FAQs

Yes. We know which lenders move fastest and we handle all the legwork, saving you time and headaches.

In most cases, no, you don’t pay us directly. Our service is provided at no cost to you because we’re paid a commission by the lender once your loan settles. This is called an upfront commission.

We’re also paid a small ongoing fee known as a trailing commission. This helps us continue to support you over the life of your loan—whether you need to top up your loan, refinance, switch products, or simply have questions down the track. It means we’re invested in your long-term success, not just the initial paperwork.

No. You get the same rates, often better, with more support and flexibility.

A guarantor is usually a family member who offers extra security to reduce your deposit needs or eliminate LMI. This can be removed later.

Loan-to-Value Ratio (LVR) is how much of your property’s value you’re borrowing. Lower LVR usually means lower risk, lower costs, and better rates.

Lenders Mortgage Insurance is a one-off insurance premium that protects the lender, not you, if you’re unable to repay your home loan. It’s typically required when your Loan-to-Value Ratio (LVR) is above 80%, meaning you’re borrowing more than 80% of the property’s value. While it doesn’t offer protection to the borrower, it can help you get into the property market sooner with a smaller deposit. Your Priority broker will always explain when and why LMI might apply and how to reduce or avoid it where possible.

With a Principal and Interest loan, you repay both the money you borrowed (the principal) and the interest charged by the lender, together in regular instalments. This means your loan balance gradually reduces over time, and your repayments remain relatively stable unless your interest rate or fees change. It’s the most common loan structure for owner-occupiers.

An Interest-Only loan means you only pay the interest charged on the loan for a set period (usually 1–5 years), without reducing the principal. This often results in lower initial repayments but may lead to higher costs over the life of the loan. These loans are typically used by investors looking to maximise cash flow early on but may also suit people expecting a temporary change in circumstances, such as the birth of a child, who need lower repayments in the short term.

An offset account is a transaction account linked to your home loan. The balance in this account “offsets” your loan principal, meaning you only pay interest on the difference. For example, if you owe $400,000 and have $50,000 in your offset account, you’ll only be charged interest on $350,000. It’s a smart way to reduce interest while still having easy access to your funds.