The ABC of Getting a Home Loan in Australia If you have never taken out a home loan before - here are some tips that you should consider before getting a home loan. 1. Check your credit rating Before approaching a lender for a home loan make sure that you have a clear understanding of what is on your credit report. Get a free copy of your credit history at Equifax and If you do find something, take immediate action. [...]

The 5 most common questions asked by Residential Home Buyers If you want to buy a home and don’t have the funds, you need a home loan. Applying for residential financing is not difficult when you read this article. It includes answer to the most common questions asked by home buyers. 1 - What Type of Residential Finance is available? Today there are several types of loans in the field of residential finance. • Owner Occupied Residential Purchase • Residential Investment [...]

How do Lenders treat Vacant Land Loans? Most lenders treat vacant land loans like any standard loan however due to the risk compared to a property with a house they are careful on who gets approved. So when you offer vacant land as security you will be able to get a standard or normal loan. However, the lenders will require that: The size of the block of land does not exceed a certain acreage ( i.e. this will depend on the [...]

A large number of Australian home owners intend to repay their mortgage off sooner than specified in the terms of their mortgage contract. This information comes from a recent survey conducted by the Mortgage and Finance Association of Australia (MFAA). What is even more surprising is that the majority of persons interviewed are confident in their ability to repay their mortgage sooner. According to the  MFAA, Australian home owners are becoming more confident in taking control of their finances despite [...]

Know the financial implications of a Guarantor Home Loans Guarantor home loans (Family Pledge Home Loans) are popular amongst first home buyers. You may require a guarantor if you are looking at applying for a home loan and the lender is concerned about the following factors if you may not have saved the necessary deposit to purchase your dream home Definition of a Guarantor A guarantor is best-defined as being a third-party (a family member or a best friend) who [...]

Know about Owner Occupied Home Loans before you buy Your Primary Residence Owner occupied home loans are a type of mortgage that is offered by lenders and credit providers to those people who desire to buy a house and use it as their primary residence. Such loans are offered to home buyers who want to use the property for dwelling and not for investment purposes. Most lenders offer favourable rates on owner occupied home loans because they assume that the [...]