If you want to choose the right home loan, you should consider a few factors, including the features you are looking for and how much you can afford to borrow.

Remember that all home loans are different. Therefore, choosing the right one depends on your personal circumstances and how you plan to use the financing.

Fortunately, we can help you get started. If you contact us, one of our specialists can give you the advice you need to determine which is the best option, analyse comparison rates to find out the overall cost of a loan beyond the interest rate, and more!

When you apply for home loans with us, our lenders calculate your borrowing power, meaning they determine how much you can borrow based on your monthly income and expenses.

Banks and lenders consider how much money you have left after your regular monthly expenses, including food, utilities, insurance, and rates.

The more money you have left over after covering all those expenses, the higher the amount the lender can give you for your home loan.

If you want to get the cheapest home loan, you only have to contact us!

Our brokers have extensive knowledge and experience to help you compare home loans until you find an option that suits your needs.

In order to spot the best alternatives, we research and analyse the products on the market that you can qualify for.

If you are making principal and interest repayments part of the monthly or fortnightly payment reduces your principal balance on the loan (this is the amount you originally borrowed) and a portion of the payment also goes towards interest, which the Bank charge to borrow the money.

An interest only home loan means you only repay the monthly interest charged on the outstanding loan balance, thus there will be no reduction to the principal loan amount. Often interest only terms are set between 1-5 years with some Banks offering longer interest only terms. This type of loan payment can work well for property investors.

After the interest-only period ends, the loan automatically switches to a principal and interest payments to help you pay off the debt.

Home loans can come with variable or fixed interest rates. When the rate is variable, it can change at any time. Generally, it’s adjusted based on external market factors.

However, when the interest rates are fixed, they remain unchanged during a fixed rate period, meaning your repayments will remain the same during the fixed period, this can help with budgeting and payment certainty.

Variable and fixed interest rates offer different features. Some of the most common are redraw facilities and offset accounts.

The time it can take for home loans to be approved depends on the Bank you choose to deal with, and what it is your actually borrowing the money for.

However, on average, a home loan application takes about a week for approval once all supporting paperwork is received and the application has been lodged.

Lender’s Mortgage Insurance is a premium paid by the borrower to protect the Bank you are borrowing money from. The premium amount is added to the loan and interest is charged on the premium as well.

Not all home loans require Lender’s Mortgage Insurance. However, you’ll likely have to pay it if you borrow more than 80% of a property value.

Yes, different factors can influence the final cost of your home loan, including redraw fees or early payment fees and cost savings or fee waivers. Therefore, it’s essential to consider the comparison rate!

There are many different schemes available to assist first home buyers to make a start on the property ladder. With any government scheme there is normally an extensive list of criteria which must be met to qualify so we recommend you get in contact to discuss what you’re wanting to achieve and if you qualify for any schemes or guarantees.

A “comparison rate” is another key term related to home loans. It has been designed to define the actual cost of a financing option based not only on the interest rate but on multiple aspects.

To calculate the comparison rate, you must consider the amount you receive, the loan term, the interest rate, fees and charges, and repayment frequency.

A low interest rate does not mean that the loan is cheap. Actually, two loans can have the same interest rate and not be the same.

Fortunately, the comparison rate can reveal whether one option costs more than the other.

Sometimes, comparison rates are higher because of higher costs and charges. In other cases, a loan with a high interest rate may have low fees and charges, meaning it also has a lower final cost.

That’s why paying attention to the comparison rate is essential when shopping around for home finance!