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Your Guide To

Home Loans

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Home Loans

Here are some key things to know about home loan finance in Australia:

Home loans, also known as mortgages, are a common way for people in Australia to finance the purchase of a home. In Australia, there are many banks, credit unions, and other financial institutions that offer home loans.

When applying for a home loan in Australia, there are a few things that lenders will typically look at:
  • Income and expenses: Lenders will want to see that you have a reliable income and that your expenses are under control.
  • Credit history: Your credit history will be checked to see how reliable you have been in repaying debts in the past.
  • Deposit: You will usually need to have a deposit of at least 5% of the purchase price of the property you are buying.
  • Property valuation: The lender will also want to have the property you are buying valued to ensure that it is worth the amount you are borrowing.
There are a few different types of home loans in Australia, including:
  • Variable rate loans: These loans have an interest rate that can go up or down over time, based on changes in the market.
  • Fixed rate loans: These loans have an interest rate that is locked in for a set period of time, typically between 1 and 5 years.
  • Split rate loans: These loans allow you to split your loan into both fixed and variable rate portions.

When choosing a home loan, it’s important to consider the interest rate, any fees associated with the loan, and any additional features, such as an offset account or redraw facility. It’s also important to ensure that you can comfortably afford the repayments, both now and in the future if interest rates were to rise.

As a finance broker, we can help you research and compare different lenders and loan products to find the best option for your needs and budget. We can be your trusted partner throughout the entire finance process and beyond. Get in touch with us today for a free consultation.

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