First Home Buyers | Mortgage Explainers | January 2025 As a first home buyer in Australia, you may come across the term Lenders Mortgage Insurance (LMI) while applying for a home loan. LMI is a type of insurance that protects the lender – not you .......
Buying your first home often means making sacrifices, especially in terms of location. Many of Perth’s most affordable and fast-growing suburbs are further from the CBD, offering better value if you’re open to a longer commute. With the rise of remote .......
Owning your first home is an exciting milestone, but the path to homeownership has its challenges. We’ve identified six common hurdles first-time buyers face, and with a bit of preparation, they can be easily overcome. 1. Credit Scores: Understanding & .......
Struggling to save a home loan deposit? The First Home Guarantee could allow you to buy with 5% or as little as 2% using the Family Home Guarantee for single parents.
One of the biggest obstacles first home buyers face is saving for a home deposit. A family guarantee could help first home buyers get on the property ladder sooner, without paying Lenders Mortgage Insurance.
About 40% of outstanding mortgages in late 2021 were fixed rates. Of those, 75% are set to expire by the end of 2023. At the time, these were some of the lowest interest rates ever seen in Australia.
If you're struggling to meet your mortgage repayments don't worry. Follow these tips to get yourself back on track.
As you apply for a mortgage, you’ll hear about Lenders Mortgage Insurance (LMI). This is a type of insurance that lenders take out to cover themselves in case the borrower (you) isn’t able to make repayments anymore.
Lenders will include different loan features to make their mortgage products more attractive. Let's find out which features suit you best.
Being approved for a home loan isn’t as easy as simply deciding to get one. There are steps you will need to go through before the bank will even consider your application.
Interest rates can change from day to day, meaning that even if you’re approved for a home loan when rates are low, it could increase by the time you reach a settlement. A good way to take care of that is with a rate lock.
One of the first things lenders do when you apply for a home loan is contact an agency - like Equifax, Illion or Experian - who calculates your credit score and look at whether you have a good score or not. But what is a credit score and why is it so i .......
Fixed vs Variable rates. What kind of loan should you choose in the current property market? Find out more here.
The Reserve Bank (RBA) has raised the nation’s official cash rate (OCR) for the third month in a row in an effort to curb rising inflation.
If the cash rate increases, it's important to know how your finances could be affected. Checking you are on the right loan is a good place to start.
When banks assess your loan application, they add an extra amount to your market mortgage rate, known as a serviceability buffer.
Buying in a new area is about more than price. Amenities, future developments and transport options are also important considerations.
Struggling to save a home loan deposit? The First Home Loan Deposit Scheme (FHLDS) and the New Home Guarantee could allow you to buy with 5% or as little as 2% using the Family Home Guarantee for single parents.
The First Home Owner Grant (FHOG) scheme was first introduced in Australia on 1 July 2000, to help first-time buyers get a foothold in the property market.