In many cases, a mortgage will just be referred to as a home loan. There are many different home loans available in Australia, and below you will find a good selection so that you can find the one which suits you best. You'll find there are Variable, Standard, Fixed Rate, Non Conforming Loans and more mortgages. Mortgages vary, so the best one for you depends on your personal situation, income, home value and even age! Take your time when choosing between mortgages and compare the various offers and features with each one. You might find that some mortgages offer cheaper rates but that others may carry better additional features which you might find useful or attractive. Please read the terms and conditions of each mortgage carefully before you apply.
Mortgages for buying or refinancing your home
Getting a mortgage is the first step to owning your own home
Why do you need a mortgage?
A mortgage is a type of loan used to finance your own property, as hardly anybody will be able to pay for a house or flat in cash. Depending on your personal situation and how much you can afford, different types of mortgages are available.
Different types of mortgages
There are mortgages with so-called introductory rates, which mean that you can pay lower interest rates to start with in the first few years.
Normally you would take out a Standard Variable Rate Home Loan where the interest rate depends on movements in the market.
Another type is the Fixed Rate Home Loan with interests which are independent from movements in the market. The interest rate is fixed.
If you have a poor credit rating it is likely that you will be given a loan with a higher interest rate because lenders see you as more of a risk.
For people over a certain age a Reverse Mortgage offers money against the value of their property.
Which mortgage is right for me?
Before applying for a home loan, you need to assess your own financial situation, and see how much your finances can cope with a change of interest rates. If do not want to take the risk, it might be better to take a fixed rate loan Ė you have a clearer picture, but of course won't benefit from positive changes on the market.
How to find the right home loan
Before taking out a home loan, it is important to get as much information as you can and carefully compare different lenders and their fees and rates. In order to do this you should study the different features and conditions which you can do so in the table above.
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