What’s the Average Australian Home Loan?
Wondering what the average size home loan in Australia is at the moment and what the repayments are? Read on to find out! The table below shows the latest figures from the Australian Bureau of Statistics. State/Territory Loan Amount New South Wales $664,047 Victoria $555,460 Australian Capital Territory $538,502 Queensland $465,596 Western Australia $431,852 Tasmania […]
Refinancing Tips
Have you ever considered refinancing your home loan? If you haven’t, it’s worth considering every few years. You might be able to save yourself plenty of money, especially with interest rates in Australia being at rock bottom. For the first time in history, some lenders are offering home loans interest rates that start with a […]
What is Home Loan Serviceability?
‘Serviceability’ is home loan jargon for your ability to make (‘service’) your home loan repayments. When you apply for a home loan, your lender will calculate your serviceability ratio. Factors that affect home loan serviceability The main factors that will affect your ability to make home loan repayments are: your income, and the amount of […]
How to Make the Most of Your Offset Account
If you have an offset account (or you’re thinking of getting one), it’s important to make the most of it. There are two major reasons for that. 1) An offset account can help you to pay off your home loan faster. 2) You are usually charged a fee for having the account, so you may […]
Phases of the Property Cycle
If you want to invest in property, it’s important to understand the property cycle. It has four phases:1) boom 2) upswing 3) stagnant 4) downturn. We’ll look at each of these phases in turn. The boom phase The boom phase is when property prices are rising quickly. Australian property prices are currently in a boom […]
Common Home Loan Mistakes to Avoid
A home loan is the biggest financial commitment most Australians ever make. It’s important to avoid making common home loan mistakes. 1. Not checking your credit score before you apply You might not realise it, but if you’ve borrowed money or taken out credit before (even for a mobile phone account or electricity), then you […]
