If you’re looking to build your dream home or renovate an existing home, chances are you’ll need some help paying for the construction. The good news is you may be able to secure a special type of home loan known as a construction loan to help you achieve your goals. What is a construction loan? A construction loan is a specialised loan that covers the cost of building a new home, renovating an existing home or knocking down and rebuilding a home. How do construction loans work? A construction loan is different to a standard home loan, where you generally […]

Saving for a deposit and finding your dream property are only part of the journey to securing a mortgage and buying a home. There are plenty of other things you’ll need to consider, and navigating the home loan landscape can be overwhelming, especially if you’re a first home buyer. To make the process of buying your new home as stress-free as possible, we’ve put together answers to some of the most frequently asked questions we get about getting a home loan and buying a property. Should I use a mortgage broker or a bank? Mortgage brokers or home loan brokers […]

So, you need a loan to buy the house of your dreams. And you’ve decided to hire a qualified mortgage broker to find the right loan for you. (Learn about the benefits of working with a mortgage broker over a bank). But how do you choose the best home loan broker for you? And how should you prepare for a successful first meeting?   Step 1 – Finding the right Mortgage broker As with many services, word-of-mouth recommendations from friends, family or colleagues can be a great way of finding a quality broker. But if you don’t receive any recommendations […]

What will it cost to refinance my home loan? It’s a good idea to review your home loan each year to assess whether it continues to meet your needs and offers the best value for money. You might find refinancing your mortgage will save you money, help you streamline debt, achieve other financial goals such as purchasing an investment property using the equity or give you access to improved loan features. To help you decide whether refinancing your home loan is right for you, take a look at our handy guide about the costs to consider. Exit fee You might […]

How to get a home loan when you’re self-employed? If you’re one of the two million Australians who is self-employed, you may be worried about your chances of securing a home loan. But while lenders are generally more cautious about offering mortgages to the self-employed than those on a regular pay cheque, there are steps you can take to improve your chances of being approved. Reduce debt If you’re able to, pay off any outstanding debts such as personal loans or credit cards before embarking on the loan process. Being debt-free will improve your credit rating, which may help you […]

Why choose a mortgage broker over a bank? Mortgage brokers or home loan brokers as they’re sometimes known are becoming increasingly popular with Australian borrowers. In fact, these days, they write more than 50% of all home loans. Here we look at some of the reasons why enlisting the services of a mortgage broker might be a better idea than going directly to a bank for your next home loan. It’s easier You won’t have to spend your precious time and energy searching for the best home loan on the market and assessing your eligibility. Your home loan broker will […]