Home Loans Articles

Do you need a bank account to get a home loan?

To get a home loan, you’ll need a bank account in order to manage the repayments. However, you aren’t required to bank with the same financial institution that holds your mortgage.

Do I need multiple mortgage pre-approvals?

Getting pre-approved for a mortgage can help narrow down your property search considerably, as you’ll have a firm budget in mind while you go house hunting. Additionally, being pre-approved for a mortgage puts you in a better position to negotiate a price at an auction. 

What are commercial mortgage rates?

If you need funds for your business and own a property that you can offer as security, you may be able to take out a commercial mortgage. Find out what commercial mortgage rates you may be offered.

Can I get a mortgage five times my salary?

Depending on your income, expenses, and the property you want to buy, you may be able to get a mortgage one, five, or even ten times your salary. But just because you have a high income, it doesn’t mean you’ll be approved for a loan.

Lending criteria and you: how your job affects a loan

Whether you’re in the market for a new vehicle, need to pay for your wedding or are planning on purchasing property, it’s important to note that your job plays a significant role in your chances of being approved for a loan. 

Own your house outright and want another loan? | RateCity

Buying a property with a home loan typically means using the property’s value to secure the loan; a practice called “mortgaging” your home. But it’s also possible to use the value of your property as collateral on another loan, provided you fulfil the eligibility criteria and have enough usable equity available.

What factors go into a home appraisal?

Before you get ready to sell your home or investment property, you may want to work out what kind of sale price you can expect. Whether you’re planning to use the money from the sale to fund your next property purchase, or if you have some other project in mind, appraising your property’s value before you sell can help you start planning your budget in advance.

What are the alternatives to reverse mortgages in Australia?

As a retired Aussie, you might be considering a reverse mortgage. A reverse mortgage can be used to meet expenses after retirement by tapping into the equity in your home. 

What to do if the house valuation is less than your offer

Getting a home loan preapproval doesn’t mean your mortgage is automatically guaranteed. Many lenders preapprove home loan applications on the condition that the value of the property being bought is enough to secure the loan. If the lender’s valuation comes back short of the price you’ve offered to pay, you could be left in a difficult financial position, though there are steps you can take to try and recover.

How fast can you get a home equity loan?

To get a home equity loan, you’ll first need to get some equity in your property. While it will likely take some time to build up your equity, you may find that you have more equity available than you realise, which could help things go faster.

Finding suitable mortgage lenders for discharged bankrupts

Getting a loan as a discharged bankrupt is possible, but you may need to look for a specialist lender. Learn about the process and mortgage companies that deal with bankruptcies. 

Can you get a home loan without a deposit?

There may be options to get a home loan with zero deposit or even borrow 100% of a home loan without a guarantor. Let’s explore how to get a home loan with little to no deposit.

Is it safe to get a home loan online?

If you’ve never applied for a home loan online before, it’s easy to feel nervous about the prospect of making a major financial commitment by clicking a mouse or tapping a smartphone. But there are benefits to online home loans, which are often much safer than you may expect.

Calculating your home loan based on rental payments

Your rental payments, or lack of, make up a key component of how a lender will assess your borrowing power for your home loan. Let’s explore how you may be able to determine how much you can borrow for a home loan based on your rental payments and current living situation.

Online mortgage lenders offering rock-bottom rates | RateCity

Aussies are looking beyond big banks and turning to online lenders to save thousands on their mortgages. RateCity’s database shows that on average, online-only lenders offer lower owner-occupier home loan rates (paying principal and interest) than the big four banks.

How much equity is needed for a reverse mortgage?

Before you apply for a reverse mortgage, find out the requirements and how much equity you’ll need for a reverse mortgage.

Home equity loan guidelines

If you’ve been paying off your mortgage for a little while you’ll start to build up a bit of equity, particularly if the housing market in your area is seeing property values increase. However, home equity loans aren’t a one-size-fits-all financing option. Let’s explore some of the basic guidelines so you can deepen your understanding of home equity loans.

Can you get pre-approved for a home loan online?

The process of getting pre-approval can be an exciting, yet time consuming affair. Would-be borrowers may be hoping to streamline the process by avoiding going into a branch to apply for a mortgage.