Home Loan Rate – Australia

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.

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 getting a loan, especially for your first home, you would like it to be as easy on the budget as possible.  This is because if it is a first home purchase, this would mean that you are just starting out, and you may not be as financially capable now as there are a lot of expenses to attend to.  The nice thing about purchasing your first home even on a loan is the fact that the government is more than willing to help out.  First home buyers often get a home owners grant, and discounts on lenders mortgage insurance.

Another thing about purchasing a first home is it would be ideal to pair it with a 90% home loan.  These loans are the most common, and banks and lenders are not that conservative when granting first home buyers a 90% loan.  Of course they require some items such as at least 5% genuine savings, and deposits are normally required especially without LMI premium payments.

Of course whether or not to pay LMI is a personal decision, and not necessarily required when applying for a 90% home loan.  This is particularly true where a deposit has already been made, as LMI is often required only when no deposit, or only a minimal deposit is made.

Those who are financially capable may try for an even larger loan of 95% of the value of the property, in that way they only need to worry about 5% of the purchase price as the 95% in already covered by the loan.

For more information on 90% home loans it would be best to consult the experts on home loans.  They can provide you with the necessary information required on how to get a 90% loan.  They can likewise advise and update you on the benefits and discounts that first home owners get when purchasing their first home.  In this way your dream of owning your own home may finally become a reality.

When you are looking to get a home of your own, you are willing to do a lot of research on the options available to you.  This is because buying a home is usually the most expensive purchase of your life, and any savings made because of a cheap loan can be substantial.

The first steps to take should be to look for a home that is ideal for you and your family.  Once you find the home that you feel is within your budget, then try to look for information on home loans.  However, be prepared as you may be in for a shock.  You may be shocked to find out that there are a whole lot of home loan products out there.  Going through each and every type of loan product, and understanding each and every product will take a lot of your time and effort.  To this, also add the fact that the terms used in real estate and mortgage industry are not that easy to adapt to.  This is especially true if it is the first time that you are getting a loan.

The trick is to find a place where you can get quick and reliable information on the different types of loans available.  You could read home loan articles, go to each bank and lender, or you could simply visit home loan forums.  When you visit these forums you will have instant access to information on nearly every type of home loan.  Of course, familiarization is important so a little research on certain terms should do a borrower good.  Once you’ve done your homework you already have an idea on what type of home loan you would like to get.  Armed with that information feel free to ask away on home loan forums on whatever loans you are interested in.  The response should be quick, accurate and helpful.

Once you get the information you require, then you may begin your loan application and take the first steps to owning the home of your dreams.

The Labor Government has recently passed legislation which will see the introduction of First Home Saver Accounts, as promised by Prime Minister Rudd in his election campaign. By providing a combination of lower taxes and Government contribution, the new accounts are intended to offer a simple, tax effective solution to help first home buyers kick start saving for their first home. These new accounts will be available to potential Australian first home buyers from financial institutions, including banks and some super funds, as of 1 October 2008.

According to the eligibility criteria, in order to open a First Home Saver Account, the taxpayer needs to:

be at least 18 and under 65 years of age;
have a tax file number;
be an Australian resident for taxation purposes;
have never owned a home in Australia that has been their main residence;
have never previously had a First Home Saver Account.

There are a number of restrictions and conditions that distinguish the First Home Saver Account from the regular savings products that are currently offered by financial institutions. When opening and holding an account the following conditions must be adhered to:

The account can only be in one name. No joint accounts are permitted, however it is possible for those who want to purchase a property together to combine the monies from their individual accounts.

Each individual can only have one account.

Deposits can only be made from after-tax income; this means that it is not possible to use salary sacrificing in order to make deposits into a First Home Saver Account.

Account holders must deposit a minimum of $1,000 in four separate, although not necessarily consecutive, financial years before the balance can be withdrawn.

The account limit is capped at $75,000 for the 2008/09 financial year, to be indexed for subsequent years.

All of the money that is deposited into a First Home Saver Account must remain in the account until the entire amount is withdrawn as a lump sum. Once it is withdrawn, the monies must be used within 6 months towards building or buying a first home. In addition to this, the first home buyer/s must also meet the occupancy rule. The occupancy rule dictates that the newly acquired property must be lived in by the account holder as their main residence for at least six months. The six month period must begin within 12 months of the settlement date or building completion.

If it occurs that the account holder decides not to go ahead with building or buying their first home, the money from the account must then be deposited into their superannuation fund.

There are further elements of the First Home Saver Account that set it apart from traditional savings accounts. These provide significant benefits to the account holder through offering:

Competitive variable interest rates

Any earnings on the account are taxed at a minimal rate of 15%, and this is payable by the account provider.

The Government will make a contribution of 17% on the first $5,000 deposited into the account per each year, resulting in a maximum contribution of $850.

Additionally, First Home Saver Account Holders are still entitled to apply for the First Home Owner Grant. This is yet another financial leg-up for potential first home buyers.

The First Home Saver Accounts are a welcome addition for future generations of home buyers. The accounts, with the benefit of Government contributions and reduced tax rates will make the possibility of purchasing a first home a reality for a wider range of people, in a shorter length of time.

As with any financial decision it is wise to seek the advice of professional accountants and financial planners before acting. This will help to ensure that you have considered all of the necessary facts and are making the correct choice for your situation. If you have any questions or would like advice regarding the First Home Saver Accounts or any other financial decisions contact the The Quinn Group on 1300 QUINNS or click here to submit an online enquiry.