With property prices in Australia rapidly increasing, saving enough money for a good deposit on a home loan is becoming more and more difficult. Lenders in Australia prefer a deposit of 20% of the property value but if that figure is out of your league, there are other options. Lenders Mortgage Insurance allows you to have a smaller deposit and still get a home loan.
Lowest Interest Rates in Australia’s History
Today the Reserve bank of Australia cut the official cash rate to an all time record low of just 2%, this is the second cash rate cut in Australia this year.
There are a few cornerstones of residential lending criteria that are vital to you being approved for a loan.
Fixed, Variable or Split Rate Home Loans?
When purchasing property or refinancing, you need to make a decision on the type of loan that will best suit your needs. Do you want a fixed interest rate, variable interest rate or perhaps a split facility which is a mixture of both?