?

Parker Finance is a Melbourne-based mortgage and finance broking business helping individuals, families, property investors and business owners secure finance solutions across Australia. We go beyond loan approval — our Financial Intelligence framework helps clients understand borrowing, debt management and long-term wealth strategies.

Does Parker Finance only work with Melbourne clients?

No. We assist clients throughout Australia. Most lenders support digital applications and electronic signatures, and we conduct consultations by phone or video conference.

How much can I borrow?

Borrowing capacity depends on income, existing debts, living expenses, employment type, dependants and credit history. Each lender calculates this differently, which is why a personalised assessment is important.

How much deposit do I need?

Most lenders require 5–20% of the property value. You'll also need funds for stamp duty, legal costs, building inspections and government fees. A larger deposit generally improves your options and may eliminate Lenders Mortgage Insurance (LMI).

What is Lenders Mortgage Insurance (LMI)?

LMI protects the lender if you default. It generally applies when borrowing more than 80% of the property value and can often be added to the loan rather than paid upfront.

Should I choose a fixed or variable interest rate?

There's no universal answer. Fixed rates provide repayment certainty; variable rates offer more flexibility. Some borrowers use a split loan to combine both. The right choice depends on your goals, cash flow and risk tolerance.

What is an offset account?

An offset account is a transaction account linked to your home loan. The balance offsets your loan amount for interest calculations — for example, $50,000 in offset on a $700,000 loan means interest is charged on only $650,000. Funds remain fully accessible.

When should I consider refinancing?

Review your loan at least annually. Refinancing may help reduce your interest rate, access equity, consolidate debts or improve loan features. Costs and long-term strategy should always be considered alongside the rate.

What is debt consolidation?

Debt consolidation combines multiple debts — such as credit cards, personal loans or car loans — into a single loan. Rolling higher-interest debts into a mortgage can reduce repayments, but financial discipline is essential to avoid reaccumulating debt.

What government support is available for first home buyers?

Support may include First Home Owner Grants, stamp duty concessions and the First Home Guarantee Scheme (which allows eligible buyers to purchase with a lower deposit without paying LMI). Programs vary by state and eligibility criteria apply.

Should I get pre-approval before searching for a property?

Yes. Pre-approval gives you a clear budget, strengthens your position when negotiating, and is particularly important before bidding at auction where contracts are unconditional.

What is a guarantor home loan?

A guarantor loan allows a family member (usually a parent) to use their property as additional security, helping reduce the deposit required and potentially avoiding LMI. Independent legal advice is recommended for guarantors.

How is an investment loan different from an owner-occupied loan?

Investment loans may have different interest rates, lending policies and tax implications. Structure matters — many investors prefer standalone loans with offset accounts and avoid cross-collateralising multiple properties to preserve flexibility.

Can self-employed borrowers get a home loan?

Yes. Lenders typically require two years of financial statements and tax returns, though some accept one year or bank statement assessments. Because income is assessed differently across lenders, working with a broker can significantly improve outcomes.

What is SMSF lending?

SMSF lending allows a Self-Managed Super Fund to purchase property using a Limited Recourse Borrowing Arrangement (LRBA). It's more complex than standard lending — deposits of 20–30% are typical and professional advice from an accountant, financial adviser and solicitor is essential.

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

Typical requirements include photo ID, recent payslips or tax returns, bank statements, evidence of savings and existing loan statements. Self-employed applicants generally need business financials and BAS statements.

How do I get started with Parker Finance?

The first step is a conversation. We'll assess your goals and financial position, then guide you from initial strategy through to settlement and beyond — including ongoing loan reviews.

Three measures targeting home ownership, including a new Family Home Guarantee, will form part of the federal government’s upcoming budget.

Over the weekend (8 May), the Treasury revealed that it would expand some of its existing schemes to help Australians buy residential property, and launch a new measure that would help more single parents purchase family homes, as part of its upcoming budget for 2021-22.

While the majority of detail on the new and updated schemes will be revealed on Tuesday evening (11 May), the Treasury has revealed that a new guarantee scheme will be launched, while some existing measures will be expanded and/or extended.

Family Home Guarantee

One of the new measures that will form part of the new budget is a measure to help single parents purchase property.

Starting on 1 July 2021, the new guarantee aims to support divorced or separated parents with dependent children by enabling them to purchase a home sooner with a deposit of as little as 2 per cent. The government will guarantee up to a maximum of 18 per cent of the property purchase price, allowing the applicant to get a loan without paying lender’s mortgage insurance.

Applicants must be Australian citizens, at least 18 years of age and have an annual taxable income of no more than $125,000.

The new Family Home Guarantee, which will act in a similar way to the existing government guarantee schemes, will provide 10,000 guarantees over four years to single parents with dependents.

It is expected that the program will have property price caps (similar to the First Home Loan Deposit Scheme), but would not be limited to first home buyers.

https://www.theadviser.com.au/ “Government announces new home ownership scheme” / Annie Kane

Brought to you by David Philipsen of Parker Finance

Government announces new home ownership scheme

Three measures targeting home ownership, including a new Family Home Guarantee, will form part of the federal government’s upcoming budget.

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