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.

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Most states in Australia charge some form of stamp duty on real estate. And to make matters even more complicated for the property buyer, this differs in each state. Find out how much stamp duty you will need to pay in different states using our stamp duty calculators.

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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.

Variable Rate Home Loans

Variable rate home loans allow you to take advantage of falling interest rates. With a variable rate loan the interest rate you pay on your home loan varies with the interest rate that is set by the reserve bank of Australia, this means that if interest rates fall so does the interest you pay on your home loan. Conversly, the down side is if interest rates rise you will be paying more interest on your home loan. Here we take a look at situations where you would consider taking out a variable rate home loan.