Question 1

Does it cost me anything to use Rivo?

Accepted Answer

In most cases, our services come at no out-of-pocket cost to you. We are typically paid a commission by the lender once your loan settles. We are fully transparent and will disclose any commissions upfront.

Question 2

How many lenders do you work with?

Accepted Answer

We have access to a broad panel of over 30 leading Australian lenders, including the major banks and specialist lenders, ensuring we can compare a wide range of products.

Question 3

What is the Best Interests Duty?

Accepted Answer

The Best Interests Duty is a legal obligation for mortgage brokers to always act in your best interests when providing credit assistance. We take this seriously and ensure our recommendations are genuinely the best fit for you, unlike a bank which only sells its own products.

Question 4

How long does the loan approval process take?

Accepted Answer

The timeframe can vary depending on the lender and the complexity of your situation. However, with our streamlined digital process, we often secure pre-approvals within 48 to 72 hours of submitting a complete application.

Question 5

Will multiple loan inquiries affect my credit score?

Accepted Answer

We perform a soft check to understand your position, which does not impact your credit score. We only proceed with a formal application (which does leave an inquiry on your credit file) once we are highly confident of approval and you have given us the green light.

Question 6

When should I engage a broker?

Accepted Answer

As early as possible! Even if you are 6-12 months away from buying, a quick chat can help you set realistic savings goals and ensure your financial profile is looking its best before you apply.

Question 7

What government grants am I eligible for?

Accepted Answer

Eligibility varies by state and your specific circumstances. We stay up to date on all state and federal incentives (like the First Home Owner Grant, stamp duty exemptions, and the First Home Guarantee scheme) and will handle the application for you.

Question 8

How much deposit do I actually need?

Accepted Answer

While a 20% deposit is ideal to avoid Lenders Mortgage Insurance (LMI), there are schemes that allow you to buy with as little as a 5% deposit. We can also explore guarantor loans which can sometimes require no deposit at all.

Question 9

Is it worth refinancing if rates have only dropped slightly?

Accepted Answer

Often, yes. Even a 0.5% reduction on a $600k mortgage can save you thousands of dollars a year. We'll run a cost-benefit analysis for you to ensure that the savings outweigh any break costs or exit fees.

Question 10

Can I consolidate my other debts when I refinance?

Accepted Answer

Yes. Many clients choose to roll their personal loans or credit card debt into their mortgage. Because home loan rates are typically much lower than personal loan rates, this can significantly reduce your overall monthly repayments.

Question 11

Can you help if I’m self-employed or have a complex income?

Accepted Answer

Absolutely. We know exactly which lenders have policies that are friendly to self-employed individuals, including those who only have one year of financials or require alt-doc solutions.

Question 12

Do I need 2 years of tax returns?

Accepted Answer

Not always. While many major banks prefer 2 years of financials, we work with several lenders who can assess your income based on just your most recent year's tax return, or even through alternative documentation like BAS statements or an accountant's letter.

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