Home Loans Articles

What is the difference between joint tenants and tenants in common?

Increasing property prices have made it even more challenging to buy a house. To get around this hurdle, some friends or relatives are choosing to buy a house together by pooling their resources and taking out a joint mortgage.

Could lotto and gambling affect your home loan?

What might seem to you like a harmless punt on a Friday night could have the potential to significantly impact your home loan.

How to fund your home improvements with equity

Are you considering making home improvements and renovating your property? You may want to consider how you can make use of your home’s equity to finance these plans.

How to beat the banks on mortgages?

Are you paying a substantial amount to the bank for your mortgage? There are a few ways you can pay less or finish it sooner. 

What is the average mortgage on a million-dollar home?

Before making plans to buy that million-dollar home, or refinance your current one, check what the average mortgage on a million-dollar home looks like. 

Is paying my mortgage off in full a good idea?

While becoming debt-free is wonderful, consider checking if paying down your mortgage is more suitable for your financial situation than investing the money elsewhere.

What’s the difference between genuine savings and non-genuine savings?

It’s likely that you already know you need to provide a deposit to qualify for a home loan. That’s not all your lender will require however. Many lenders also want to see how you saved that deposit, especially if you wish to borrow more than 80 per cent of the property’s price. While it may seem unnecessary, your ability to save money can tell a lender a lot about your credibility as a borrower. 

What you should know about construction loans?

Over 5000 Australians use construction loans to fund building a new home each year. If you’re planning to take this route, you’ll need a complete understanding of how these loans work.

What is a mortgage deposit bond?

If you don’t have enough cash available, you can pay the deposit on your home with a deposit bond, and pay the full amount on settlement of your purchase.

What does mortgage approval in principle mean?

A mortgage approval in principle isn’t the same as getting approved for a mortgage, but it can speed up buying a home. Find out how.

What you should know about borrowing money on your mortgage

If you’re looking to borrow additional money on your mortgage, you must consider a few things before applying for a top-up loan.

How do banks make money on mortgages?

Banks typically make money through the interest and fees they charge mortgage borrowers, which exceed the interest they pay on savings accounts.

How to prepare for a house valuation

If you are to sell or refinance your home or need the property’s value as part of a legal settlement, first thing that you need is to do a house valuation.

How to find a good lender for a mortgage?

Finding the right home loan provider can be as important as finding the right house. Here’s how to check if you’ve found a good mortgage lender.

What is lending criteria? The factors that may help you get a home loan

Banks and mortgage lenders want to make sure that they provide home loans only to borrowers who can comfortably afford the repayments. With this in mind, most home loan deals require borrowers to fulfil certain eligibility criteria in order to successfully apply.

Should I get an offset account?

When searching for your ideal home loan, there are a range of helpful features that can offer more flexibility and reduce your ongoing repayments. One of the most popular features for a home loan which may do just that is an offset account.

What type of home loan is best for a first home buyer?

Because every first home buyer is in a different financial situation and has different personal goals, the best home loan option for each borrower will be different. Understanding some mortgage features and benefits that are popular with first home buyers can help you compare home loans and find a deal that best suits your needs.

Can you deposit cash in your home loan account?

Many banks and other mortgage lenders will let you make extra repayments onto a home loan. Depositing your extra cash into your mortgage like this can help to lower your loan principal, reducing your interest charges and bringing you closer to exiting the loan early. However, it’s not always easy to take this cash back out of your mortgage again in a hurry, unless your home loan has a redraw facility.