Finding a home loan in Melbourne

Are you searching for the right loan for your new home in Melbourne? In the highly competitive market of home lending in Melbourne, there are many options available. Here we look at three of your home loan options: standard variable rate home loans, low doc home loans and loans from non bank lenders.

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Standard variable rate home loans available in Melbourne

Standard variable rate home loans offer the borrower greater flexibility. The main feature of the standard variable rate home loan is that your mortgage repayments can either rise or fall with changes in official interest rates. If official interest rates rise, then your mortgage repayments will rise and conversely if interest rates fall, your mortgage repayments will also fall. Standard variable rate home loans are available in Melbourne from both the more traditional bank home lenders as well as the newer non bank home lenders.

Your other home loan options in Melbourne options include fixed rate home loans, which allow you to lock in your interest rate (and therefore your repayments) for a specified term. With these home loans, you generally cannot make extra repayments. Split home loans are a combination and offer the best features of both home loans.

Low doc home loans in Melbourne

Low doc home loans (or lo doc home loans), provide an opportunity for those wanting to buy their dream home who may not otherwise be able to get a home loan in Melbourne. With most home loans, the lender will ask for evidence of your financial position, especially if you are buying your first home. This will include bank statements showing evidence of your savings as well as proof of your salary. For many Melbourne home buyers, this will not be possible. This is especially the case for those who are self employed or own their own business. A low doc home loan means that you do not have to supply evidence of your income in order to secure a home loan in Melbourne. You may only need to prove that you are able to service your low doc home loan. These loans are available to business as well as personal borrowers. They are becoming increasingly popular and available from the traditional banks as well as the newer non bank lenders.

Melbourne non bank lenders

Traditionally, home loans were only available through the banks, building societies and credit unions. Now however, there is a growing number of non bank home lenders available in Melbourne. These non bank lenders include the likes of Wizard and Aussie Home Loans. While many of these non bank lenders were established to provide home loans, many are now also providing other financial services and products such as credit cards. Non bank lenders offer a highly competitive alternative to the more traditional bank lenders and offer a wide range of features with their home loan products.

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Reduce your interest payments with a line of credit mortgage

A home loan with a line of credit allows you to put all or most of your salary into your home loan and make the bulk of your purchases through the month by using your credit card and taking advantage of the interest free period. By doing this, you can reduce the outstanding balance of your home loan thereby saving you money through reduced interest charges. Here we look at line of credit home loans available in Australia including the benefits and who they would most suit.

How to become a mortgage broker

So, you want to become a mortgage broker. Before you can start, there are some requirements you will need to meet. Here we provide information on how to start your career as a mortgage broker including mortgage broker training requirements, courses available and ASIC requirements.

Refinancing your current home loan or home mortgage

With today's wide choice in competitive home loans, many home owners are tempted to refinance their home loans. Refinancing can prove to be a valuable option for home buyers but it can also have its traps. Here we look at some of the benefits as well as the risks, associated with refinancing.

Home loans in Sydney - Choosing the right one.

Today, there are many home loan options available to you when buying your dream home in Sydney. Choosing the right Sydney home loan option for you can prove a daunting experience as there is a lot you need to know. Here we look at the basics of variable, fixed rate and split home loans.

Mortgage brokers in Australia

Mortgage broking in Australia has boomed over the past decade with the growth in more competitive and more complex home loan options. Mortgage brokers in Australia provide a valuable service to many home buyers who do not have the time or means to fully research their home loan options by themselves and employing the help of an expert in the field can be beneficial. Here we provide an overview of the mortgage broker industry in Australia as it becomes increasingly important to consumers.