Home loan features guides
The A-Z of home loan terms and jargon at your fingertips. If there is a home loan type or product feature worth knowing about you’ll find a detailed guide on it here. No matter whether you’re buying your first home or your tenth investment property, the more informed you are, the better your chance of getting the best deal.
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Guarantor home loans
With property prices around Australia skyrocketing in recent years, saving up a sizeable deposit isn’t an easy feat, especially when you are paying rent. The median house price in Australia’s capital cities is now $595,000, more if you live in Sydney and Melbourne. This means to save the recommended 20% deposit, you’d need savings of $119,000.
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Home loan features in a nutshell
When you begin your home loan search, the headline rate isn’t the only thing you should consider, as there are many home loan features that could save you big bucks and provide you with great flexibility down the track.
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Home loan terms explained
Taking out a home loan for a property is exciting but what can often dampen all of this excitement is the complicated home loan jargon that gets thrown around.
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Lenders mortgage insurance explained
If you are one of the many first home buyers out there struggling to save up that ideal 20% deposit, you might be happy to hear you can get in earlier with just a 5% deposit. But before you think “where do I apply?”, we should mention there’s a price to pay and it’s called lenders mortgage insurance.
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Line of credit home loans
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.
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Loan to value ratio: What is LVR?
When it comes to taking out a home loan in Australia, one of the common terms you’ll see sitting within the mortgage product information is “LVR". But if you’re one of the many home hunters wondering “what is LVR?” and have no clue what the abbreviation stands for, let this quick guide answer the question.
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Low doc home loans - a guide for the self employed
If you are 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.
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Offset account explained
Reducing the amount of interest on your home loan takes more than just a competitive rate, as the features you choose also play an essential role.
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Home loan repayments: principal and interest vs. interest only
Congratulations, you’re finally ready to take the plunge into the Aussie property market! After years of strict budgeting - we’re talking economic eating, retail restraint and thrifty thinking - you’re finally ready to stump up the up-front costs associated with buying a house or apartment.
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Types of home loans - the pros & cons
When you begin your search for a mortgage, you’ll soon discover there are a great range of home loans available. So to help you narrow down the right one for your financial situation, here are the main types of home loans in Australia:
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What is a rate-tracker home loan, and is it right for you?
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.
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Zero deposit home loans
With the average house price in Australia sitting at almost $660,000, as a first home buyer saving the recommended 20% deposit means you’d need to come up with a whopping $132,000.
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