Lenders look at all sorts of criteria when you apply for a home loan so that they can assess whether you’re a good fit for their product. This can include your loan-to-value ratio (LVR), credit score, borrowing power, as well as something called home loan serviceability.
As Australian home prices continue to rise, the amount we need to save to get a home loan increases too. But what is the average home deposit in Australia in 2024?
Buying a home is a huge financial responsibility which comes with a level of risk, but there are products available which can provide you some security if you’re suddenly unable to make your mortgage repayments due to uncontrollable circumstances.
When it comes to refinancing, you have several options available. From simple rate-and-term refinancing to debt consolidation, the type of refinancing you opt for depends on your circumstances and what you want to achieve.
Home loans are one of the biggest expenses most Australians will ever have to pay and, in recent years, that cost has quickly grown.
The first step when buying a home is saving up for a home loan deposit. The first deposit is typically 20% of the property purchase price, so for an $800,000 home, you’ll typically be looking at a deposit of $160,000.
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In finance, we deal with interest all the time.
If you’re thinking of buying an investment property, you’ll want to know what your return on investment could look like.
If you’re in the home buying process, then you’ve probably heard about stamp duty. Stamp duty can be a significant home-buying cost to budget – and unfortunately, your home loan does not cover it. How much stamp duty costs varies by location, property value, and buyer.
Some of the most common advice you’ll read at Mozo is to, “Call your mortgage lender.” See if you can negotiate a lower interest rate and avoid mortgage stress.
Different types of home loan interest rates have pros and cons and can affect how much you pay. The two most common types are fixed and variable rates. But what’s the difference between the two, and how do you choose the one that best suits your needs?
Your home equity is the difference between how much your home is worth in the current market and how much you owe on your mortgage. In other words, your home equity represents the portion of your property that you own.
Mortgage stress in Australia is defined as spending 30% or more of your pre-tax income on home loan repayments. It’s not a science, but a generally accepted threshold for measuring home loan affordability.
Paying at least 20% of the purchase price upfront is standard when taking out a home loan. This portion establishes the loan-to-value ratio (LVR) for the mortgage and the interest rate the borrower is eligible for.
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The Australian rental and housing market is notoriously tight, and while supply is often cited as the solution, the type of supply being brought to the market is equally important. One potential solution being discussed is the build-to-rent (BTR) model.
Having a home loan can be one of the few investments that pays off long-term. You accrue home equity and lock wealth into a tangible asset that usually appreciates over time. But with home loan interest rates flying sky-high, mortgage repayments can also feel like a dark money pit in your budget.
If you’ve started to notice more ‘for sale’ signs on properties than usual, you might chalk it up to spring’s influence.
Have you found the house you’d like to own? Your next step is getting a home loan and hopefully in a way that allows you to minimise your costs.
Buying and selling property can be time-consuming, but there are buyers looking for a quick turnaround. Property flipping has been a great way for investors to make use of capital gains, while some buyers with buyer's remorse merely want to move to greener pastures.
Refinancing is the process of switching home loans, whether that’s by negotiating with your current lender or swapping to a new provider altogether.
Interest rate hikes have dialled up the pressure on borrowers over the past couple of years. As a result, many have been keen to refinance their home loans and escape rising repayments.
No two mortgages are the same, which is why comparing home loans is vital. Every home loan offer will have different fees, interest rates, features, and more. But not every lender calculates borrowing power and risk the same way, either, which means different lenders let you borrow different amounts of money.
Mortgage repayments are calculated so that you chip away at the total cost of your home loan over time.
Refinancing is when you switch from one home loan to another, either with your existing lender or a new mortgage provider entirely.
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If you’re a borrower who’s taken out a home loan for an investment property, you might find yourself looking at a loan that is missing out on a better interest rate or handy account features in comparison to others. If that’s the case, then it might be time for you to look at refinancing.
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Refinancing your home can be a useful way of getting a better deal on your mortgage. Sometimes, borrowers opt for cash out refinancing to access some of their equity as well.
Your loan-to-value ratio (LVR) and home equity are vital parts of your mortgage. Home equity can be an untapped source of wealth used for everything from a home loan deposit to funding for renovations, while your LVR tier can set the interest rate on your mortgage repayments.
Not everyone is the same, and not everyone is on the same home-buying journey. That’s okay! There’s a wonderful variety of home loans to suit different needs. If you’re having trouble finding options that suit you, it could help to first discover your ‘type’.
If you own your home outright, or if you’ve been paying off your mortgage for a while, you’ve got home equity. Using your equity to buy a second property, either as an investment or as a holiday home, is a very lucrative way to expand your property portfolio. And the best part is, it’s relatively straightforward.
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With home prices where they are across Australia, it’s little wonder borrowers are questioning whether they can save for the hefty deposit required.
Saving up a deposit is one of the biggest hurdles involved in purchasing a home, and for many Australians, clearing it can seem almost impossible. Below, we explore some of the workarounds for homebuyers who don’t have the 20% deposit that banks like to see.
When you apply for a home loan, one of the many things lenders will examine is your credit score. This is a number between 0 and either 1,000 or 1,200 which reflects how responsible you are with your debts and other financial obligations.
A mortgage prisoner is someone who lacks the equity or serviceability requirements to refinance their home loan. Because they aren’t able to jump ship, borrowers can find themselves trapped and drowning in a mortgage they can no longer afford.
Saving up a deposit is one of the largest obstacles to purchasing a home, which is why many parents step in to help their children out. If you’re in a position to do so, gifting a deposit can be just what your child needs to get their home loan application over the line.
Sky-high property prices have left many young Australians feeling pessimistic about their home ownership chances. And as costs of living surge it’s become harder than ever to save up for the 20% deposit that banks like to see.
As a result of the rising cash rate and the cost of living crisis, some Australians have grown worried about their mortgage repayments.
Ready to buy a home, but aren’t sure how much you can afford to borrow? Working out your borrowing power can give you a good idea of how much a bank might lend you for a home loan.
Overbidding at a property auction can have disastrous financial consequences and make it harder to take out a home loan in future. It's a worst-case scenario for an auction: depending on your situation, it might be far better to lose the auction (and the property) than overbid.
Getting pre-approval is an important step in the early stages of the home loan process. Not only does it give you an idea of how much you can borrow, but it signals to vendors that you’re serious when it comes time to make an offer.
As a renter, it’s difficult enough to enter the property market, let alone buy a home you’re happy with at a price that won’t make you queasy. However, a home-buying strategy that’s growing in popularity, known as rentvesting, is seeing Australians swapping out traditional home loans for an investment property.
When shopping for a home loan, the ability to deposit and withdraw funds is highly sought after. So, when looking at features like an offset account and redraw facility, they will probably rank pretty high on your wishlist.
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Central banks do a lot behind the scenes to steer an economy in a desired direction, from responding to domestic shocks, ensuring the right number of people have employment and — perhaps most importantly — keeping inflation within a healthy range.
When most people talk about the costs of buying a home in Australia, they focus on property prices and mortgage repayments. While those are major expenses, you can’t overlook that homeownership costs more than just your home loan.
Buying a property with another person (or people)? You might not have thought about it, but you’ll need to nominate the type of ownership structure you plan to enter. The two most common types are joint tenancy and tenancy in common.
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Despite some relief from the RBA pausing its interest rate rise program, rates are still biting down on everyday borrowers. One way mortgage holders are managing their loan is through extra repayments.
Most people looking to buy property will encounter two types of home loans: owner-occupier and investment property loans.
If your circumstances change and a fixed home loan no longer suits your needs, you can get out of it early, often by paying a break fee.
How much does a home loan actually cost? Between the principal, deposit, fees, and interest, there’s a lot of expenses to consider. Not to mention it’s all spread out over decades, which can make it hard to comprehend how much you’re actually spending.
Negative equity is when the amount you owe on your home loan is greater than what the property is worth in the current market. In other words, the debt you owe is more than the total value of the asset.
For most Australians, paying off a home loan is a decades-long task. But what happens if you pass away before you get a chance to pay it off and discharge your mortgage?
A property valuation is necessary if you’re applying for a home loan or want to find out how much your place is worth. But what is a property valuation, how does it work, and how much does it cost?
When you’re applying for a home loan, your prospective lender will look at a range of factors in determining your ability to service the loan. One of these is your genuine savings.
Rising interest rates have rapidly priced many Australians out of easy home ownership. But the conversation tends to leave out a generation expected to have it all: Boomers.
Joining an expanding roster of shared equity schemes popping up around Australia, Tasmania’s MyHome program is designed to help residents enter the property market sooner by reducing the upfront costs they face.
A debt-to-income ratio (DTI) is used by lenders to assess your loan serviceability – that is, your ability to make mortgage repayments without falling into a tough financial position.
In 2022, the NSW government announced a $780.4 million shared equity scheme, which it hopes will help boost home ownership by reducing the upfront and ongoing costs of taking out a home loan.
The federal Labor government introduced the Help to Buy scheme in May 2022. Two years on, Labor’s plan to help Australians purchase a home is closer than ever to reality.
With interest rates at the highest they've been in years, the promise of a 40-year home loan offering lower monthly repayments may look appealing. But there's a catch that you might not have considered, which can actually end up costing you more.
After this week’s Reserve Bank of Australia (RBA) decision to raise the cash rate to 0.35% (an increase of 0.25%), owning a home or applying for a new home loan just got more expensive.
Owning an investment property comes with a whole host of expenses to cover, including property manager fees, repairs and maintenance, and your investment loan repayments.
You can buy a home with anyone–siblings, parents, extended family, or even friends.
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Settlement is the last step in getting a home loan and is the part of the process when your lender formally approves your mortgage and you purchase your home.
Your investment portfolio can actually boost your borrowing power and impress a lender, however there are some caveats to be aware of when using your shares to strengthen your application.
If you’re reading this, chances are you’re in the official stages of your home buying journey. Congrats!
When it comes to applying for a home loan, your borrowing power is the foundation of a successful bid. One of the main ways to increase your borrowing power is to demonstrate that your total income (including that of your partner, if you’re buying together) is enough to make repayments.
Getting pre-approval is an important step in the home loan process. Not only does it give you an idea of where you stand in a lender’s eyes, it can give you an edge over other buyers when it comes time to make an offer.
Cryptocurrencies like Bitcoin have seen major mainstream interest over the past few years.
There are a number of government home loan schemes in Australia which can help you buy a home, and one of those is the Regional First Home Buyer Guarantee (RFHBG).
The very thought of applying for a home loan is enough to send shivers down the spines of many Australians looking to enter the property market for the first time. But with a pinch of patience and a healthy dollop of organisation, the affair breaks down into a few neat steps that should serve to demystify the home loan approval process.
Your mortgage can end for a few reasons – when you’ve paid it off in full, you’re refinancing to a new lender or you sell your property.
In most cases, white lies are no big deal. But if it's something serious like a home loan application, a surprising number of people are willing to bend the truth.
So you’ve got your sights set on a home, spoken to a bank, and gotten an idea of how much you can borrow. The only problem is the amount is a bit lower than you’d like. Thankfully, there are a few things you can do to boost your borrowing power.
Banks can shift their mortgage rates several times throughout the year, either in response to moves by the Reserve Bank of Australia (actual or anticipated), or simply because their cost of doing business has changed.
Paying too much for your mortgage? One thing you can do to reduce costs is refinance your home loan, as this can give you access to lower interest rates and better features.
The breakdown of a long-term relationship can be difficult enough to begin with, but things are made all the more complicated when you and your partner have a home loan together.
There are plenty of reasons you might want to turn your home into a rental property. But things are made a bit complicated when you’ve still got a mortgage attached to it. So are you required to inform your lender of your plans? And will changing the terms of your loan mean higher monthly repayments? We explore these questions below.
Property investment is an increasingly popular way to achieve financial stability in 2024. But that’s not to say it won’t cost you along the way.
Refinancing your home loan can be a smart move, especially if your current loan isn’t working for you or you feel you’re paying more than you should be. Below, we outline the main steps involved and some key questions you should ask.
A break cost is a fee a lender charges when you repay your loan early or switch to a different type of loan during a fixed rate period.
In his latest policy statement, Reserve Bank governor Philip Lowe dropped his usual reference to the Board’s willingness to be “patient” — effectively signalling that the RBA intends to tighten monetary policy in the coming months.
New South Wales first home buyers looking to get into the market may be eligible for the NSW First Home Owner Grant (FHOG).
If you're a first home buyer in the Northern Territory, then check out the NT government's First Home Owner Grant (FHOG). It's a one-off payment that can help with some of the costs associated with buying a home.
If you live in Western Australia and are looking to buy your first home, then you may be eligible for the First Home Owner Grant (FHOG).
With property markets reaching highs all around Australia, it might seem harder than ever to get into real estate. Thankfully, there are a few options to help first home buyers ease the financial burden of getting their first home.
If you're a first time home buyer in South Australia, take advantage of the SA government's First Home Owner's Grant (FHOG) to help get you closer to holding the keys of your dream property.
If you live in Victoria and are looking to buy your first home, then don't overlook the First Home Owners Grant (FHOG).
If you live in Queensland and are looking to buy or build a brand-new home, then the First Home Owner's Grant (FHOG) could be the helping hand you need.
Refinancing your home loan is a big decision, so it’s vital to consider the pros and cons and understand the different types of refinancing available.
Paying off a mortgage is no easy task, and sometimes borrowers can find themselves struggling to keep up with their monthly repayments. If you have fallen behind on your loan, here are a few things to expect.
Home loan debt is not something you want hanging over you any longer than necessary. Thankfully, there are plenty of things you can do to pay off your mortgage ahead of schedule. We’ve compiled a few handy tips below.
If you are thinking about buying a home, you are probably wondering how to boost your chances of getting your home loan approved.
A self-managed super fund (SMSF) is a retirement fund which is managed privately by you. An SMSF home loan lets you use these retirement savings as a deposit for an investment property, with any returns on the investment being directed back into your superannuation fund.
Taking out a home loan is a huge financial commitment which can span up to 30 years, and anybody’s financial situation can change over such a lengthy time period.
When you compare home loans, there are two types of interest rates you can choose from – fixed rate and variable rate. However, you don’t have to choose just one or the other. Many banks and lenders will let you combine the two in what’s known as a split rate home loan.
Whether you’re planning to buy with friends, your partner, or a sibling, sharing a home loan with someone else can help you cut down on costs and even increase your borrowing power. This can be done through a joint mortgage.
A construction loan is designed for building your own home, as opposed to purchasing a pre-built property. Unlike a standard mortgage, it offers the flexibility to incrementally draw funds throughout the building process, incurring interest only on the amount drawn.
As you pay off your mortgage and build up your home equity, you can use it to refinance your home loan, purchase an investment property or even borrow funds for a home renovation.
A home loan is a decades-long commitment. But what happens if you decide to move because your family is growing, you want to downsize, or to get closer to work?
The Federal Government’s Family Home Guarantee scheme aims to make it easier for Australian single parents to own their own homes, with government guarantees on home loan deposits as low as 2%.
Selling a home can be tricky enough, but what about selling a home with a mortgage on it? While it’s not uncommon for mortgaged homes to be put on the market, if you’ve never done it before you’re bound to have plenty of questions.
Capital gains tax (CGT) is a tax you pay when you sell an investment asset such as property and make a profit (a capital gain).
If you’re an older Australian who owns their own home, you might have heard about using a reverse mortgage as a way to borrow money using the equity you’ve built up in your home.
Capital Gains Tax was introduced in Australia in 1985 and applies to assets you sell that were bought since that date (though there are some exceptions). Importantly, capital gains tax is part of your income tax and not a standalone tax as the name might suggest.
Whether you’ve just started to compare home loans or you’re in the process of paying one off, there are plenty of home loan features you’ll likely come across, and home loan redraw is one of them.
So you’ve acquired a home loan, settled into your brand new property and gotten into the habit of paying it down each month. While you might be confident you’ve got it all under control, there are bound to be a few things you’re a little bit uncertain about. For those who have a home loan but need a refresher on all its features, we’ve answered a few common questions below.
Topping up or increasing your home loan can be a good way to access extra cash for those big ticket purchases, especially when compared to other credit options. Basically, it allows you to borrow additional funds against the equity you’ve built up in your property, which you can then use to upgrade your car, pay for a holiday and more.
From the initial offer to the final settlement, getting a good idea of each stage in the conveyancing process can help make buying or selling a property that little bit easier. We’ll look into each of the steps and what’s involved for both sides.
If you’re a first home buyer looking to snag a property, did you know there’s another Government Scheme to help you enter the market sooner?
So, you're about to buy your first home and currently feel like a new parent that's in way over their head? Firstly, congratulations! Buying your first property is an incredible achievement and massive milestone in your life, which you should be super excited about.
Whether you’re upgrading or downsizing, there’s no denying the stress that comes with selling and moving house. And if there’s one thing on the mind of sellers, it’s the uncertainty that comes with not knowing how much your home will sell for.
Buying a home is a significant milestone, but before you get your foot in the door you’ll have to save up for a house deposit.
There are a few ways to get on top of your home loan, cutting down the time it takes to pay it off, or even to reduce the total amount of money you pay toward it over the long term.
So, you’ve gone through the effort of finding a home loan, collecting all the documents you need, and finally applying for it, only to find out that your application has been rejected. What now?
There’s plenty of jargon you’ll need to wrap your head around when looking to buy a home, and one common source of confusion is the difference between lenders mortgage insurance (LMI) and mortgage protection insurance (MPI). Let’s unpack these terms so you can better understand how these products could help you in your home buying journey.
First introduced by the Federal Government in 2000, the First Home Owners Grant is a one-off payment that can help first home buyers with the cost of getting into the property market and paying for a home loan.
If you're a freelancer, self-employed worker, small business owner or contract worker, getting a standard home loan can be difficult when you don’t have proof of salary documents like payslips or group certificates. This is where a low doc home loan comes in.
Saving for a home loan deposit can be seriously challenging in today’s market, so what happens if you’re struggling to meet the recommended 20% of the property’s value?
Have you built up some equity in your home through extra repayments or your property has appreciated in value? Then you could be eligible for a line of credit loan that allows you to draw on a portion of that amount to fund things like an upcoming renovation or new family car.
As anyone who’s spent time shopping for a home loan understands, there’s more to a home loan than the headline rate. In this guide, we’ll run you through some of the features you should look out for to make sure your mortgage works for you.
An important part of choosing a home loan is getting good advice. One method homeseekers use is speaking to a home loan or mortgage broker, who will not only hunt down a great home loan deal on your behalf but will also run you through everything from your borrowing power to the features that could be right for you and even help you complete the home loan application.
Refinancing to cover your renovation costs is a savvy way to access your home equity. But how does it work?
Shopping for a home loan is an exciting time - after all, you’re on your way to owning your dream home! But it can also be a little overwhelming. Between interest rates, property jargon and lenders giving you the run around, it can start to get pretty stressful.
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Mortgage brokers can offer a valuable service if you’re searching for a home loan. They can streamline the whole process and sometimes even make it cheaper. But because our main aim at Mozo is to save you money, we thought we better dig into the details to clarify exactly what these services could cost you.
When you buy off the plan, you’re buying a property that hasn’t been built or is in the process of being built – these properties tend to be apartment complexes and housing developments.
We’ve witnessed the dummy spits, tantrums and blowups on reality renovation TV shows but there are also some great pieces of advice when it comes to home makeovers that we can take away from these shows. Through the contestant’s tears and heartache to renovate an ideal children’s bedroom or a chic bathroom we’ve pulled out 5 key renovation messages. So when you’re about to get stuck into your own renovations, minimize stress and drama by following these reality TV red hot tips.
Looking at updating your kitchen, bathroom or garden this year? Well here are some renovation trends to consider so your home makeover is modern, chic and most importantly a place where you want to spend time. Let us take you through the sizzling kitchen trends, hot bathroom fads, fashionable interior designs and renovation garden fazes of 2016.
Any investor will know that finding a mortgage with a low interest rate is important. But a savvy investor will take things a step further by hunting down an investment loan that not only has a great rate but competitive features too.
Renovations are the perfect opportunity to make your home green and sustainable. Creating a sustainable home is no longer just a trend, it's part of our daily lives and crucial to reducing the impact we have on the environment. It doesn’t matter how small or large the renovation is, there’s always an opening to lighten your environmental footprint for short and long term benefits.Quality, environmental and sustainable design principles will save you thousands of dollars on energy and water bills while creating a more livable and healthier home. So follow our guide on how to incorporate sustainable principle designs into your home renovation.
Whether you’re a first time investor wanting to get a foot in the property door or an experienced property pro after an addition to your portfolio, there’s one main thing you’ll probably be on the hunt for when it comes to your investment loan - a low interest rate.
Shut your eyes and visualise your renovation project. Then, if you’re handy with a pencil, sketch it on a piece of paper. It may seem a little silly but this is how the pros operate. Drawing up a mind map is a great way to present your ideas to the renovation professionals. This big picture will also guide you through the renovation process, keep you on track and prevent you from spending unnecessarily. A solid plan also helps deter renovation surprises that can pop up along the way, resulting in additional costs that could break the bank.
Who doesn’t like to earn a quick buck? The renovate and flip strategy is all about just that. It’s the concept of buying a rundown property below market price, jazzing it up to increase its value then reselling it just months later for a fast profit. It’s easy said than done and keep in mind, a flip can flop. However if you’re looking to flip follow this guide for renovation tips and more so you finish sunny side up!
You’ve read the weekend paper, gone for a lovely stroll and had your Sunday coffee, now you’re twiddling your thumbs looking for something to do. Look no more, we’ve got the solution, pick up a hammer or paintbrush and get to work on a quick and easy renovation task that will add value to your home. Given there’s no shortage of ideas when it comes to DIY home renos, find some time over the weekend, don’t lounge around and pick up a tool and get cracking. While each home is unique, here are 10 projects that most homeowners would benefit from and best of all, you can knock them over in a weekend.
Home renovation jobs can be endless from small scale tasks such as replacing light fittings to larger sized changes like building a pool! However, if you’re looking to add value to your home you don’t necessarily have to turn to the mammoth jobs requiring builders, architects and tradies. There are plenty of jobs you can do yourself! So pull out some old rags and get cracking on these DIY renovations that home reno experts say add value.
Buying at auction is a popular home-buying method for many Australians. So what can buyers expect? How can you give your bid the best chance at winning? And how does the auction process impact your home loan?
So you’re thinking about buying off the plan. That’s wonderful! The anticipation of waiting to see your new home or investment property come to fruition would be part nerve-wracking and part-exciting at the the same time. But, will it be as spectacular as the artist’s impression? Will it be as spacious as you initially thought? Will the builder commit to construction till the very end?
So you’ve worked hard to save up for a home loan deposit and you’re probably concerned about the potential pitfalls ahead. It's clear that 2023 could bring some headwinds.
You’re gearing up to put that big ‘for sale’ sign up out the front of your place but before you do why not improve the value of your place. There are plenty of easy, quick and cost-effective DIY tasks to undertake that will ensure you get the best resale price for your home.
When was the last time you looked at how the Australian dollar is fairing on the market? May be on the rise, but according to foreign investors, it’s still pretty low. What does that mean to you and I? Everything. From lower currency exchange when travelling overseas to inflated prices on average items we buy, day to day.
Whether you’re upgrading from a bachelor pad, downsizing from an empty nest, moving across country or just looking for something a little more your style, moving out of your home can be a huge upheaval.
Negative gearing is a term you’ll often hear when talking about property investment, but what does it actually mean?
When you’re ready to sell up and move into a new home, there are heaps of things to consider, and it pays to have a strategy in place, rather than just diving right in. Generally speaking, the goals for that strategy are to a) get a great price on your old home and b) secure the deed to your brand new dream home. And, with a little luck, you’ll achieve those goals while c) keeping your sanity intact.
Selling your house can be a stressful experience - you worry about getting the right price, about finding a new place, about your Great Aunt Cathy’s ancient crystal dinner set getting smashed to bits in the move.
When paying off your home loan, you’ll be able to choose between two mortgage repayment options: principal and interest (P&I), or interest-only (IO).
Property dreams are made in spring, if the old adage is to be believed. It’s supposedly the best time of the year to sell and buy homes, but depending on your circumstances, that may not be entirely true.
Here’s a horror story you might have heard before: a young couple decide to renovate their new house. They choose new tiles, re-do the kitchen and knock out a wall. But halfway through pulling out the bathroom tub, their bank account runs dry. They head to the bank to borrow more money - and are rejected.
Are you a first home buyer wondering if you can use your super for a deposit? Well, the First Home Super Saver Scheme (FHSS) may be just what you’re looking for.
With the high cost of living right now, it might seem like an impossible dream imagining the day when you’ve paid off your mortgage, you have thousands more in your bank account, and you are planning a trip around the world to tick off all those places on your bucket list.
Buying a home comes with all sorts of expenses. But before you get your foot in the door, you’ll need to save up for a house deposit and qualify for a home loan.
Taking out a home loan to purchase a property can be exciting, but what can often dampen your enthusiasm is all the complicated home loan jargon that gets thrown around in the process.
Thinking about buying your first home? Or maybe an investment property? No matter what type of buyer you are, finding out your borrowing power should be among the first things you do.
In Australia, there are plenty of different home loans available to cater to different borrowers. Below, we break down the main types of home loans out there to help you find the one that suits your financial situation.
From the big bank players to the small online only lenders, the mortgage world offers plenty of choice when it comes to selecting a home loan lender.
Gone are the days when Aussies would only take out a home loan with a big bank. Now, there's no shortage of smaller online lenders offering some of the lowest rates in the market, which could potentially save you thousands over the life of your loan.
All signs point to the Reserve Bank of Australia lifting official interest rates in the coming months, meaning thousands of households will have to contend with their mortgage repayments increasing.
Australian's have enjoyed some seriously low home loan rates for a long time, but the winds may finally be changing with recent indications from RBA Governor Philip Lowe hinting that a rate rise may finally be on the way.
When you find your home loan lender, it might feel like you've met your one and only. While the romance might come thick and fast in the honeymoon period, sometimes the seven year itch can come early.
Thanks to the Reserve Bank of Australia's unprecedented rate hike cycle, the cost of financing a home loan has surged.
Getting a home loan approved without a deposit isn’t common in Australia, unless you have a guarantor. A guarantor is usually a family member who offers equity in their own property as additional security for your new home loan.
You can’t overlook a home loan with an offset account if you want to save money. Not only can offsets shrink your monthly repayments, but they can slash the amount of interest you pay over the long term if you play your cards right.
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Getting a home loan approved can take weeks. But a home loan pre-approval can typically be done in just days and provides the stepping stone many buyers need to confidently enter the property market.
Buying a home is a huge financial commitment, and it can feel a little overwhelming if you’re not sure where to start. In our dedicated guide, we’re outlining all the steps for getting a home loan in Australia, and the factors you should consider along the way.
Property investing is a popular way to grow wealth in Australia. Investment properties can deliver consistent returns over time, demand is usually strong, it creates a passive income from collecting rent, and there are plenty of tax-friendly incentives.
If you’re thinking about purchasing a property, before you start eyeing off that penthouse suite the first thing you should think about is how much you can realistically afford to repay each month, as this will ultimately determine the amount you should borrow.
In home loans, a loan-to-value ratio (LVR) is the amount you’re borrowing, expressed as a percentage of the value of the property you’re buying. For example, 80% LVR means you’re borrowing 80% of the value of a property.
With property prices around Australia skyrocketing and the cost of living going up too, saving up a deposit for a home seems to be getting harder by the day.
Buying your first house can be a long and daunting process, so having a roadmap is helpful. Let’s go through every stage of the home-buying process and lay it out in simple steps, including:
Finding your dream home is no small feat! Once you have your home loan settled, celebrations are definitely in order. But there's one last item to consider: home insurance.
You may be emotionally ready to settle down but how do you know you are financially ready to buy your first home? Taking on a mortgage is one of the biggest financial decisions you’ll ever make, so before you take the plunge it’s a good idea to take a moment to learn what are things to know when getting a mortgage.
Getting ready to apply for your first home loan? Run through this checklist first so that your credit profile will be ship shape and you'll have the best chance of getting approved.
According to the Australian Bureau of Statistics, Australia has one of the highest levels of home ownership in the world. However getting a foot in the property door isn’t always easy and choosing a home loan can often be a major headache. So before you rush into signing up with any old home loan, think about the type of loan that’s right for you.
Ready to own your nest? From finding a good loan to pinpointing your criteria, plus lifestyle factors to consider, see this checklist before you begin the big search.
Most borrowers choose to pay monthly and don’t realise they have the option to make fortnightly or weekly mortgage repayments. But what if I told you that increasing your repayment frequency could save you thousands of dollars on your home loan?
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CommBank reduced interest rates for borrowers on its Extra Home Loan and CommBank Wealth Package recently, positioning these loans more favourably against the averages in the Mozo database.
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Australians are obsessed with houses, despite units being up to 32% cheaper and offering potential interest savings of up to $274,405 on their home loans.
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The number of people looking for a helping hand when buying a property has increased in 2024, despite more buyers going solo.
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As the winter cool subsides, the property market comes into sharper focus, and much of the interest comes from more selling! The reason for this is typically an uptick in property listings.
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