How to prepare for spring property season

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It might not be quite hot enough to bring out your two piece and hit the beach, but something that is definitely heating up is the spring property season in the wake of record low home loan interest rates.

Just the way nature intended it, spring is all about excitement and new beginnings, so it’s no surprise the property market is roaring as soon as September hits. But, before you get swept up in the glorious weather, open houses and countless auctions, there are a few things you should prepare before diving in head-first for that big purchase. 

We spoke to our Property Expert, Steven Jovcevski, about how to best prepare for the spring property season if you’re in the market to buy:

Get your finances in order
Cut back your expenses before you apply for a home loan. Pay off any unnecessary credit cards or personal loans, reduce credit limits or get rid of them altogether if you can. Shop around for the best home loan interest rates, compare the benefits and update your pre-approval with your lender of choice.

Fine-tune the numbers
Work out your deposit and how much money you need to purchase the property in your sights. Take into account stamp duty and other associated expenses with buying a property. Remember 10% deposit is minimum if you have stamp duty to pay and 5% if you are not paying stamp duty as a first home buyer. Most importantly - be realistic about your budget!

Reassess the market
In Sydney and Melbourne, clearance rates have increased and prices are creeping up in some suburbs. A big difference to a few months back, where prices were dropping steadily. Do your research on prior sales in the area, but expect to pay a bit more than a few months ago, reevaluating previous expectations.

Inspect. Then inspect again
You’ll see a myriad of properties for sale during spring, but make sure that if you find one you like, and see it more than once. Go to as many open houses for it as you can, and to try going at different times, as you’ll get a different perspective for the property from the morning to the evening.

Low rate home loans August 2019

Rates updated daily. Advertiser disclosure.

  • loans.com.au

    1.99% p.a.variable for 12 months and then 2.48% p.a. variable

    2.47% p.a.

    $1234

    Product details Close details
    Smart Booster Home Loan

    A super low introductory rate home loan with no monthly or ongoing fees. Unlimited free redraws and unlimited additional repayments to help you build your equity and own your home sooner. Multiple loan splits available. (Rates revert after introductory period ends). 20% minimum deposit required.

    • 1.99% p.a.variable for 12 months and then 2.48% p.a. variable

    • 2.47% p.a.

    • $520

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • Optional - with 0.10% additional interest

    • $520

    • 80.00%

    • $50,000

    • $1,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Smart Booster Home Loan

  • UBank
    Mozo Expert Choice Badge

    2.34% p.a. variable

    2.34% p.a.

    $1234

    Product details Close details
    UHomeLoan - Discount Offer

    Enjoy a super low rate, $0 fees and easy application with the Mozo Experts Choice Home Lender Bank of the Year.^ Free redraw with flexible repayments. Min 20% deposit.

    • 2.34% p.a. variable

    • 2.34% p.a.

    • $0

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • $0

    • 80.00%

    • $100,000

    • -

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the UHomeLoan - Discount Offer

  • Athena
    Mozo Expert Choice Badge

    2.19% p.a. variable

    2.19% p.a.

    $1234

    Product details Close details
    Celebrate Variable Home Loan

    Fast online application with no fees. Free extra repayments and redraw facility. Min 40% deposit. Crowned Best New Home Loan for 2020 by the Mozo Experts.^

    • 2.19% p.a. variable

    • 2.19% p.a.

    • $0

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • $0

    • 60.00%

    • $100,000

    • $2,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Celebrate Variable Home Loan

  • Virgin Money

    2.04% p.a.
    fixed 2 years

    2.79% p.a.

    $1234

    Product details Close details
    Special Offer Reward Me Fixed Rate Home Loan

    Enjoy $3,000 cashback when you refinance with Virgin Money (T&Cs apply). Additional repayments up to $10,000 per annum. Reverts to the discounted variable rate on expiry of the fixed term.

    • 2.04% p.a.
      fixed 2 years

    • 2.79% p.a.

    • $450

    • $10.00 monthly

    • $350.00

    • yes - up to $10,000 per annum

    • no

    • no

    • $450

    • 80.00%

    • $300,000

    • -

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    • $3,000 cashback for new borrowings of at least $300,000 with applications made by 22 Jan 2021 and settled by 23 April 2021.

    Read our Mozo Review to learn more about the Special Offer Reward Me Fixed Rate Home Loan

  • Macquarie

    2.09% p.a.
    fixed 2 years

    2.56% p.a.

    $1234

    Product details Close details
    Basic Home Loan

    Flexible loan structure – create up to six loan accounts with different rate and repayment types. Free redraw from your loan using Macquarie Online.

    • 2.09% p.a.
      fixed 2 years

    • 2.56% p.a.

    • $0

    • $0.00

    • $400.00

    • yes - free

    • yes - free

    • no

    • $0

    • 80.00%

    • $150,000

    • $750,000

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Monthly

    Read our Mozo Review to learn more about the Basic Home Loan

  • Suncorp

    1.89% p.a.
    fixed 2 years

    2.94% p.a.

    $1234

    Product details Close details
    Fixed Home Loan Special Offer Home Package Plus

    Competitive low rates starting from 1.89% (2.94% comparison rate) 2 years fixed for owner occupiers. No monthly account keeping fees & No loan establishment fee.

    • 1.89% p.a.
      fixed 2 years

    • 2.94% p.a.

    • $0

    • $375.00 yearly

    • $350.00

    • yes - free up to $500 per month

    • no

    • no

    • $0

    • 80.00%

    • $150,000

    • -

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Fixed Home Loan Special Offer

  • Hot Deal $3,000 cashback when you refinance your home loan to BOQ (T&Cs apply)

    Bank of Queensland

    1.99% p.a.
    fixed 4 years

    2.90% p.a.

    $1234

    Product details Close details
    Discount Fixed Rate

    Have the certainty of fixed repayments with a competitive rate from BOQ. Flexible repayment options available and make up to $5,000 in additional repayments annually. $3,000 cashback when you refinance your home loan to BOQ (min. $250k lending, max 80% LVR, T&Cs apply).

    • 1.99% p.a.
      fixed 4 years

    • 2.90% p.a.

    • $450

    • $10.00 monthly

    • $350.00

    • yes - free up to $5,000 p.a

    • no

    • no

    • $450

    • 80.00%

    • $150,000

    • -

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    • $3,000 cashback when you refinance your home loan to BOQ, min $250,000, 80% LVR or less. Apply before 26 February 2021, settle by 28 May 2021.

    Read our Mozo Review to learn more about the Discount Fixed Rate

  • 86 400

    2.19% p.a. variable

    2.20% p.a.

    $1234

    Product details Close details
    Neat Home Loan

    Competitive variable rate. Borrowers choose their repayment schedule (weekly, fortnightly or monthly) and can also make extra repayments. Redraw facility available. Simple online application process.

    • 2.19% p.a. variable

    • 2.20% p.a.

    • $250

    • $0.00

    • $300.00

    • yes - free

    • yes - free

    • no

    • $250

    • 60.00%

    • $80,000

    • $5,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Neat Home Loan

  • People's Choice Credit Union

    1.99% p.a.
    fixed 3 years

    3.64% p.a.

    $1234

    Product details Close details
    Fixed Rate Home Loan Package

    A People’s Choice 3 year fixed home loan allows you to enjoy a simple, non-complicated home loan with a competitive rate. There are no restrictions to the number of loans you can combine on a package. Lock in a competitive fixed interest rate with People’s Choice.

    • 1.99% p.a.
      fixed 3 years

    • 3.64% p.a.

    • $0

    • $395.00 yearly

    • $350.00

    • yes - free up to $10,000 p.a

    • no

    • no

    • $0

    • 95.00%

    • $100,000

    • -

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Fixed Rate Home Loan

  • Well Home Loans

    2.17% p.a. variable

    2.20% p.a.

    $1234

    Product details Close details
    Well Balanced

    Well Balanced home loan is a low rate home loan with free online redraw and no valuation fee. Purchase, Refinance or Equity Release purposes allowed.

    • 2.17% p.a. variable

    • 2.20% p.a.

    • $785

    • $0.00

    • $300.00

    • yes - free

    • yes - free

    • Optional - $10 per month

    • $785

    • 80.00%

    • $200,000

    • $2,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Well Balanced

^See information about the Mozo Experts Choice Home loans Awards