Jacqueline Barton

If you’re looking to buy a property, it’s important to remember that your gambling habits could be taken into account when you apply for a home loan.

Your lender will look at any track record of gambling when assessing your financial situation and ability to repay the mortgage.

Not only could gambling jeopardise your chances of being approved for a loan, but it could also impact your ability to refinance down the track.

Understanding the process

When you apply for a home loan, your lender will do an affordability assessment. As part of this, they’ll assess your income (from all sources) against your outgoings (your regular expenses). They’ll also likely check your credit score.

If a lender sees evidence of regular gambling transactions as part of your expenses, it may be a red flag. They’ll look at how much money you’re gambling, how frequently you’re betting and what type of gambling you’re participating in.

If it’s a small amount you’re gambling relatively infrequently for leisure, it probably won’t raise any alarm bells with the lender. The occasional Powerball ticket, for example, will be considered harmless. However, if it’s an ongoing habit that’s getting out of control, it could limit your ability to secure finance.

How to turn things around

There are steps you can take to try to maximise your chances of getting approved for a home loan if you do have a history of gambling.

• Domino your debts: Paying off your debts – whether it be credit card debt, car loan or personal loans – is a good place to start, as it shows you are able to manage your finances effectively.
• Budget and save: A strong track record of saving will go down well with lenders. Keep putting money aside regularly and grow your savings nest egg.
• Boost your credit score: You can access your credit score and credit report for free every few months. If you notice any errors in the report, contact the credit provider. The government’s moneysmart website offers tips on how to improve your credit score, such as lowering your credit card limit, paying your utility bills on time and keeping on top of credit card repayments.
• Stop gambling: If you think your gambling may jeopardise your home loan application, try to reduce or quit gambling.

Seeking help

There are many resources available to help you tackle a gambling addiction. GambleAware offers tools and support for those who are looking to stop gambling. The site includes a gambling assessment to see how the habit may be impacting your life, as well as research and links to gambling support groups.

You can also get immediate support from Gambling Help Online on 1800 858 858. It’s free and confidential. Other options can be found on the Health Direct website.

Like to talk through your finance options?

If you’d like to know more about how your gambling habit may affect your home loan application, we’re here to answer your questions.

Talk to us confidentially about your financial situation and we’ll help you work towards getting the finance you need.

When it comes to taking out a home loan, all the options can be overwhelming.

Should you go with a Big Four bank or a lender that’s less known?

Is it best to choose a variable home loan or a fixed-rate loan in today’s lending environment?

With so many questions to ponder, it’s little wonder why more Australians than ever are choosing to use a mortgage broker.

The mortgage broker market share hit a record high of 76 percent in the December quarter.
That’s right – three in four borrowers now use a mortgage broker to help them navigate the home loan application and approval process.

Here are some compelling reasons why Aussies are placing their trust in the expertise of their brokers, rather than going direct to a lender.

Maximise your borrowing power

Different lenders have different lending criteria, so the amount one bank will lend you may vary considerably compared to a competitor.

Mortgage brokers understand the nuances between lenders and their home loan products.

If you want to maximise your borrowing power or you have a complex financial situation (for example, you’re self-employed), a mortgage broker can help get you over the line with finance.

Options that work for you

Mortgage brokers work with a wide range of lenders, giving you access to many different home loan products.

A broker will take the time to understand your specific financial situation and goals, then recommend a home loan that suits your needs.

A bank, on the other hand, is solely interested in getting your business.

Access to special offers

Some lenders offer special home loans or products based on your profession.

If you’re a teacher or a doctor or you’re self-employed, for example, your broker could line you up with a lender that may have special offers for you.

Brokers may also be able to negotiate a more competitive interest rate or loan terms on your behalf.
However, if you went direct to the bank yourself, you’d be the one doing the negotiating.

Brokers have your back

A broker is bound by a Best Interests Duty, meaning they are legally obliged to put your interests first.
That means providing home loan options that are based on your unique circumstances and goals.

Someone to do the legwork for you

For many borrowers, having someone to walk them through the pre-approval and home loan application process is invaluable.

Your broker will take care of the paperwork and optimise your chances of a successful home loan application.

A mortgage broker can also answer questions at any point in the home loan journey – whether you’re curious to know what your borrowing capacity is, or you want to evaluate your home loan 12 months after settlement.

Ready to chat about your finance needs?

For most people, buying a property is the biggest financial decision of their life. You want to get it right.

Using a mortgage broker makes the process smoother and more efficient, while also potentially saving you time and money.

To explore your borrowing capacity, organise pre-approval or to review your current home loan, get in touch today and discover why three in four Aussies use a broker.

As the end of financial year approaches, now is the time to take stock of your finances, including your home loan. Whether you own your home or an investment property, this is the ideal time to assess your financial position, review your loan structure, and make sure your current mortgage is still fit for purpose.

Rates shift, life changes, and alternative loan products emerge. What suited you years ago might no longer. Reviewing your loan every two to three years is crucial for maintaining good financial health. Below is some general guidance, along with helpful links, to steer you through what to check this end of financial year.

Home loan health check: For all mortgage holders

Many borrowers lock in a loan and forget about it – but letting your home loan sit untouched for years could quietly erode your financial position. As part of your EOFY reset, ask yourself:

Do I still need the features I’m paying for?

Offset accounts, redraws, cheque access – are you using them, or just paying for them?

Has my financial situation changed?

Income, expenses, employment, family size – life moves fast. Your loan should reflect your current life, not a former one.

When was my last property valuation?

Rising property values may have unlocked equity you’re not using – equity that could fund renovations, reduce debt, or improve cash flow.

Am I satisfied with my lender’s service?

Delays, indifference, or poor communication are red flags. If your lender treats your business as a burden rather than a priority, it’s time to look elsewhere.

Am I paying unnecessary fees or restricted from making extra repayments?

Redraw fees, account-keeping charges, and limits on extra repayments can add up or hold you back. Check if your loan offers flexibility without the hidden costs.

If you’re unsure how to answer these questions, or if the answers aren’t giving you confidence, it’s a clear sign to speak to a broker. I can review your current loan, compare rates and features across lenders, and help ensure you’re in a product that aligns with your financial needs and goals.

EOFY checklist for property investors

If you also hold investment property, you should go a step further and prepare your portfolio for tax time. Here’s a quick EOFY checklist to help keep you on track.

1. Maximise your tax deductions

The Australian Taxation Office’s 2025 Tax Time toolkit for investors has a wealth of information about what tax deductions you can and can’t claim for your property investment. Examples include:

• Interest on loans – claim interest paid on the amount borrowed (or a portion of it) relating to assessable income.
• Borrowing expenses – including loan establishment fees, lender’s mortgage insurance, title search fees, mortgage document preparation, and broker fees.
• Repairs and maintenance – e.g., replacing a worn-out fence or re-oiling a deck. Improvements and renovations are treated differently.
• Body corporate fees and charges – admin fees are deductible straight away; capital works levies must be depreciated over several years.
• Property management costs – property manager fees can be claimed as deductions.

2. Document your rental income and expenses

Your tax accountant will need full details. Ideally, use an online platform to manage records rather than paper receipts. Many tools exist to store and track rental income and expenses safely.

3. Consider pre-paying expenses

If you expect to be in a higher tax bracket this year, consider pre-paying investment property expenses like insurance or loan interest before June 30. This allows deductions to apply in the current financial year.

You can find the 2024–25 tax brackets on the ATO website.

4. Ditch bad debts

If your tenants haven’t paid their rent, you may be able to write it off as a bad debt – reducing taxable income. Speak to your accountant.

5. Plan for Capital Gains Tax (CGT)

If you sold an investment property this financial year, plan for the CGT liability. If held longer than 12 months, you may be entitled to the 50% CGT discount.

6. Don’t forget depreciation deductions

You can claim for depreciating assets like dishwashers. Hire a quantity surveyor to prepare a depreciation schedule – this outlines deductions on buildings, fixtures and fittings.

7. Review your property’s performance and plan ahead

Compare rental income, occupancy, and maintenance over 12 months. Identify high- and low-performing properties. Consider your next steps – buy another, renovate, restructure? Talk to us about your finance options.

8. Get an investment loan health check

With two cash rate cuts this year and ongoing movement, now is a great time to review your investment loan.

The Reserve Bank of Australia (RBA) has cut the cash rate, and it seems likely there will be more cuts to come in 2025. All Big Four banks are anticipating at least two cuts this year and some say there may be up to five cash rate reductions.

So, should borrowers opt for a variable home loan rate or a fixed one? Or a bit of both with a split rate? The answer depends on what’s important to you.

Here, we explain your options.

Variable home loans

The benefit of a variable home loan is that the interest rate you pay will move up and down in line with market interest rates.

If the RBA cuts the cash rate again in 2025, your lender may pass on the reduction in your interest rate (though this is not 100% guaranteed), which will result in lower repayments. If the RBA puts the cash rate up, your interest rate could go up too.

Variable home loans tend to come with more flexibility and features than fixed rate loans. Examples include interest-saving features like redraw facilities and offset accounts.

You may also be able to make extra repayments without copping a fee, thereby paying off your home loan sooner.

Fixed home loans

With a fixed rate home loan, your interest rate will stay the same for the duration of the fixed period (usually from one to five years), irrespective of market interest rates.

The key benefit is that you’ll know exactly what your repayments will be and can budget accordingly.

If the RBA increases the cash rate, you won’t be affected, but you also won’t benefit if the cash rate goes down again.

In the past, fixed rate home loans were typically a lot less flexible than variable home loans. However, nowadays some lenders do allow you to make extra repayments (usually up to a limit) on fixed home loans. Certain lenders also offer redraw facilities or offset accounts on fixed-rate loans.

However, if you want to sell the property or refinance, you may be up for a break fee. While break fees are typically not charged on variable rate loans, you might face a discharge or settlement fee to cover admin costs, which usually range from $150 to $400. On fixed-rate loans, break fees can still be quite hefty, so it’s important to think through your long-term plans before committing.

If lenders expect the cash rate to fall, the fixed rate tends to be lower than the variable rate. Some lenders have already reduced their fixed-rate home loans in anticipation of future cash rate cuts by the RBA, so it’s worth exploring your options.

Split rate home loan

With a split rate home loan, you can lock in a portion of your mortgage under a fixed rate and leave the rest variable.

This gives you the best of both worlds. The fixed-rate portion provides certainty, so you’ll always know what your repayments will be for that part of the loan. Meanwhile, the variable portion of the loan offers flexibility and the potential to benefit from any interest rate cuts.

Like to explore your options further?

Deciding what type of loan is right for you can be challenging, but we’re here to help. We can crunch the numbers and help you to weigh up your options.

Please contact us for assistance.