Home Loans Articles

What do mortgage brokers do?

Mortgage brokers are finance professionals who help borrowers organise home loans with lenders. As such, they act as middlemen between borrowers and lenders.

What is appreciation or depreciation of property?

Whether you’re an investor or first home buyer, the value of your property is a fundamental component of home ownership. The fluctuation of the value of your property is typically described as appreciation or depreciation.

Will I have to pay Lenders' Mortgage Insurance twice if I refinance?

If you’re considering refinancing, chances are you’re crunching the numbers on the cost of switching. When it comes to LMI, if your LVR is above 80%, you will need to pay it again. 

How to reduce your mortgage repayments

There are multiple reasons you may need or want to reduce your mortgage repayments. Here are some ways you can do it.

If I don't like my new lender after I refinance, can I go back to my previous lender?

Struggling with refinancers' remorse? Discover your options if you've switched lenders but realised you want to go back to your old lender.

What is a specialist lender?

Specialist lenders, also known as non-conforming lenders, are lenders that offer mortgages to ‘non-vanilla’ borrowers who struggle to get finance at mainstream banks. This may include borrowers who are self-employed, in casual employment or new to Australia, as well as borrowers with bad credit.

Can workers' compensation be used to qualify for a mortgage?

Explore how worker's compensation can help you qualify for a mortgage.

What are genuine savings?

Learn about Genuine Savings, its constitutes and why is it important to qualify for a home loan

Everything you need to know about a LMI refund

You may get an LMI refund if you repay your home loan within 12 to 24 months, provided you fulfil the other eligibility criteria. In some cases, you can get a refund of up to 50 per cent of your LMI fee.

How long does a guarantor stay on a mortgage?

Have you bought your first home by keeping your parents as guarantors on the mortgage? Work out when it is the right time to release them as guarantors.

What is a drawdown?

Transferring money from a lending institution to a borrower is also known as “drawing down”. In a typical home loan, the funds are drawn down all at once to buy the property. In a construction loan, the money is drawn down in several stages to pay the builders as they progress through each phase of the project. In a line of credit loan, you can draw down money, up to a limit, based on your loan’s available equity. 

Can you get a home loan if you owe taxes?

Owing money to the Australian Taxation Office (ATO) is rarely an ideal situation, but it doesn’t mean you cannot qualify for a home loan. When reviewing your home loan application, lenders will consider your tax debt alongside your other debts and liabilities, as well as your history of repaying the debt and your other financial circumstances.

Can you borrow extra on your mortgage for furniture?

It may be possible to borrow extra money on your home loan to help pay for furniture. However, this could mean paying more interest on your mortgage, potentially blowing out the cost of furnishing your home.

Can I change jobs while I am applying for a home loan?

Many lenders require you to be in a permanent job with the same employer for at least six months before applying for a home loan. If your work situation changes for any reason while you’re applying for a mortgage, this could reduce your application’s chances of approval. But contacting the lender as soon as you know your employment situation is changing may allow you to come to an agreement.

What is the average Australian home loan amount?

According to the Australian Bureau of Statistics (ABS), the average home loan amount in Australia for owner-occupier dwellings as of August 2022 is about $589,141, which may seem like a lot. But you must remember that the state and capital city you reside in is an important factor that determines the property values, which in turn influences the average Australian home loan.

The benefits of downsizing your home

Senior Australians may find that the family home is bigger than they know what to do with, and may be costing a lot to maintain. Downsizing to a smaller property may not only better suit your changing lifestyle but come with financial benefits for your household budget.

Is home equity release the right option for you? | RateCity

Home equity release loans can help you access some of the money you’ve paid into your home without taking on additional debt.

Mortgage protection insurance vs life insurance | RateCity

Have you planned what will happen to your mortgage and other financial responsibilities after you die? Mortgage protection and life insurance are two options that can help.