Home Loans

Need a Home Loan mate? We’ll help you find the best mortgage for your personal circumstances from the top home lenders in Australia. Talk to us before making this big life decision.

In Need of a Home Loan? Find Out More Here How We Can Help You!

Purchasing a new house is exciting. It means a new life and new opportunities for you and your family. Before you engage in this vital life endeavour, it is essential to learn the fundamentals of home-buying here in Australia, especially if you are a first-time homebuyer. At Mate.com.au, we want to make sure that you get the right home loan quickly. We perform our job as a comparison website by allowing you to compare more than 500 loans from over 80 banking institutions. Moreover, we have experts that can provide you with the necessary information you need, whether you are thinking of investing in a residential property, buying your first-ever house, or refinancing your existing abode.

Our comparison table allows you to differentiate home loan rates, features, and fees. Plus, we let you compute monthly repayments. Do you want to know how much money you can save by changing your loan? Our Switch and Save Calculator enables you to compare and contrast savings from more than 500 loans. Therefore, read on to find out more in merely a few clicks of your mouse button.

You Can Select from These 6 Kinds of Australian Home Loans

If you require borrowed funds for your purchased home, we want to inform you that you can choose from these types of home loans available here in Australia.

(A) INVESTMENT LOAN

If you intend to borrow funds from your lender, which you will utilise in paying for an investment property, your financing choices would not be the same with those from an owner-occupier. An investment loan features specific interest rates, repayment selections, Loan to Value Ratio or LVR requirements, and fees that banks customise for investors.

(B) LOW-DEPOSIT LOAN

A low-deposit home loan lets borrowers take out borrowed funding with as small as a five to ten per cent deposit, instead of the typical 20 per cent. It is famous among first-time homebuyers due to its nature of being a technique for them to get on the property ladder without the need to save up a considerable amount of deposit.

(C) VARIABLE RATE LOAN

As a borrower, do you want flexibility and the capability to make additional repayments? Are you not worried about the likelihood of your borrowed funding’s interest rate surging or decreasing throughout the loan? Then, we highly recommend the variable rate home loan for you.

In Australia, this bank product is the most common kind of borrowed funding. Historically, variable rates are lesser compared to fixed ones. Also, your loan repayments could get impacted by your interest rate diminishing or increasing when the Reserve Bank alters the cash rate. This scenario also happens if your lender decides to be generous or otherwise during your loan term.

(D) FIXED-RATE LOAN

The fixed-rate home loan involves your repayments locked in for a fixed term, which is typically from one to five years. You will obtain the option to refix your borrowed funding at a new market-rate or to change to a variable rate after the fixed term. Moreover, this type of loan makes budgeting more relaxed because you do not have to trouble yourself about your repayments or rate getting altered for the fixed loan term.

(E) OFFSET LOANS

This kind of home loan comprises an offset account. It allows you to reduce the amount of interest you will repay throughout your borrowing. Also, with an offset account, your lender charges you with interest on how much you have loaned, subtracting the balance of your loan offset. The bank does not charge interest on your entire mortgage amount.

(F) SPLIT RATE LOAN

As a homebuyer, do you want the flexibility to redraw on the variable part of your loan and to make extra repayments? Then, we recommend that you get the split rate home loan. This popular kind of borrowed funding is when your bank divides your loan. In this manner, a part of the borrowed amount is on a variable rate, while the rest is on a fixed rate.

You certainly have plenty of options when borrowing funds from your lender to pay for your residential property. You can reach out to us if you have further enquiries!v

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:

  1. Income;
  2. Credit history;
  3. Financial commitments, including your regular expenditures; and
  4. 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.

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