Home Loans Articles

A short guide on different types of home loans in the market

When you’re buying a property, you’ll have lots of decisions to make and one of the most important is choosing the right type of loan. Different types of home loans are better suited to certain conditions or requirements.

How to improve your chances of getting approved for a home loan

A major part of the home buying process is getting a suitable and competitive home loan. Unfortunately, a large percentage of home loan applications are often rejected for avoidable reasons.

Income protection vs. mortgage insurance: What you need to know

Both income protection insurance and mortgage protection insurance are income replacement products with different types of coverage. The most significant difference is that you can only use mortgage protection to cover your mortgage repayments if you’re unable to earn an income.

What is a debt-to-income ratio, and how does it impact your mortgage application?

A debt-to-income ratio (DTI) compares the amount of money you earn to the amount of money you owe to various lenders and credit card providers. It’s used by lenders to judge whether you can repay your mortgage comfortably or not.

A guide to single-parent home loans

As a single parent, you have specific concerns and financial goals, which may include buying a home. Get information about single-parent home loans to help you. 

What happens to a reverse mortgage when the owner dies?

When a homeowner dies with an outstanding reverse mortgage, their home may be sold to repay the debt. However, their family may need to move out of the house first.

Is it possible to refinance with late mortgage payments? 

There are many reasons to refinance a home loan. They may include switching to a lower interest rate, consolidating multiple debts into a single loan, leveraging the equity in your home, or accessing flexible payment terms. Refinancing might also be a viable solution to help you manage your mortgage if you fall behind on your repayments. Lenders will decide if they’ll allow your loan to be refinanced under these circumstances on a case-to-case basis. However, there are other steps you could take before refinancing a mortgage in arrears, such as reassessing your overall finances and speaking to your current lender.

Can a reverse mortgage calculator help me estimate my borrowing limit?

While you can borrow at least $10,000 through a reverse mortgage, consider using a reverse mortgage calculator to estimate how much more you could borrow.

What is a reverse mortgage and are you eligible?

Using a reverse mortgage, you can convert the equity of your home into cash if you meet certain requirements. Learn more about reverse mortgages and find out if you’re eligible. 

Can I get a home loan with a low credit score?

You can apply for a home loan with a low credit score, but you may not get the best deal in the market. Check how to improve your credit score before applying.

What you should know about historical mortgage rates

Studying historical home loan interest rates can help prepare for future trends, which can be useful for homebuyers in deciding when to apply for a mortgage.

How do banks approve home loan applications?

Knowing how banks approve home loans will help you prepare correctly and maximise your chances of getting your application approved.

Can I take out a second mortgage on my home?

You may take out a second mortgage on your home if your first mortgage lender allows it. Consider checking the pros and cons before applying for a second mortgage.

Changing from owner occupier to investment property | RateCity

There are many reasons why you might want to move house. Perhaps you found a job in a different city, or your family has grown and the house or apartment no longer fits your needs. Whatever may be the reason for the change, you don’t need to give up the home you own when you move to another. 

Owner occupied home loan tax deductions: What's available?

You may qualify for tax deductions if even a part of your property is used for earning an income, whether by renting it out or running a home-based business.

Can stamp duty be added to your mortgage? | RateCity

Stamp duty is an upfront cost associated with buying property. It can be costly, and you may wonder if a lender will let you add this amount to your mortgage.

How can mortgage reduction strategies improve my financial situation? 

Few of us want to hang onto the mortgage for longer than we have to. Luckily there are several strategies you can use to pay down your home loan faster. 

What is a rate lock and what happens if it expires before your home loan closes? 

Some Aussies opt for a rate lock to ensure they are not hit with an unexpected interest rate hike while their home loan is being processed. Learn more about how you can lock in your mortgage rate.