Home loan & mortgage articles
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First home owners guide
With so many things to consider when buying your first house, and a seemingly endless list of expenses, this guide points you in the right direction, with tips on the First Home Owner's Grant, how much you can borrow, and the home buying process.
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Investment properties pros & cons - a Money Buddy guide
Property has proved a relatively secure investment over the past quarter decade in Australia, with returns above 8 per cent in some metropolitan markets, but what should you consider before directing your savings to an investment property?
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The rate debate: fixed vs. variable rate home loans
Home loans generally have either a fixed or variable interest rate, or a split rate - a mixture of both. A fixed rate home loan is taken out for a set period with a set interest rate; when this period ends you can fix the rate again, or switch to a variable interest rate which fluctuates with the market
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Reserve Bank interest rates explained
With recent Reserve Bank interest rate rises driving mortgage repayments skywards, it's important to understand the role the RBA plays, and how it sets it determines interest rates. The main responsibility of the RBA is to formulate and implement Monetary Policy, as laid out in the Reserve Bank Act (also known as the Bank's 'charter'.)
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Hidden costs of buying a house
What are some of the hidden costs of buying a house? This article describes some of the government, legal and inspection fees and insurance costs you might not have thought about
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Guide to equity access loans
Also known as reverse mortgages, equity access home loans allow you to borrow using the equity in your existing home, freeing up the cash that was tied up in bricks and mortar to use for other things. In general, lenders will not require you or your estate to make any repayments on the loan until you sell your house, move into care or die, and any interest charged is added to the balance of the loan
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Refinancing your home loan
With the selection of home loans currently available, many people are choosing to refinance their existing loan to take advantage of additional benefits and incentives offered by other lenders. Refinancing is an increasingly popular method of accessing the existing equity in your home
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Federal Government's economic rescue package announced
As credit crisis hits, the Government has decided to act with a $10.4 billion economic rescue package. Read the details here
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Honeymoon or introductory rate home loans
Among the many home loan options available, many lenders are now offering home loans with a low introductory interest rate. These have become known as honeymoon rate home loans. Many borrowers find the idea attractive, as the honeymoon rate home loan offers a substantially lower interest rate for a set introductory period of around six to twelve months. After this initial term is completed, the interest rate generally reverts to the standard variable rate offered by that lender.
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Home loan tips and tricks – additional repayments
Over the life of a home loan - sometimes up to thirty years - your financial circumstances can change dramatically. The ability to make additional repayments on a home loan is an essential consideration for anyone contemplating possibly the largest and most important investment they will ever make. By making additional repayments you can significantly cut down the length of the loan, resulting in potentially huge savings in interest payments overall
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Reverse mortgages gaining popularity in Australia
Designed to free up funds in retirement, the reverse mortgage is gaining popularity fast. In 2005, over 13,000 Australians took the reverse mortgage option to fund their retirement, loaning a grand total of $647 million. An incredible increase over the previous year's 5000 reverse mortgage applications, totalling just $250 million.
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Lenders mortgage insurance: protection for me or the bank?
What is lenders mortgage insurance and why do you need it? Find out the benefits for home buyers as well as lenders
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What is sub-prime lending
Curious about sub-prime lending? Wand to know what it is and how will the sub-prime crisis effect you? Do you need to take action? Money Buddy explains what sub-prime lending is and suggests ways to avoid the fall out
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Choosing the best real estate agent
Whether you're buying, selling or renting, it's important to deal with the right real estate agent for your needs. This guide tells you what you should look out for when choosing a real estate agent
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Low doc home loans
Low doc loans are designed to assist people who do not qualify for a traditional home loan to buy a property. Low doc (or low documentation) loans still require the application to be made in writing, however you may not be required to provide much of the paperwork that is necessary with standard home loans, such as proof of income, assets or liabilities
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New Zealand’s Investment Property Potential
Looking for an investment property with better than normal returns? Maybe New Zealand is the way to go for you. Money Buddy takes a peek at investing in New Zealand.
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Stamp duty – the basics explained
Stamp duty is a general tax imposed upon certain documents and some undocumented acquisitions. These include title transfers as a result of selling real estate, vehicles, business assets and other property; gifts; insurance policies and mortgages, and is paid by the purchaser or borrower. Revenue raised is then used to fund public services
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Interest only home loans
Could an interest only home loan be the right option for you? What do you need to be wary of?
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Property loans: fixed, variable or honeymoon rates?
Not sure whether to fix your mortgage or go variable? Are honeymoon rate loans a good deal or do they cost more in the long run? Money Buddy takes a look at property loans
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Money Buddy guide to mortgage brokers
Mortgage broker can make choosing a home loan easier, but how can you know that the broker will get you the best deal? This article provides tips on what to look for in a good mortgage broker and what to be wary of
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Online mortgages guide
Online mortgages can seem attractive, often featuring lower interest rates and concessions on other fees, however it is important to consider your options carefully before making a decision
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Shrink your mortgage: How Schreditcard could shorten your home loan
If you want to shorten the term of your mortgage, Schredit Mortgage has a novel new idea that should get the support of all mortgage borrowers
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Money Buddy guide to ... home loan types
Confused about all the different types of home loans on offer? This Money Buddy guide cuts through the jargon and explains what mortgage types are available and how to decide what you need
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Negative equity explained – avoiding the negative equity trap
Learn how negative equity can affect you and how you can avoid negative equity in your home loan with a no negative equity guarantee
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Money Buddy guide to ... home loan features
Looking for a suitable home loan can be confusing, especially if you don't understand what features are available and what these options actually mean. This article explains what redraw facilities, offset accounts, extra repayments and interest only payment options mean, and how they can influence your home loan decision.
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Buying a house at auction
How do you get the best deal on your dream home at auction?
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Selling a property at auction
Selling your house at auction is an attractive option - you can often accelerate the sale time and create more of a buzz around the sale. But how do you choose the best auctioneer, and what’s the process of getting to the sale?
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Buying a house by private treaty
Private treaty is the most popular way to buy a house, but it can be confusing for the first home buyer. Learn what's involved in getting a contract over the line and avoid being "gazumped."
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Building and Pest Inspections – keeping unwanted guests from your new house
Building and pest inspections are an essential step in the purchase of a new home or investment property. There are certain things you can look for while you’re on the house-hunting circuit - like checking the proximity of gardens and trees to the walls of the house - but a professional building inspection is important before you sign anything
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The pros and cons of refinancing
Read about the advantages of refinancing and find out what risks are involved with refinancing
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Forced house sales, negative equity and bankruptcy: will it happen to you?
Having trouble keeping up with your mortgage payments? Find out what action to take before your lender forces you to sell
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How to apply for a home loan
Read about the home loan application process. Find out the steps involved with applying for a home loan
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106% home loans: what are they?
106% home loans allow you to purchase property without saving any money, but there are some major disadvantages that should be considered before taking the plunge. Money Buddy explores the pros and cons of no deposit home loans
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Who is... Wizard Home Loans
Looking for a home loan but not sure which institution can best meet your needs? If you want to find out a bit more about the various providers before you make your application, here’s the dish on Wizard
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Who is... Mortgage Choice
Looking for a home loan or mortgage broker? Money Buddy gives you some background on Mortgage Choice
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Who is... Homeloans Ltd
Not sure which institution to approach for a home loan? With so many financial institutions to choose from it might be time to do some research. Money Buddy gives you the background on Homeloans Limited
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