Let's start by first looking at how much you can borrow. The amount you can borrow is determined by your income, your financial commitments, current savings and your credit history.
Everyone's circumstances differ, so the right home loan for you may be very different that someone else. There are, however, a number of key things to consider when looking for best home loans that everyone should consider.
State and Federal government incentives for First Home Buyers, coupled with declining investor numbers are the two key factors to explain the rise in First Home Buyers getting back into market.
If you are struggling to save enough for a deposit to buy a property there are a number of non-traditional methods of property ownership that you could consider. According to Rob Emmett, CEO of Collins Home Loans, "there are a number of alternative ways to fund your property purchase, which can be a good solution for many that are just starting out on their home ownership journey", he says.
Before you start looking for your perfect home, it is important to find out how much you borrow and what type of loan is suitable for your needs. Securing a pre-approval for a home loan gives you confidence, as you will know what your spending limit is. It also demonstrates that you are a serious buyer - that you have done your homework and are ready to proceed with a purchase. Here are 5 tings to know about a home loan pre-approval.
With housing affordability a massive issue for many young Australians, trying to get a toe hold in the property market, how does the bank of Mum and Dad work? It takes the form of a family guarantee loan, which is when the equity in your parent's home is used as security on your loan.