Home Loans Articles

What rights and responsibilities does a mortgage guarantor have?

Before you agree to become a guarantor on a home loan, be sure to check the loan terms and the borrower’s financial circumstances to avoid potential pitfalls.

What is the difference between a home equity loan and a personal loan?

Which is the better choice between a home equity loan and a personal loan in the case of a financial emergency? Let us help you decide.

How much does it cost to add a granny flat to your property?

Installing a granny flat on your property can provide additional space for family and friends while potentially boosting your property value. But just how expensive and extensive is the process of adding a granny flat?

How does a bank charge interest on your home loan?

Interest rates are one of the most significant costs associated with a home loan, so you may be curious exactly how interest is calculated and charged to you.

Does paying extra on a mortgage reduce your interest?

By making extra home loan repayments and shrinking your home loan principal, you can reduce the interest you are charged on your mortgage. This could give you the choice between taking steps to pay off your property sooner, or adding some breathing room to your household budget.

Which credit report is used for home loans?

When reviewing your home loan application, lenders may request your credit report from one of three credit reporting bureaus, but only with your permission.

What are the total bank charges for a home loan?

When you are planning on buying a home, understanding the different types of costs involved can help avoid any unpleasant surprises later.

Is a benchmark interest rate the average home loan rate?

A benchmark interest rate is the term given to describe the average interest rate among Australia’s major four banks – ANZ, Commonwealth, NAB and Westpac. It is also the term commonly used to refer to the minimum interest rate investors will accept when investing in a non-Treasury security.

What is a negative equity home loan?

The term negative equity home loan is used when the mortgage on the home exceeds its market value.

What is the Shared Ownership Home Loan scheme in Western Australia?

The Shared Ownership Home Loan scheme in WA may help home buyers tp get into their own home faster with only a 2% deposit, and without having to pay costly Lender's Mortgage Insurance.

What is Lender's Mortgage Insurance?

When buying a home, there are a number of additional fees and charges you’ll need to factor into your budget. And when it comes to choosing your mortgage, one cost that can often be quite significant is Lender’s Mortgage Insurance.

How to prepare for rising home loan interest rates

With leading banks raising fixed rates and slashing variable rates, many borrowers may be reconsidering variable rate home loans. But with almost one in four new mortgages taking on unsafe debt levels, and banks forecasting that interest rates could start rising as soon as June 2022, what steps can you take to help minimise the risk of bill shock before the next rate rise?

How a deposit gift from your parents can help you secure a mortgage

Is using a gift as a house deposit a feasible option to secure a mortgage? Find out whether your parents can help you with this.

How much should you borrow for a mortgage?

Based on your financial situation, you have a certain borrowing capacity for a home loan. Even if you can borrow more, you need to exercise financial discipline and only take on as much debt as you can comfortably repay.

How much does it cost to paint a house?

Painting a house can cost you anywhere from $2,400 to $35,000. The costing can depend on whether the home is single or double storey and whether you are painting the interior or exterior of the home.

Land & Construction Loans: How do they work? | RateCity

If you’re planning to buy land and build a house, there are specific land and construction loan options available to you. Find out how these work.

What does it cost to hire an architect for a renovation?

Renovating your house can be a small or a large project. Smaller jobs, like painting walls, updating fixtures, or replacing floors, you may be able to do yourself or with the help of a qualified tradie. But bigger jobs, like adding an extension or an extra floor onto your house, may require additional expertise, such as that offered by an architect.

Who can be a guarantor for a home loan?

If you are considering having a guarantor for your mortgage, you will want to know who can guarantee a home loan? Or if you’re planning to guarantee a loan, you should know how to protect your interests.