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We’ve put together helpful resources to get you started
Understanding basics
Let us demystify some key terms and answering a few common questions for you
Can you buy without a 20% deposit?
In most cases, the answer is absolutely yes!
There are options we can explore through government schemes, or by using a guarantor
What is Pre-Approval?
Pre-approval is a full application to a bank before finding a property. The bank will check your current situation to ensure you can borrow the needed amount. Obtaining pre-approval before making offers is advised. So, what are you waiting for – book a discovery call now.
Offer accepted - What is next?!
Congratulations! That is incredibly exciting.
If you don’t have a broker, reach out ASAP – and we will guide you through the process.
For more information on what to expect, click the button below.
Does my employment status impact my ability to get a loan?
In most cases, you just need an employment contract to get a home loan.
Book a discovery call now to discuss your individual situation.
What is Lenders’ Mortgage Insurance (LMI)?
Lenders’ Mortgage Insurance (LMI) is a fee charged by the bank that can be added to your home loan. It is generally charged if there is a less than 20% deposit.
LMI can be waived for certain professions, under government schemes and when a family guarantor is used.
Variable versus Fixed Interest Rates
The interest rate on a variable loan will fluctuate over the life of the loan, which is closely linked to the RBA cash rate.
A fixed-rate product is a set interest rate over a period of time (1 to 5 years).
Repayments (P&I or IO)
P&I is a principal and interest repayment, which pays down the home loan, whilst also paying the interest accrued.
IO is an interest-only repayment, which only pays the interest accrued and is generally used for investment and/or construction loans.
Offset versus Redraw
Every dollar in an offset or redraw reduces the interest payable on your home loan.
Redraw is paying extra into your home loan, whereas, an offset is a transactional bank account that is linked to the home loan.
Calculator
Honestly, we're mixed on loan calculators. Why? Because they're a great way to get a quick idea about loan affordability – but at the same time, there are a range of other costs associated with loans, and calculators don't take these into account.
So, feel free to have a play with the below. But for a true understanding of the best loan for you, let's have a chat.
We're here to help
And we're ready to talk as soon as you are.
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