Home loan hints and tips
Being prepared when getting your home loan
Applying for a home loan is the first step towards home ownership. It’s an exciting time, but it’s also a complex process, which includes several basic steps.
Can I get a mortgage if I'm not in the mainstream of borrowers?
The most straightforward home loan applications are those from borrowers who have saved 20 per cent deposit and who worked fulltime for at least a year, under a PAYG salary arrangement. These are straightforward because the lender can see that the borrower has saved the deposit from their own income, and that they have regular employment at a certain salary. If they also have a good credit history, their application moves quickly.
Can I use equity in my property to build wealth?
Some first home buyers want to turn their property into more wealth, which they do by growing their equity: that is, the part of the property’s value that is not owed to their lender. There are two kinds of equity to think about.
How can an offset account help me repay my home loan faster?
If you can reduce the interest payments in your home loan, you speed the repayment of the principal amount and accelerate the pay-out of the mortgage.
How can residential investment property work for me?
When you buy a property with the intention of renting it, you are a property investor. There are two main circumstances investors will find themselves in; positively geared and negatively geared.
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