Home Loan
Whether you are buying your first home, refinancing or investing,
at Explore Mortgage we make home ownership possible!
Why Home Loan?
There are many features of home loans in Australia that make them attractive to borrowers. Some of these features include:
- Low-Interest Rates: Home loan interest rates in Australia are some of the lowest in the world. This makes repayments more affordable and means that you can save money in the long run.
- Flexible Repayment Options: Home loans in Australia offer flexible repayment options, which can suit your individual circumstances. You can choose to make weekly, fortnightly or monthly repayments, and there is also the option to make lump sum payments when you can afford it. This flexibility can help you get ahead with your loan repayments and save money in the long term.
- No Hidden Costs: All home loan costs are transparent upfront, so there are no nasty surprises down the line. This includes any establishment fees, ongoing fees or discharge fees.
- Additional Services: Many lenders offer additional services such as redraw facilities and offset accounts, which can further reduce your home loan interest costs.
- A wide range of products: There is a wide range of home loan products available in Australia, which means that there is likely to be a product that suits your individual needs and circumstances.
- Flexible repayments: Home loans in Australia typically offer flexible repayment options, which can help make repayments more affordable.
- Tax benefits: There are a number of tax benefits associated with taking out a home loan in Australia, including the ability to claim certain deductions.
If you are looking for a home loan, you have many options. But not all lenders are created equal. At Explore Mortgage, we pride ourselves on providing the best possible service to our customers. We offer competitive interest rates and terms, and our team of experts are always available to answer your questions and help you through the process.
- Be 18 years of age or over
- Be an Australian citizen or permanent resident, or have a valid visa with at least 12 months remaining
- Have a good credit history
- Have steady employment and income
- Be able to afford the loan repayments
- Own your own home, or have a deposit saved for a home purchase
- Your most recent payslip
- Your last two years of tax returns
- Your last three months of bank statements
- A list of your current debts and assets
- Proof of identity (e.g. passport or driver’s license)
- A completed application form
- Proof of citizenship or permanent residency status
- Your last two years of financial statements
- Proof of income for the last 12 months
If you’re looking to take out a home loan in Australia, there are a few things you need to know. Here are some tips to help you get started:
- Shop around for the best deal: Different lenders will offer different interest rates and terms, so it’s important to shop around and compare before you decide on a loan.
- Consider your borrowing capacity: Make sure you have a realistic idea of how much you can afford to borrow, based on your income and other financial commitments.
- Get pre-approval: Once you’ve found a loan that suits your needs, it’s a good idea to get pre-approval from the lender. This will give you an idea of how much they’re willing to lend you and gives you more bargaining power when it comes time to negotiate the final loan contract.
- Read the fine print: Make sure you understand all the terms and conditions of the loan before signing anything. Don’t be afraid to ask questions if there’s anything you’re not sure about.
- Make a larger deposit if you can. The more money you have to put down, the lower your loan repayments will be. If possible, aim for a 20% deposit so you can avoid paying lenders’ mortgage insurance (LMI).
- Consider fixed or variable interest rates. Fixed interest rates offer stability, but may be higher than variable rates in the long run. Variable rates can go up or down, so it’s important to keep an eye on market movements before deciding which type of rate is right for you.
- Don’t overcommit: It’s easy to get caught up in the excitement of buying a property, but make sure you don’t overcommit yourself financially. Always remember that you’ll need to be able to afford the repayments, even if interest rates go up in the future.
types of buyers
forever buyers
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These buyers are looking for a place to call their own, where they will raise a family and spend the rest of their lives. They may be willing to sacrifice some amenities for a lower price or a longer commute.
Investment Property Buyers
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These buyers are interested in purchasing a property that will generate income through rent or appreciation. They may be more interested in the location and potential return on investment than the actual house itself.
First-Time Home Buyers
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These buyers may not have much experience with the home-buying process. They may need more guidance and assistance when it comes to finding the right property and securing a loan.
Move-Up Buyers
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Move-up buyers are those who currently own a home but are looking to purchase a larger or nicer home. They may have built up equity in their current home and will use it as a down payment on their new home. They may also have a higher income than first-time buyers which will allow them to qualify for a conventional mortgage with a larger loan amount.
Retirees
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These buyers may be downsizing from a larger home or looking for a second home that they can use as a retirement retreat. They usually have cash available for a down payment and may be more flexible on the location of the property.
frequently asked questions
There are many reasons to get a home loan. Perhaps you’re buying a house for the first time and need financing. Or maybe you’re looking to refinance your current home loan to get a lower interest rate or tap into your home equity.
Whatever your reason for considering a home loan, getting one can help you achieve your financial goals. Here are some benefits of taking out a mortgage:
You can buy a home sooner than if you were paying cash: Most people don’t have tens of thousands of dollars in the bank, so they need to finance their home purchases. A mortgage lets you spread the cost of buying a home over several years, so you can become a homeowner sooner than if you were paying cash upfront.
Builds equity: Every month, part of your mortgage payment goes toward paying down the principal or the original amount borrowed. This builds equity in your home, the portion of your property you own outright. As you pay down your mortgage and build equity, you increase the value of your investment in your property.
Gives tax breaks: The interest paid on your mortgage is tax deductible. This means that you can deduct the interest you pay from your taxable income, which could reduce the taxes you owe each year.
There are a few things to consider before applying for a mortgage loan. First, you must determine how much money you will need to borrow. The size of your down payment will also affect the type of mortgage loan you qualify for. For example, if you have a large down payment, you may be able to qualify for a conventional loan.
Next, you need to think about the interest rate. Mortgage loans come with either fixed or adjustable interest rates. You need to decide which type of interest rate is best for your situation. If you plan on staying in your home for a long time, then a fixed interest rate may be the best option. However, if you think you may move in the next few years, then an adjustable interest rate may save you money in the long run.
Finally, you need to compare different mortgage loans from different lenders. Make sure to compare apples to apples when looking at different loans. You should look at the interest rate, term length, closing costs, and down payment requirements. By comparing different loans, you can ensure that you get the best deal possible on your mortgage loan.
