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.

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Over the past ten or more years, the property market in the eastern states has experienced boom times, but while the market has now slowed in places such as Sydney and Melbourne, but the Perth real estate market is booming, thanks largely to increasing demand as a result of the resources sector. Today, the home loan lending market has developed into a highly competitive market place. The traditional bank lenders must now work hard to compete with the new breed of aggressive non bank home loan lenders. This is great news for anyone looking for a home loan.

Choosing the right home loan in Perth

With the huge choice Perth home loan borrowers now enjoy, you need to do your research in order to get the best and cheapest home loan deal for your personal situation. Before deciding, you will need to consider these questions:

Do you want a fixed rate, standard variable rate or split home loan? To help you decide have a look at our article about choosing between fixed rate and variable rate home loans
Do you have a deposit of 20% or more or do you have no deposit saved?
Are you self employed or run your own business?
Do you want a line of credit on your home loan?
Will you deposit your whole salary into your mortgage and redraw funds as required?
Will you be paying extra off your regular monthly repayments? Use of loan repayment calculator to see how much you can save by paying extra repayments per month.

When you answer these questions, you will have a much clearer idea of the type of home loan you are after. You will then find it much easier to compare home loans from different lenders.

Comparing home loans

A good place to start comparing home loans available in Perth is to check the internet. There are a number of sites available that will help you compare similar home loans available from the various lenders. Start by doing a search on cheapest home loans. Also, check out our partners' websites. If the thought of searching through websites comparing loans, interest rates and fees and charges does not appeal to you, then you can seek professional help from a Perth mortgage broker. Be careful here though: when choosing a mortgage broker, make sure that they can source the best Perth home loan for you from a wide range of lenders. If they only deal with a handful of Perth home loan providers, then you may not get the cheapest home loan deal possible.

Another alternative is to go with one of the larger non bank lenders who also offer loans from a wide range of different lenders.

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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.

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.

The benefits of using an independent mortgage broker

When it comes to finding the best home loan to suit your individual needs and financial circumstances, you generally have two options. You can do all the research yourself or you can get professional help from an independent mortgage broker. Here we look at the reasons why it pays to consider getting help from an independent mortgage broker.

How to find your credit history

Whenever you apply for a home loan or any other form of credit for that matter, the lender will generally check your credit history before approving the home loan or credit application. Here we discuss the importance of your credit history and how you can get access to your credit history.

Home Loan Redraw Facility How Can It Benefit You?

Today, there are many different innovative features available on home loans. Some of these features, including redraw facilities, can help you save money on the total interest costs of your home loan over the term of the loan. Here we look at the redraw facility and how it could benefit you.