Home Loan Rate – Australia

To fix or not to fix your loan is a common question.  Another common question is for how long you should fix your loan rate. This can last from a few years to several years.  Deciding on whether or not to fix is also essential as this can have great impact on the interest rate you will be paying and your total expenses.

Fixing the rate of your loan is a good idea, especially if rates are on the rise, and are becoming unaffordable.  This is especially true if the trends show that there is little chance of the rates going down once again.  Another good time to fix rates is when the rates are at an all time low.  With rates set so low, paying that rate of interest for many years will ultimately save you a lot of money in the end.

The common length of time that rates are fixed is usually for a 3 year period.  However, this can be fixed for a longer or shorter period depending on the financial environment.  After the period lapses, the loan is usually transformed into a standard, variable rate loan.

For others who are unsure whether or not the interest rate is at a good level, in order to get the best of both worlds, a portion of the loan will be fixed, while another portion will be variable and will move up or down depending on the prevailing interests that banks and lenders charge.

The home loan experts have the expertise in dealing with such situations.  They can help you decide on whether or not a fixed rate loan would be suitable to your needs.  They can also give you different options for your home loan.  They could suggest different types of loans, or suggest how long you should fix your loan for.  They will ensure that you get a good deal especially on a 3 year fixed rate home loan

Hi there, I finally started work at my new job.  I’ve lived with my parents for the longest time, but now I want a place of my own.  Is it possible for me to get a loan?

Yes, it possible.  Generally banks and lenders would like you to have spent at least half a year at a job before they decide to grant you a loan.  This is expected because banks calculate risk, and it is more risky for them to be granting loans to people who have not spent too much time at their jobs.  This is because there is a high possibility of not keeping their jobs, and ending up not making the loan repayments.  When you are unable to make repayments then the banks will lose money, and then have to look for ways and means to recoup their losses.

However, if you desperately want a new home, and cannot wait for six months, or twelve months in order to get a loan, there is still a way of getting a home loan.  The trick is to find the right lender.  There are lenders out there who look at those holders of a new job differently.  In fact, there are some lenders who are willing to grant a loan even if you have spent just one day on the job.  Others may require a shorter period of one month or three months, at least you do not need to wait for the full six months.

The home loan experts have access to these lenders who are open to granting loans to new job holders.  They understand the situation of those who have just started working, and their need for access to quality loans.  With their help, it is highly likely that you will be able to get a home loan, even if you have just started a new job.

There is no question about it, banks and lenders often require genuine savings in order to qualify for a loan.  However, this is not always the case.  Loans without genuine savings are possible, and can be made as long as you are in the right situation.  

You can be the proud recipient of a gift, or be the beneficiary in an estate proceeding where you are made an heir to a large amount of cash, or you made a windfall in the stock market by playing it smart.  All of the above mentioned items are not genuine savings but are viable deposit substitutes.  All that genuine savings does is make it less risky for the banks when they give out and approve a loan.  However, it is still not a guarantee that the repayments will be paid.  The same thing goes for no genuine savings, the banks and lenders may be taking more risks, but it does not immediately mean that the person with no savings will not be able to make the repayments.

Thus, all a person has to do is to prove that they have enough money to make a certain deposit amount, and that it does not have to be genuine.  The only difference is that the money is not kept in the bank for 3 to 6 months, which is usually the main indication whether a certain amount is genuine or not.

This means if you are in such a situation where you have enough money to make a deposit, but the only problem is that it is not genuine and you are fortunate to have such an amount on hand, then you can consult us, the home loan experts.  We can provide you with the necessary information on no genuine savings loans, and how to maximize their use.  Enquire online now for free!

There is no doubt that property prices of Australian real estate are constantly on the rise.  Due to this fact, it is becoming harder and harder for investors and first home buyers to make the initial deposits, or get a loan in the first place. What makes it more difficult is that often the market values of properties often rise rapidly, faster than the income you make and the savings you put in your bank account.
Several banks and lenders recognise this continuous problem, and have tried a number of ways to remedy and fix the existing problem.

One of the solutions to get around the deposit that you require is through a family guarantee. The basic idea of a family guarantee is that it will allow you to purchase a home without the need for your own savings as a deposit. With a family guarantee, the existing equity in the guarantor’s home can be used to add as funds for the loan.

A family guarantee however requires that the family member making the guarantee has adequate assets of their own. This means that a family guarantee may not be as effective if the family member acting as the guarantor has low assets of their own, or does not have a good credit score.

With a family guarantee, you are able to apply for many loan types. The loan can have a fixed or variable rate, it can be a no doc or low doc loan, capped rate loans, and many more.

So what are you waiting for? Why loan just 90% when you can loan up to 100% of the property’s value with a guarantee home loan.

Would you like a home loan that can cover up to 90% of your home loan costs, with several flexible options? Are you looking for a loan that can be used for a variety of different needs? If so then look no further than a 90% home loan. This type of loan can be used in different ways from purchasing a new home, to covering renovation costs, to possible real estate investments.
This loan is also offered in many different packages. There is the basic loan with no frills, and no annual fees, with the lowest interest rates. You can also opt for a loan with a fixed or variable interest rate, if the basic loan does not appeal to you. For those seeking a more flexible and more functional loan, and do not mind additional costs and interest, a line of credit loan is likewise available. Generally these can be paid in 10 years, and depending on the type of loan you choose, there may be applicable administrative fees. All these products can be covered by the 90% loan, so at least you are not limited in your choices and the loan can be tailored to what is best for your particular situation.
Our expertise is loans that deal with home purchases, and we have in depth experience in this field. With our knowledge, we have the confidence that will be able to help you get the best loan package available. With respect to the 90% home loan, our product variety can ensure that we can get you the best deals possible for this type of loan.
Whether your purpose for a loan is to buy your first home or to purchase an investment property, we are able to find a way to cater for your needs. So enquire now on how to get the best deals on a 90% home loan.

When you have kids, they often live with you their entire lives, then when you see them off to college, they will slowly become more independent and want a life apart from you.  Of course parents will have a hard time letting go, but that is what parents do.  They want the best for their children and seek to provide only what is good for them their entire lifetime.

For some parents, one of the best gifts they could give their children  during their college days is a decent place to stay so they can hone and develop their talents without needing to worry so much about their living space.  This is the reason why some of them buy instead of rent student housing for their child.  That way they can really choose a student housing that is to their liking, and their child has the privacy that a budding university student requires.

For some of these parents, funding may not be a problem at all, and paying for student housing may be just part of an incidental investment plan when their children finish their course in the university.  For others, it is not this simple.  Some parents may not even be able to afford student housing, so they may have to apply for a loan in order to be able to purchase such property.

The problem is that not many banks or lenders would grant a loan for student housing or student accommodations.  For one, student accommodation is seasonal, so if it is bought for investment, the rentals and lease usually happens only the school season, and the housing is empty during the holidays.  Another risk that lenders and banks refuse to take is the fact that these types of housing may be difficult to dispose of in case the borrower is unable to make the required repayments.

For more information on purchasing student housing, it would be best to consult the experts on home loans.  They can advise you as to which banks or lenders will be more than willing to grant your home loan application for student housing.  They will also ensure that you get the best loan package available as not all loans are created equal.  With their help, you should be well on your way to buying the student housing to suit your child’s needs.

For those who have fully paid their home loan mortgage, you would think there is not much more to worry about, and you are all set for the future.  However, this is often not the case.  Homes, like people, age, and need a bit of fixing here and there from time to time.  The problem is we often do not save for these regular or major repairs that should be expected as the property is used on a daily basis.  What happens is we end up with a house that is indeed fully paid, but is badly in need of repairs and restoration.

Thankfully, the common scenario is that as homes age, the property value goes up.  Just like good wine, properties that are situated in good neighborhoods and good areas value tend to go up.  Now when the property value goes up then you should be qualified for an equity loan.  The property to be used as equity will be your current home, and the basis will be your homes current value.  Hence, with an equity loan you can make the renovations and repairs needed to keep your home feeling fresh and new.

Remember that an equity loan can likewise be used in other ways.  With the money that you get from an equity loan you can purchase another property, and this could be for investment purposes.  Hence, in addition to making possible renovations easier on the pocket, equity loans can open the door to savvy businessmen who can earn more income through the use of an equity loan.

The problem is not many banks and lenders are willing to grant an equity loan.  There are some out there who are willing to take the risk just to give you a chance to fix up your house.  For more information on how to get an equity loan, its advantages and disadvantages, it would be best to consult the experts on loans.  With their help, it will be much easier to decide whether or not an equity loan is right for you, and whether or not the timing of the sale is good or not.

A person’s credit file is the identity essential to the banks and lenders when assessing a home loan application for approval. You may not know it, but each time you miss paying a bill, or default on a loan it gets listed in your credit file  which the banks have access to.
For those who are currently in a good credit standing, if you continue to pay your bills, taxes, loans, utilities, on time then you should be in the good graces of banks and lenders. There are times however when it becomes impossible to keep track of every bill or every payment. There are just too many to take note of. This means there may be instances when you do not realise it, but you may already be in bad credit and you aren’t aware of it.
Fortunately enough there are ways to ensure that you know when you are in bad credit or to find out what your credit history is like. There are companies such as Veda Advantage who can check your credit file for you and send you a statement for your records. Hence, before you even apply for a loan, you should ask for your credit file so you are aware of any defaults you may have made.
For more information on your credit file, and how it affects your capability to get a loan, it would be best to consult the experts on home loans. They can help you get in contact with the companies that can provide you with your credit file. This way there will be no surprises, and you can be sure that your loan application is approved without any credit issues.