HomeBuilder Scheme Extended!

HomeBuilder Scheme Extended!

The federal government has just announced that the HomeBuilder Scheme will be extended to March 31, 2021. That’s good news for home buyers and renovators! In case you missed it, the HomeBuilder Scheme was one of the key government initiatives to boost the economy after the impact of the COVID-19 restrictions. If you’re eligible, it’s […]

How to improve your credit rating

How to improve your credit rating

It’s important to have a good credit rating when you apply for any finance. Credit can include loans, credit cards, mobile phone/internet plans and services like electricity or gas. If you have a good credit score, you can usually get finance approved on better terms and conditions. What is a credit rating? A credit rating […]

How much deposit do you need for a home loan?

How much deposit do you need for a home loan?

It’s possible to get a home loan approval with a deposit of as little as 5% of a property’s purchase price, or even with no deposit. But you’ll usually be a charged a higher interest rate and higher fees if you can’t raise a deposit of at least 20%. This is because your loan will […]

Interest-only home loans

Interest-only home loans

If you’re looking for a home or investment property loan, interest-only loans are one of your two major options – the other is a principal and interest (P & I) loan. What is an interest-only home loan? An interest-only loan requires you to only make interest payments for a set period (usually up to five […]

What is a split home loan?

What is a split home loan?

Split home loans A split home loan has both a fixed and a variable interest rate applied to the amount you borrow. The interest rate on part of your loan is fixed for a specific period, usually up to a maximum of five years. The interest rate on the rest of your loan is variable […]

Everything you need to know about low doc home loans

Everything you need to know about low doc home loans

If you’re self-employed and you can’t provide regular pay slips for a standard home loan application, a ‘low doc’ home loan could be the option for you. ‘Low doc’ is an abbreviation for low documentation. Low doc home loans can be approved for self-employed applicants with fluctuating incomes. It’s important to understand that not all […]

What is a line of credit home loan?

What is a line of credit home loan?

A line of credit home loan (also known as a home equity loan) gives you pre-approval to access home loan funds anytime up to a certain value. The policies of different lenders vary, but most will be prepared to approve a home equity loan limit of up to 80% of the value of your home. […]

Guarantor loans

Guarantor loans

If you’re applying for a loan and the lender wants additional security, they might recommend a guarantor loan. A guarantor is a person who agrees to become legally liable for your loan repayments if you don’t make them. Why would a lender require a guarantor? A lender might ask you for a guarantor if you […]

Investment property loans

Investment property loans

Taking out an investment property loan can be a great way to build your long-term wealth. An investment property in a good location is likely to grow in value over time, and you can also earn rental income off tenants. You can use that income to make some (or all) of your loan repayments. However, […]

What you need to know about commercial property loans

What you need to know about commercial property loans

Commercial Property Loans Commercial property loans help you to buy, build or refurbish business space. Below are examples of commercial properties. Office space Retail stores Factories Warehouses Specialist properties such as medical centres, restaurants or apartment complexes. How do commercial property loans differ from home loans? Lenders have stricter approval criteria for commercial property loans […]