What are the loan options for first home buyers?

First home buyers with less than the 20% required deposit may apply for a low deposit loan with a 5-10% deposit. Lender Mortgage Insurance and higher rates would apply. First home buyers may consider government assistance schemes.

Are investment property loans the same as standard home loans?

No. Investment property loans attract higher rates but may be approved with higher LVR

Is a fixed or variable interest rate the best option?

Both fixed and variable rates can present affordable home loan opportunities, depending on the market cycle. Fixed rates will not change over the 1-5 years of the fixed rate term. Variable rates are subject to change with lender rate change decisions.

What deposit do I need for a home loan?

The standard deposit requirements for home loans is 20%. Buyers with less than 20% deposit may apply for a low deposit loan which attracts a higher rate and Lender Mortgage Insurance.

What is a guarantor home loan?

A guarantor home loan involves a third party that is approved by the lender, guaranteeing the loan, should the borrower be unable to meet the loan commitments.

LMI is Lender Mortgage Insurance. It is required by lenders on loans with less than 20% deposit and is paid as an upfront cost by the borrower.

Do I need to stay with the same bank when refinancing?

No. When refinancing, homeowners can stay with their current lender or choose a loan from another lender. Fees may apply when switching lenders.

Will my interest rate and repayments change over the term?

Variable interest rate loans are subject to change. Fixed rates remain unchanged for the fixed rate term.

LVR is the loan-to-value ratio. That is the percentage of the loan compared with the value of the property. A 20% deposit loan has an 80% LVR.

What are the upfront costs with a home loan?

When buying property with finance, buyers have lender fees and charges, stamp duty, and conveyancing costs.

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