A quick guide to home loans
Home loans provide the funding you need to purchase, build, or refinance your property. Understanding your options can help you secure the best rates and terms for your financial situation.
Here's an overview of what home loans typically offer:
- Loan amounts from $200,000 to $3,000,000
- Flexible loan terms: 15 to 30 years
- Repayment frequency: fortnightly or monthly
- Competitive fixed and variable interest rates
- Customizable features like offset accounts and redraw facilities
Want to skip ahead?
This guide is broken down into the following sections. Click a link if you want to skip ahead.
What can a home loan help you with?
Home loans can be used for various purposes including purchasing your first home, refinancing an existing mortgage, building a new home, or even investing in property.
Home Purchase
Finance the purchase of a new or existing property with competitive rates.
Construction
Build your dream home with loans that release funds in stages as construction progresses.
Refinancing
Replace your current mortgage with a new one to secure better rates or improved terms.
Investment Property
Finance the purchase of a rental or investment property to grow your wealth.
Home Renovations
Use extra funds from your home loan to upgrade or renovate your property.
How much can I borrow for a home loan?
Home loan amounts vary depending on your income, credit history, and the property’s value. Lenders can offer loans ranging from a few hundred thousand dollars to over a million dollars.
It's important to evaluate your financial situation and get advice from a mortgage broker to understand your borrowing capacity.
Various factors such as your income, debt levels, and interest rates play a role in determining how much you can borrow. Compare home loan products to find the one that suits your needs best.
Use our calculator below to estimate your home loan affordability.
Home Loan Repayment Calculator
Estimate your monthly repayments and total cost for your home loan. Adjust the loan amount, term, and interest rate to see how your repayments change.
Total amount to repay
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Your repayments
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Your repayment chart will appear here after calculation.
Am I eligible for a home loan?
Understanding your eligibility can help you make informed financial decisions.
Lenders consider several factors when assessing your eligibility, including your credit score, income, debt-to-income ratio, age, residency, and required documentation.
While meeting the eligibility criteria doesn't guarantee loan approval, having a good credit score, stable income, and a positive financial profile significantly improve your chances.
You are eligible to apply for a home loan if you:
- ✔Are over the age of 18
- ✔Are an Australian citizen or permanent resident
- ✔Have a regular source of income sufficient to meet the repayments
How to Apply for a home Loan
Applying for a home loan is straightforward and takes only a few minutes. Simply fill out our online form with some basic details, and you'll be on your way.
Once we receive your information, a representative will reach out to help you explore loan options from over 50 trusted Australian lenders.
If you're eligible for a home loan and are satisfied with the initial quote, here's what you’ll need to prepare:
- ✔ Passport or driver’s licence
- ✔ Proof of income and expenses (e.g., payslips, bank statements)
- ✔ Details of any current debts or loans
How to Find the Best home Loan for Your Needs
Choosing the right home loan involves understanding key factors like interest rates, fees, and repayment terms. Each aspect can impact the total amount you'll pay, so it's vital to make an informed decision.
Interest Rate
Lower interest rates reduce the total cost of the loan. Take time to compare rates from various lenders to secure the best deal.
Comparison Rate
Unlike the interest rate alone, this includes fees and charges to give you a clearer understanding of overall costs.
Early Payout
Find out if your loan allows early repayments without penalties, as this can save you significant interest costs.
Fees
Pay attention to application, ongoing, and early repayment fees. Opt for a loan with competitive and transparent fee structures.
Loan Term
Shorter terms mean higher monthly payments but less interest overall, while longer terms reduce payments but increase total costs.
Still have questions about Home loan?
These helpful FAQs will help you find the answers you need. If you can’t find what you’re looking for, you can request a callback below.