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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Home loans in Darwin

The Top End is booming and likewise Darwin has experienced a huge property boom in recent years. With more and more people moving to the Territory's capital, the choice for home buyers seeking finance has increased greatly. Today, there are many home loan options from both the traditional banks and the newer non bank lenders. While most of us are familiar with the large banks, the non bank lenders are relatively new on the scene. Here we take a look at the non bank lending market in Darwin.

Choosing the right Melbourne mortgage broker

Finding the right home loan is no easy task thanks to the wide range of home loan options from both the more traditional banks and the newer non bank lenders. This wide choice of home loan products has helped to dramatically increase the number of Melbourne mortgage brokers helping home buyers in Melbourne find the right home loan. Here we offer some practical tips on how to find the right mortgage broker in Melbourne that will best suit your situation.

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.

Adelaide Home Loans and Mortgage Options Reviewed

Looking for a home in Adelaide? Thinking about home loans and finance, but wondering where to start. Our website is hear to assist you in your search for the perfect Adelaide home loan. Our partners are experienced in helping home buyers, just like yourself in finding the best solution available.

Is a 100% home loan a good thing for you?

There are a number of things to consider before you take out a 100% or 105% home loan. Borrowing 100% or 105% of the homes value can be a great way to get in your first home. But there is a downside, generally the interest rate is considerably higher than what it would be if you had a larger deposit. Here we look at 100% and 105% home loans and how they can benefit you and also some of the pitfalls of taking out such a loan.