5 Home Loan Lessons From Ruchir Kakkar’s 20 Years in the Industry

After nearly two decades in banking, from Teller and Personal Banker through to Home Finance Manager, Bank Manager and now Branch Principal at Rate Money Mount Gravatt, Ruchir Kakkar has worked with borrowers at every stage of their property journey.

Here are five lessons he's learned along the way.

1. The Cheapest Loan Isn't Always The Best

Interest rates matter, but they aren't the whole story. Features, flexibility and how a loan supports your future goals can be just as important. For many borrowers, particularly the self-employed whose income is not standard, getting a loan approved is what matters most.

2. Self-Employed Borrowers Often Have More Options Than They Think

Many business owners assume they need to fit a traditional PAYG model to qualify for a home loan. Depending on your circumstances, there may be alternative pathways available, including Alt Doc loans, refinancing and debt consolidation or lending strategies that take a broader view of your financial position.

3. Equity Can Open Doors

For homeowners, equity could be one of the most valuable tools available. As property values increase and home loan balances reduce over time, equity may create opportunities that weren't possible when you first purchased.

For example, some borrowers may use equity to fund a renovation that improves their home's functionality and value, while others may leverage equity as a deposit for an investment property. Business owners and self-employed Australians may also be able to access equity to purchase commercial premises, invest back into their business, or consolidate higher-interest debts.

The key is understanding how much usable equity may be available and how it could support your broader financial goals.

4. Preparation Makes A Difference

Understanding your financial position before you apply can help make the lending process smoother. The earlier you plan, the more options you may have available.

Preparation can involve reviewing your existing debts, building genuine savings, checking your credit position, and ensuring important documents are up to date. For self-employed borrowers, this might also include organising financial statements, BAS records, tax returns, or working with an accountant to ensure financials accurately reflect the strength of the business.

For instance, a borrower who begins preparing six to twelve months before purchasing may have time to reduce liabilities, improve cash flow, strengthen their borrowing position, and potentially access a wider range of lending solutions compared to someone applying at the last minute.

Small steps taken early can often make a significant difference when it's time to apply.

5. Every Borrower's Story Is Different

No two situations are exactly the same. That's why understanding a borrower's goals, income and circumstances is often just as important as understanding the numbers.

A PAYG employee with a straightforward salary may have very different lending needs to a business owner, contractor, medical professional, tradie, investor, or someone with multiple income streams. Similarly, two borrowers with identical incomes could require completely different lending strategies depending on their debts, assets, future plans, and property goals.

For example, one borrower may be focused on purchasing their first home, while another may be looking to refinance, access equity, or purchase commercial premises for their business. Taking the time to understand the bigger picture can help identify lending solutions that align with both short-term needs and long-term objectives.

How Rate Money Mount Gravatt May Be Able To Help

At Rate Money Mount Gravatt, Ruchir Kakkar works with homeowners, investors, business owners and self-employed Australians to help them better understand their lending options. Whether you're looking to purchase, refinance, access equity or grow your property portfolio, the right solution starts with understanding your circumstances.

Property goals change over time, but good lending advice always starts with understanding your situation. By planning ahead and exploring your options early, you may be better positioned to achieve your next property goal.

Contact Rate Money Mount Gravatt today to discuss your circumstances and explore your options.