Short-term and vacation rentals are increasingly becoming popular and allow property owners in Australia to earn up to 30% more…Read More »
SYDNEY, Australia – Based on the study conducted by the Digital Finance Analytics (DFA), one in three household borrowers in…Read More »
It appears that for many people who have worked out their home insurance with online calculators they may be underinsured…Read More »
Who Owns ANZ, Commonwealth Bank, NAB, and Westpac? For most, creating a bank account means choosing one of the big…Read More »
When was the last time you reviewed your current mortgage? Say, you have a 30-year mortgage plan, and you’ve been…Read More »
Normally, you’ll need to have a 20-percent deposit when applying for a mortgage to get approved. With the average home…Read More »
Historically, refinancing your mortgage is a good idea if you cut your interest rate by 2-percent or more. But getting…Read More »
No Deposit Home Loans in Australia: Your Complete Guide Buying a home without the dreaded 20-percent deposit in Australia is…Read More »
Frequently asked questions
How much funding will I be able to borrow from my lender?
As a homebuyer, your bank will let you borrow money for your residential property, but they will first look into various factors. You should keep in mind that the end figure might not be similar to your expectations. Here at Mate.com.au, we have made it effortless for you to determine what type of budget you possess through our home loan borrowing calculator. Hence, before you set your heart on the house, find out first how much funding you can loan from your financial service provider.
What does the term 'Lender’s Mortgage Insurance' mean?
If you are a homebuyer who does not possess at least a 20 per cent deposit or 20 per cent equity, you have to pay a lender’s mortgage insurance. Borrowers like you settle this financial protection to safeguard the lender or bank when a loan default takes place.
How do I know if I am qualified for a loan intended to finance my home?
Here in Australia, you can take out a home loan if you are of legal age, or at least 18 years old, and a citizen or resident. But banks or lenders make a decision depending on your reliability as a borrower. Before they lend you money to finance your selected residential property, they would typically evaluate your:
- Credit history;
- Financial commitments, including your regular expenditures; and
- How much financing you want to loan.
Thus, you need to make sure that you are a trustworthy and dependable borrower, and possess the necessary amount of deposit to be able to get qualified to take out the borrowed funding you need.