Below you will see a chart of home loans providers. Use the chart to compare the most important features of different home loans, and remember to check if the provider is a broker or a direct lender. Loan brokers can make the process of finding home loans much easier, but they often ask for a fee so check this out before you sign up. Consider all of the options and take your time before choosing from the home loans listed below. Most mortgages last up to 25 years of your life (and possibly longer if you decide to re-mortgage) so it pays to find home loans most suited to you and your finances best. Please ensure that you read the terms and conditions of any loan for which you would like to apply in detail so that you fully understand your financial obligations.
Compare Home Loans
Home loans Ė find the best lender to finance your home
For buying a new home most people will need a home loan
The loan amount
A deposit will be required on the purchase of a house or a flat, which usually will be between 5 and 10 percent of the price for the whole property. How much you can borrow will depend on the conditions of the lender, who will usually carry out a credit check before they decide how much they can lend you.
How to apply for a home loan
You will need to prove your identity and provide documents to show your creditworthiness, but the lender will let you know what exactly will be needed from you when you apply.
How to find the best home loan
Use the table above to have a look at the different possibilities and offers available. Compare different lenders and their conditions such as repayment terms, fees and interest rates and see if it is a broker or lender. Once you have found the home loan which suits your situation best, you can simply start applying online directly from here.
Homes Loans: where to start?
There is a varied market out there, with hundreds of home loan providers all wanting your business. So, it comes as no surprise that to get the best deal on the market you will need to do your research properly. Questions you should ask yourself include; how long would I like the loan for? How much do I need to borrow? What interest rate can I get? The majority of people in Australia and the world, need a loan in order to be able to buy their home. Even if you can afford to pay for your house outright, you might decide that you would prefer to spread the costs over a period of time.
Things to watch out for
If you are not able to keep up with your repayments then you could end up having your home repossessed. It is important that you are sure you are able to make all the repayments every month, not only could you lose your home but you could find that your credit rating is adversely affected. You should also think about all the different financial elements to buying a house, this could include stamp duty, building assessments, broker fees, solicitor fees and removal costs. Have you factored all this into the total cost that you will need to borrow?
How to compare home loan providers?
You should do your research properly when you are applying for home loans and ensure that you do not have too many credit checks completed on yourself as this could have an effect on your credit rating. Ensure that you read the terms and conditions properly.
20 December 2013
Which Way To Pay
As the home loan market continues to soar, smaller, non-bank lenders are securing a large share of mortgage customers.
20 April 2012 01:00am
Buying a new house can be stressful with many different factors to consider. Unless you are lucky enough to be able to buy your property outright, you will need to take out a home loan or mortgage. It is very important to get the right loan for your circumstances.
04 April 2012 04:00am
Which Way to Pay
Bank of Melbourne now offers a new Standard Variable Home Loan or Portfolio Loan of $500,000. This product is now available for you to compare at Which Way To Pay Australia.
14 March 2012 01:00am
The Australian Bureau of Statistics have said that the number of home loan approvals has fell by 1.2% in January to 47,768 putting an end to a nine-month series of rises.