Home Loans Articles

What do comparison rates really mean?

With deregulation of the finance sector in the 1980s came a stampede of new mortgage products. While home buyers no longer had to endure that nerve racking interview with a bank manger who had the power to implode their dream of home ownership with a stroke of a pen, in its place came a rabbit’s warren of mortgages, each with a labyrinth of fees and charges that made comparing loans a real headache.

Mortgage dictionary part two

Undertstanding all the various mortgage terms can be quite confusing for the best of us. If you're not sure what you're agreeing to, it can lead to mistakes and make what should be an exciting time - stressful. Here’s a breakdown of common words which every borrower should know the meaning to.

Mortgage dictionary part one

Mortgage terminology can be like rocket science. Signing a loan is one of the most important decisions you will make in life and a legally binding contract that you need to completely understand.

What does pre approval really mean?

It’s easy to have your home loan pre-approved, but it doesn’t necessarily mean your lender will part with the funds at crunch time. There are dozens of lenders offering so-called online loan approval in 60 seconds, but it’s not until your application is assessed for risk by a live action human being that you’re in the clear

Australia's top three most popular home loans

The variable rate home loan is Australia’s most popular. This loan calculates interest on your mortgage based on the Reserve Bank’s cash rate. If interest rates go up, you pay more, if you they go down you pay a less.

Auction vs. private treaty which one is right for you

In Australia, private treaty still proliferates with only around 15 percent of property sales the result of the auction process. Benefits of selling at auction: it puts a time frame on the sale.

Mortgage offset accounts and all in one home loans

100 percent offset accounts are often confused with all in one home loans. Read this article to find out the difference between these two types of mortgages and how both can help reduce your interest repayments.

Buyers' agents numbers increase at auction

Using a professional agent to help you win at auction is becoming increasingly popular. Not to be confused with a selling agent who works for the vendor, a buyer’s agent can help you find the right property, decide what you’re willing to pay and handle all negotiations.

Don't attend an auction without bidding

Graeme Hennessy, Principle of Premier Property Auctions in Sydney, says the biggest mistake people make at auction is to hang back and not bid.

Ultimate home buyer checklist

Type A personalities will possibly enjoy the home buying process more than others as the potential for lists, checklists and cross-referencing is vast. Here’s a list of lists you will find useful.

First home owners how much can you really afford to borrow?

There's so much more to buying your first home than applying for your First Home Owner's Grant. Just because you get approval to borrow a huge sum of money, doesn't mean you should. Using home loan calculators is a great way to work out how much you should borrow but there are a few extra factors to consider.

How to sail smoothly through your loan approval process

Take some of the angst out of waiting for your home loan to be approved by following these foolproof tips.

Get rid of your mortgage faster

If the thought of being chained to your home loan for 30 years sends you into a cold sweat you may want to consider these tips to fast track your way to a peaceful night's sleep. Overall, aim to pay off at least an extra month of payments per year.

Ask the right questions about your mortgage

So, you know how much you can borrow, and how much you can afford to repay. But when you’re shopping around for your mortgage, there are other important questions that must be asked before you sign on the dotted line.

Tips for saving money for your home loan

What do you need, what do you want and how can you cut back? Here's how to figure it out and save money in the process.

Property valuation what to look for

You've found the home you simply have to have. Now comes the task of figuring out exactly what your dream home is worth. These simple tips can help make sure you pay the right price.

Mortgage health does your home loan need a check up?

Since the federal government released their new Competitive and Sustainable Banking System Package banning mortgage exit fees, it's predicted 2011 will be the year of the great mortgage switch.

How to evaluate your finances and create a budget

Whether you're trying to get a foot on the property ladder for the first time or would simply like to shave a little time off the life of your home loan by making extra repayments, you first need to take a good, hard look at your finances. The key here is to manage your money not have your money manage you.