What is interest?
In finance, we deal with interest all the time.
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.
Stamp duty is an Australian government tax on transferring a property title from one owner to another.
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.
One of the main decisions borrowers make when comparing home loans is whether to opt for a fixed interest rate or a variable interest rate.
Your home equity is the value of your financial stake in your home, and it’s an important number to know whether you’re at the start of your home loan or ready to refinance.
In Australia, mortgage stress is when a borrower struggles to repay their home loan. The standard for mortgage stress is when a borrower has to devote 30% or more of their monthly income to mortgage repayments.
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.
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.
Home loan refinancing can be a handy way for borrowers to manage a mortgage and keep within budget. With a refinanced home loan, it’s possible to save money over the length of your loan by getting access to lower interest rates and helpful features.
Interest rate hikes have dialled up the pressure on borrowers this year. As a result, many have been keen to refinance their home loans and escape rising repayments. But if it’s been several years since you first took out your mortgage, it’s possible many important parts of your home loan application may have changed – especially your credit score.
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.
Every month or fortnight, your home loan lender will bill you a specific amount of money to chip away at the total cost of your mortgage until you discharge it.
Want to switch home loans, but don’t know how long the refinancing process will take?
Refinancing your home can be a useful way of getting a better deal on your mortgage. Sometimes, though, borrowers want more than just to change providers and instead will opt to get some of their equity back as well through cash out refinancing.
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’.
Whether you’ve paid off your home loan already, or are still chipping away at it, you may be able to use your home equity to buy an investment property.
With home prices where they are across Australia, it’s little wonder borrowers are questioning whether they can save for the hefty deposit required.
At some point, the house bought to raise a family will become too large. The kids will move out, maintenance will add up and lots of extra space will probably go unused.
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.
When you’re looking to purchase property, one of the first things you should figure out is your ‘borrowing power’. Knowing how much you can potentially borrow will help you search for properties that meet your budget.
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.
Property prices in Australia’s capital cities can be outrageously high. It can be harder to get on the property ladder because you need to save for a bigger home loan deposit while forking out thousands a month on mortgage repayments.
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.
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.
Home ownership costs are vital to consider. Everyone knows buying a house in Australia these days isn't cheap, but it’s also easy to forget there’s more to buying a house than just getting a home loan. Several expenses could creep up on you if you don’t budget for them from the start.
When buying a property with another person or people, you’ll need to nominate the ownership structure you plan to enter. The two most common types are joint tenancy and tenancy in common.
If home is where the heart is, Aussie hearts are going green. New Proptrack research for September reveals more than 55% of surveyed Australians believe energy efficiency is an “extremely important” quality in a house – up 17% from last year.
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.
A fixed rate home loan can be a great way to safeguard your finances against any interest rate hikes, allowing you to confidently organise your budget around your monthly repayments.
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.
With each repayment you make on your home loan, your home equity goes up until eventually you’ll own your property outright. But your equity can also go negative in some cases, and this can have a big impact on your finances if you get into trouble and decide to sell.
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?
Whether you’re looking to buy a home, sell a home, or refinance your home loan, getting a property valuation is a step you shouldn’t skip.
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.
When the Albanese government first introduced the Help to Buy scheme in May 2022, the start date for the new home buyer scheme seemed impossibly far away.
Australia has reached a critical point in the housing affordability crisis. Not only have we recently experienced the largest property boom on record, but rising interest rates and a lack of meaningful government intervention have stacked the odds against first home buyers.
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.
Congratulations! You just became a property investor thanks to a snazzy investment home loan. Besides enjoying future rental income and the glorious title of “Landlord”, there’s tax breaks to be had, too. So let’s maximise your earnings potential. Which rental expenses are tax deductible?
You can buy a home with anyone–siblings, parents, extended family, or even friends.
Homeownership is a major milestone. The journey typically starts with saving for a home loan deposit and ends with having the keys to your new place.
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.
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.
Home loans end for a variety of reasons, so it's important to know what to do when time is up.
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.
At some point in our lives we get a little twinkle in our eyes and decide, “I want to buy a home”. Just imagine - painting the walls and putting up picture frames without having to ask permission from your landlord!
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.
Refinancing your home loan can give you access to more attractive rates and features, making the path to home ownership that much smoother. But while refinancing can save you money in the long run, you might find yourself having to pay a number of fees just to kick off the process. We take a look at some of the main ones below.
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.
Whether you’re taking your first steps up the property ladder or adding to your portfolio, investing in property can be a solid way to build wealth. 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.
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.
Australians often use self-managed super funds (SMSF) for retirement savings. But did you know you can invest in property with them? An SMSF home loan lets you use your retirement savings as a deposit, opening doors to property ownership you may not afford otherwise. Interested? Start your SMSF property journey today for a secure financial future.
When you default on a loan, the bank will see you as a financial liability and this could have negative effects on any future loan or credit applications.
When you sign up for a home loan, there are two types of interest rates you’ll be able to choose between — fixed and variable. But many banks and lenders nowadays will let you combine the two. This is known as splitting your loan.
With the Australian cash rate and property prices reaching new highs, many people may feel that owning a home is impossible. However, property ownership isn’t an impossible dream if it's done with someone else.
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.
If you’re a homeowner, your home equity is worth knowing because it could affect everything from the home loan interest rate you pay to your ability to refinance your loan, or even purchase another property.
When you take out a mortgage, you enter a decades-long commitment. So what happens if you decide to move to a new home? These days, most banks and lenders offer a feature called loan portability. This lets you sell your current home and purchase a new one, all while keeping the same mortgage.
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.
If you’re planning to sell a property, it can be a bummer to pay capital gains tax on any profits. But did you know there are ways to lower your capital gains tax, or even avoid paying it altogether?
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’re searching for your first home loan or you're in the process of paying one off, there are an abundance of home loan features you’ve likely come across: everything from offset accounts and extra repayments to split loan facilities.
Taking out a home loan can be a pretty clear cut deal focused solely on securing financing to help you purchase property. But if you want to sort out a few other financial needs with the same institution, you might consider a packaged home loan.Many lenders present packages as a way for customers to save money across the life of their mortgage, alongside other financial products. An interest rate discount is on the table, along with more cost-saving features than a ‘no frills’ home loan, in exchange for you signing up to a bundle deal of the institution’s other products like credit cards, insurance or savings accounts. It sounds pretty swish, but it’s super important to consider all the loan costs, the additional features and discounted interest rate and size it up against other home loan types. Then compare this to the overall cost of holding the extra financial products separately or with other institutions. It may be convenient to have everything in one package, but it’s not automatically the most affordable option, even with the discounted interest rate.Once you’ve done your mathematical due diligence, then you can check out the packaged home loan options below.
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.
For many of us, savings for a home deposit is no easy feat. In fact, it can take a number of years of putting away money and budgeting to get there.
When it comes to buying and selling property in Australia, the process seems to go on forever and can often be quite complicated. So to help understand the steps of conveyancing, we asked Chief Executive at My Place Conveyancing, David King to give us a rundown.
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 are a first home buyer or potential investor, saving for a home deposit isn’t easy. With interest rates rising and the RBA continuing to hike rates through 2023, you may be feeling a bit disheartened to get into the housing market.
Paying off your mortgage early may help you to rid yourself of debt sooner, save you interest and let you finally live in a house that is actually your own without having to worry about another home loan repayment ever again. Sounds pretty good right?
So you’ve finally decided to purchase your first home, but you’ve hit a bump in the road and your home loan application was declined. What now?
As a first homebuyer, there’s plenty of jargon you'll need to wrap your head around to have the best chance of finding your dream home.
To help with the cost of buying your first home, you may be eligible for the First Home Owner Grant (FHOG).
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.
If you are one of the many first home buyers out there struggling to save up that ideal 20% housing deposit, you might be happy to hear there are ways to buy with deposits at low as 5%.
The feeling of picking up the keys to your very first home is priceless. No more rent hikes, evictions or inspections to deal with – and you can even own a pet without landlord drama! Plus, purchasing property is generally a good investment, as your home should appreciate in value over time.
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.
Perhaps you’ve been thinking about your kitchen lately, and that it might be time to tear it down and build something more modern - or maybe your living area could use a fresh coat of paint to brighten the space. However big or small your home renovation project may be, you still need the funds to make it happen.
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.
If you’re like most people, your home is probably the most expensive thing you’ll ever purchase. You likely scrimped, saved and took out a home loan to get your hands on it.
A brand new apartment at a discounted price sounds like an investors dream. But there are risks to buying a property off the plan that every savvy investor should know.
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?
If you’re looking for a new home, chances are you’ve come across properties that were both old and newly built. So, the question is then, how do you decide which one to go for?
Home loan costs ultimately boil down to one thing: property price. The property price decides everything from your deposit size to your home loan amount, so negotiating a fair market value is key to your home buying experience.
So you’ve scoured the postcode of your dreams and inspected what seems to be an unending amount of properties to come to the end of the road. House after house, hour after hour. And finally, a place you can soon call home.
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.
Do you own an investment property or perhaps you have a whole portfolio under your ownership belt? Well lucky you because one of the major perks of being a property investor in Australia - if your property is negatively geared - is the range of deductions you can make on your taxable income at tax time.
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.
If your investment property is negatively geared, it costs you more money to maintain than it makes. Essentially, you're returning a loss.
When it comes to buying an investment property, it is important to do your research.
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.
There comes a time in most people’s lives when, like a hermit crab, you’ve outgrown your old home. Maybe it’s not comfortable anymore, maybe you need more room or less, or maybe it’s not in the ideal location.
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.
A.K.A - What to expect when you’re inspecting
Are you set on getting a foot in the property door but are unsure of where to start?
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.
If you’ve been following the banking inquiry news, you might have heard the term rate-tracker loan thrown around. The introduction of more rate-tracker loan products was suggested as one reform that could help Aussies and their banks get along a little better.
Buying a property is an exciting experience, but there are some pretty daunting dollar figures you’ll need to cover. These can include your prospective home loan repayments, the stamp duty you’ll need to pay, and any moving or renovation costs. But the first figure you’ll need to focus on is how much you’ll need to save for a deposit.
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.
When’s the last time you revisited your home loan to see if it’s still competitive? Chances are you may be signed up with an outdated mortgage with a high interest rate and not much flexibility.
That moment when the real estate agent hands over the keys to your new property is priceless. But before you get to the final approval stage and land yourself a standout home loan deal, there are a few things you’ll need to do.
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.
The sky is blue. Pigs can't fly. And property prices in Australia are expensive. It is known.
One of the more popular home loan features is an offset account. This useful tool help lower the amount of home loan interest you pay over the life of your mortgage.
If you’ve made it to the pre-approval stage of the property buying process it means you’re nearing the finish line. Congrats!
Australia has one of the most expensive property markets in the world, so unless you have the savings to buy your home outright, you’ll need a home loan.
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.
When you're talking about home loans, a loan-to-value ratio (LVR) is an important term to remember.
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.
How often you make home loan repayments can affect how much interest you pay overall. The three frequency options you have are to pay monthly, fortnightly, or weekly.
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The Reserve Bank of Australia (RBA) again held the cash rate at 4.35% in March 2024, marking the fourth consecutive Monetary Policy Decision to leave the central bank’s rate unchanged.
Read MoreLast month the Reserve Bank of Australia (RBA) held the cash rate at 4.35% for the third consecutive Monetary Policy Decision.
Read MoreNew data from the Australian Prudential Regulation Authority (APRA) has found that home loan borrowers are generally staying on top of their mortgage payments, but there are some early warning signs of growing mortgage stress.
Read MoreA new home loan package from loans.com.au targets property investors juggling both an investment home loan and their own mortgage.
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