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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Standard variable home loans

Perhaps the most common type of home loan for Australian home owners is the standard variable home loan. The standard variable interest rate home loan calculates interest charges based on the Reserve Bank of Australia's current official interest rates. Standard variable rate home loans offer greater flexibility than the fixed interest rate home loan option. Here we look at some of the advantages of a standard variable home loan.

How interest rates are determined in Australia

In Australia, the interest rates used to calculate mortgage repayments are guided by the official interest rates set by the Reserve Bank of Australia (RBA). The RBA will change interest rates from time to time in order to control inflation. Here we look at interest rates including why they might rise or fall and the different interest rates that apply to home loan mortgages.

Home loans Perth Reviewed

With house prices on the increase in Perth and other boom towns in Western Australia, it's important to find the cheapest home loan possible. Here we provide some tips on getting the cheapest home loan in Perth.

Mortgage brokers in Sydney

Over the past decade or so, the Sydney property market has been the hottest in the country. But while this has changed over the past year or more, one of the legacies of Sydney's recent property boom has been the explosion in the number of Sydney mortgage brokers. For Sydney home buyers, this highly competitive mortgage broker market provides an excellent opportunity when seeking the services of a Sydney mortgage broker. Here we provide some tips on how to find the best broker for your situation.

Online home loan calculators help you find the right mortgage

In Australia, there are many different home loan options available thanks to the cut throat competition in the home lending market. For consumers seeking a home loan, this competition means that there are a wide range of innovative home loans available at very competitive interest rates. So how do you find the best deal for your individual needs? Well, you can start by comparing how much your repayments will be by using our home loan repayment calculators.