Guide to home loans

Interest rates, mortgage fees, introductory rates and first home grants... with so much to consider, it's easy to end up settling for a dud. Never fear: Mozo's guide to home loans will answer all your questions including a few you forgot to ask.

What is the average home loan deposit in Australia?

What is the average home loan deposit in Australia?

As Australian home prices continue to rise, the amount we need to save to get a home loan increases too. But what is the average home deposit in Australia in 2024?

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Home loan grants and schemes in 2024

Home loan grants and schemes in 2024

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Mortgage protection insurance explained: Do you need it and what’s covered?

Mortgage protection insurance explained: Do you need it and what’s covered?

Buying a home is a huge financial responsibility which comes with a level of risk, but there are products available which can provide you some security if you’re suddenly unable to make your mortgage repayments due to uncontrollable circumstances.

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Understanding the different types of refinancing

Understanding the different types of refinancing

When it comes to refinancing, you have several options available. From simple rate-and-term refinancing to debt consolidation, the type of refinancing you opt for depends on your circumstances and what you want to achieve.

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How does refinancing work?

How does refinancing work?

Home loans are one of the biggest expenses most Australians will ever have to pay and, in recent years, that cost has quickly grown.

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Can you afford an $800,000 home? Here’s how much you’ll need

Can you afford an $800,000 home? Here’s how much you’ll need

The first step when buying a home is saving up for a home loan deposit. The first deposit is typically 20% of the property purchase price, so for an $800,000 home, you’ll typically be looking at a deposit of $160,000.

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What is interest?

What is interest?

In finance, we deal with interest all the time.

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How to calculate rental yield

How to calculate rental yield

If you’re thinking of buying an investment property, you’ll want to know what your return on investment could look like.

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What is stamp duty, and how does it work?

What is stamp duty, and how does it work?

If you’re in the home buying process, then you’ve probably heard about stamp duty. Stamp duty can be a significant home-buying cost to budget – and unfortunately, your home loan does not cover it. How much stamp duty costs varies by location, property value, and buyer.

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How to ask for a rate cut on your home loan

How to ask for a rate cut on your home loan

Some of the most common advice you’ll read at Mozo is to, “Call your mortgage lender.” See if you can negotiate a lower interest rate and avoid mortgage stress.

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Fixed vs variable home loans

Fixed vs variable home loans

Different types of home loan interest rates have pros and cons and can affect how much you pay. The two most common types are fixed and variable rates. But what’s the difference between the two, and how do you choose the one that best suits your needs?

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What is home equity, and how is it calculated?

What is home equity, and how is it calculated?

Your home equity is the value of your financial stake in your home, and it’s an important number to know whether you’re at the start of your home loan or ready to refinance.

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What is mortgage stress in Australia?

What is mortgage stress in Australia?

In Australia, mortgage stress is when a borrower struggles to repay their home loan. The standard for mortgage stress is when a borrower has to devote 30% or more of their monthly income to mortgage repayments.

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The pros and cons of paying a 40% deposit on your home loan

The pros and cons of paying a 40% deposit on your home loan

Paying at least 20% of the purchase price upfront is standard when taking out a home loan. This portion establishes the loan-to-value ratio (LVR) for the mortgage and the interest rate the borrower is eligible for.

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What is Build-to-Rent in Australia

What is Build-to-Rent in Australia

The Australian rental and housing market is notoriously tight, and while supply is often cited as the solution, the type of supply being brought to the market is equally important. One potential solution being discussed is the build-to-rent (BTR) model.

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How to save interest on your home loan repayments

How to save interest on your home loan repayments

Having a home loan can be one of the few investments that pays off long-term. You accrue home equity and lock wealth into a tangible asset that usually appreciates over time. But with home loan interest rates flying sky-high, mortgage repayments can also feel like a dark money pit in your budget.

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A guide to buying property this spring

A guide to buying property this spring

If you’ve started to notice more ‘for sale’ signs on properties than usual, you might chalk it up to spring’s influence.

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Taking out a first home loan? Here are some tips to save you money

Taking out a first home loan? Here are some tips to save you money

Have you found the house you’d like to own? Your next step is getting a home loan and hopefully in a way that allows you to minimise your costs.

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How soon after buying can you put your home for sale?

How soon after buying can you put your home for sale?

Buying and selling property can be time-consuming, but there are buyers looking for a quick turnaround. Property flipping has been a great way for investors to make use of capital gains, while some buyers with buyer's remorse merely want to move to greener pastures.

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Refinancing your home loan: How often is too often?

Refinancing your home loan: How often is too often?

Refinancing is the process of switching home loans, whether that’s by negotiating with your current lender or swapping to a new provider altogether.

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Refinancing your home loan with bad credit

Refinancing your home loan with bad credit

Interest rate hikes have dialled up the pressure on borrowers over the past couple of years. As a result, many have been keen to refinance their home loans and escape rising repayments.

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What’s your home loan borrowing power? How lenders calculate borrowing capacity

What’s your home loan borrowing power? How lenders calculate borrowing capacity

No two mortgages are the same, which is why comparing home loans is vital. Every home loan offer will have different fees, interest rates, features, and more. But not every lender calculates borrowing power and risk the same way, either, which means different lenders let you borrow different amounts of money.

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How are mortgage repayments calculated? Home loan costs broken down

How are mortgage repayments calculated? Home loan costs broken down

Every month or fortnight, your home loan lender will bill you a specific amount of money to chip away at the total cost of your mortgage until you discharge it.

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How long does it take to refinance a home loan and what are the steps?

How long does it take to refinance a home loan and what are the steps?

Refinancing is when you switch from one home loan to another, either with your existing lender or a new mortgage provider entirely.

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Understanding Investment Home Loans

Understanding Investment Home Loans

If you’re a borrower who’s taken out a home loan for an investment property, you might find yourself looking at a loan that is missing out on a better interest rate or handy account features in comparison to others. If that’s the case, then it might be time for you to look at refinancing.

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The Ultimate Guide to Cash Out Refinancing: Unlocking the Hidden Equity in Your Home

The Ultimate Guide to Cash Out Refinancing: Unlocking the Hidden Equity in Your Home

Refinancing your home can be a useful way of getting a better deal on your mortgage. Sometimes, borrowers opt for cash out refinancing to access some of their equity as well.

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Home loan-to-value ratio vs. home equity: what’s the difference?

Home loan-to-value ratio vs. home equity: what’s the difference?

Your loan-to-value ratio (LVR) and home equity are vital parts of your mortgage. Home equity can be an untapped source of wealth used for everything from a home loan deposit to funding for renovations, while your LVR tier can set the interest rate on your mortgage repayments.

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What kind of homebuyer are you? A home loan strategy for all

What kind of homebuyer are you? A home loan strategy for all

Not everyone is the same, and not everyone is on the same home-buying journey. That’s okay! There’s a wonderful variety of home loans to suit different needs. If you’re having trouble finding options that suit you, it could help to first discover your ‘type’.

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How does equity work when buying a second home?

How does equity work when buying a second home?

If you own your home outright, or if you’ve been paying off your mortgage for a while, you’ve got home equity. Using your equity to buy a second property, either as an investment or as a holiday home, is a very lucrative way to expand your property portfolio. And the best part is, it’s relatively straightforward.

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How a smaller deposit affects your home buying journey

How a smaller deposit affects your home buying journey

With home prices where they are across Australia, it’s little wonder borrowers are questioning whether they can save for the hefty deposit required.

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Thinking about downsizing your home? Let’s talk about how

Thinking about downsizing your home? Let’s talk about how

At some point, the house bought to raise a family will become too large. The kids will move out, maintenance will add up and lots of extra space will probably go unused.

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Can I get a home loan without a 20% deposit?

Can I get a home loan without a 20% deposit?

Saving up a deposit is one of the biggest hurdles involved in purchasing a home, and for many Australians, clearing it can seem almost impossible. Below, we explore some of the workarounds for homebuyers who don’t have the 20% deposit that banks like to see.

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What credit score do I need to get a home loan in Australia?

What credit score do I need to get a home loan in Australia?

When you apply for a home loan, one of the many things lenders will examine is your credit score. This is a number between 0 and either 1,000 or 1,200 which reflects how responsible you are with your debts and other financial obligations.

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What is a mortgage prisoner?

What is a mortgage prisoner?

A mortgage prisoner is someone who lacks the equity or serviceability requirements to refinance their home loan. Because they aren’t able to jump ship, borrowers can find themselves trapped and drowning in a mortgage they can no longer afford.

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Gifted deposits for home loans: How do they work?

Gifted deposits for home loans: How do they work?

Saving up a deposit is one of the largest obstacles to purchasing a home, which is why many parents step in to help their children out. If you’re in a position to do so, gifting a deposit can be just what your child needs to get their home loan application over the line.

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How parents can help their children buy a home

How parents can help their children buy a home

Sky-high property prices have left many young Australians feeling pessimistic about their home ownership chances. And as costs of living surge it’s become harder than ever to save up for the 20% deposit that banks like to see.

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Home loan check-in: What happens if I can't afford my mortgage?

Home loan check-in: What happens if I can't afford my mortgage?

As a result of the rising cash rate and the cost of living crisis, some Australians have grown worried about their mortgage repayments.

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What determines your home loan borrowing power?

What determines your home loan borrowing power?

Ready to purchase a property, but aren’t sure how much you can borrow? One of the first steps when working out your budget for a home is calculating your borrowing power.

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What happens if you overbid at a property auction? Home loans & deposits explained

What happens if you overbid at a property auction? Home loans & deposits explained

Overbidding at a property auction can have disastrous financial consequences and make it harder to take out a home loan in future. It's a worst-case scenario for an auction: depending on your situation, it might be far better to lose the auction (and the property) than overbid.

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Which documents do I need to get home loan pre-approval?

Which documents do I need to get home loan pre-approval?

Getting pre-approval is an important step in the early stages of the home loan process. Not only does it give you an idea of how much you can borrow, but it signals to vendors that you’re serious when it comes time to make an offer.

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What is rentvesting, and how does it work?

What is rentvesting, and how does it work?

Property prices in Australia’s capital cities can be outrageously high. It can be harder to get on the property ladder because you need to save for a bigger home loan deposit while forking out thousands a month on mortgage repayments.

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Offset account vs redraw facility: Which one is better?

Offset account vs redraw facility: Which one is better?

When shopping for a home loan, the ability to deposit and withdraw funds is highly sought after. So, when looking at features like an offset account and redraw facility, they will probably rank pretty high on your wishlist.

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How do interest rates affect inflation?

How do interest rates affect inflation?

Central banks do a lot behind the scenes to steer an economy in a desired direction, from responding to domestic shocks, ensuring the right number of people have employment and — perhaps most importantly — keeping inflation within a healthy range.

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First home costs: How much money do you need to buy a house in Australia?

First home costs: How much money do you need to buy a house in Australia?

Home ownership costs are vital to consider. Everyone knows buying a house in Australia these days isn't cheap, but it’s also easy to forget there’s more to buying a house than just getting a home loan. Several expenses could creep up on you if you don’t budget for them from the start.

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Property co-ownership: joint tenancy vs tenancy in common

Property co-ownership: joint tenancy vs tenancy in common

Buying a property with another person (or people)? You might not have thought about it, but you’ll need to nominate the type of ownership structure you plan to enter. The two most common types are joint tenancy and tenancy in common.

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What makes a home green? Eco-friendly features to help save energy and money

What makes a home green? Eco-friendly features to help save energy and money

If home is where the heart is, Aussie hearts are going green. New Proptrack research for September reveals more than 55% of surveyed Australians believe energy efficiency is an “extremely important” quality in a house – up 17% from last year.

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Should I make extra repayments on my home loan?

Should I make extra repayments on my home loan?

Despite some relief from the RBA pausing its interest rate rise program, rates are still biting down on everyday borrowers. One way mortgage holders are managing their loan is through extra repayments.

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What's the difference between owner occupier and investment home loans?

What's the difference between owner occupier and investment home loans?

Most people looking to buy property will encounter two types of home loans: owner-occupier and investment property loans.

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Can you break a fixed rate home loan early?

Can you break a fixed rate home loan early?

If your circumstances change and a fixed home loan no longer suits your needs, you can get out of it early, often by paying a break fee.

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What is a home loan calculator, and how does it work?

What is a home loan calculator, and how does it work?

How much does a home loan actually cost? Between the principal, deposit, fees, and interest, there’s a lot of expenses to consider. Not to mention it’s all spread out over decades, which can make it hard to comprehend how much you’re actually spending.

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What is negative equity and what can you do about it?

What is negative equity and what can you do about it?

Negative equity is when the amount you owe on your home loan is greater than what the property is worth in the current market. In other words, the debt you owe is more than the total value of the asset.

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Who has to pay off your home loan if you die?

Who has to pay off your home loan if you die?

For most Australians, paying off a home loan is a decades-long task. But what happens if you pass away before you get a chance to pay it off and discharge your mortgage?

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What is a property valuation, and how much does it cost?

What is a property valuation, and how much does it cost?

Whether you’re looking to buy a home, sell a home, or refinance your home loan, getting a property valuation is a step you shouldn’t skip.

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What counts as genuine savings when applying for a home loan?

What counts as genuine savings when applying for a home loan?

When you’re applying for a home loan, your prospective lender will look at a range of factors in determining your ability to service the loan. One of these is your genuine savings.

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What are boomer home loans, and how do they work?

What are boomer home loans, and how do they work?

Rising interest rates have rapidly priced many Australians out of easy home ownership. But the conversation tends to leave out a generation expected to have it all: Boomers.

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MyHome: Tasmania’s shared equity scheme explained

MyHome: Tasmania’s shared equity scheme explained

Joining an expanding roster of shared equity schemes popping up around Australia, Tasmania’s MyHome program is designed to help residents enter the property market sooner by reducing the upfront costs they face.

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What is a debt-to-income (DTI) ratio?

What is a debt-to-income (DTI) ratio?

A debt-to-income ratio (DTI) is used by lenders to assess your loan serviceability – that is, your ability to make mortgage repayments without falling into a tough financial position.

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NSW shared equity scheme for homebuyers: Who is eligible?

NSW shared equity scheme for homebuyers: Who is eligible?

In 2022, the NSW government announced a $780.4 million shared equity scheme, which it hopes will help boost home ownership by reducing the upfront and ongoing costs of taking out a home loan.

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How the government's Help to Buy scheme works

How the government's Help to Buy scheme works

The federal Labor government introduced the Help to Buy scheme in May 2022. Two years on, Labor’s plan to help Australians purchase a home is closer than ever to reality.

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Are 40 year mortgages worth it?

Are 40 year mortgages worth it?

With interest rates at the highest they've been in years, the promise of a 40-year home loan offering lower monthly repayments may look appealing. But there's a catch that you might not have considered, which can actually end up costing you more.

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It just got harder to service a home loan: Here’s what you can do

It just got harder to service a home loan: Here’s what you can do

After this week’s Reserve Bank of Australia (RBA) decision to raise the cash rate to 0.35% (an increase of 0.25%), owning a home or applying for a new home loan just got more expensive.

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What expenses can investors claim on their rental property?

What expenses can investors claim on their rental property?

Congratulations! You just became a property investor thanks to a snazzy investment home loan. Besides enjoying future rental income and the glorious title of “Landlord”, there’s tax breaks to be had, too. So let’s maximise your earnings potential. Which rental expenses are tax deductible?

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Buying a house with your parents? How it works

Buying a house with your parents? How it works

You can buy a home with anyone–siblings, parents, extended family, or even friends.

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What is home loan settlement?

What is home loan settlement?

Settlement is the last step in getting a home loan and is the part of the process when your lender formally approves your mortgage and you purchase your home.

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Do banks consider your shares when you apply for a home loan?

Do banks consider your shares when you apply for a home loan?

Your investment portfolio can actually boost your borrowing power and impress a lender, however there are some caveats to be aware of when using your shares to strengthen your application.

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How long does pre-approval last?

How long does pre-approval last?

If you’re reading this, chances are you’re in the official stages of your home buying journey. Congrats!

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Buying property solo: What you need to know

Buying property solo: What you need to know

When it comes to applying for a home loan, your borrowing power is the foundation of a successful bid. One of the main ways to increase your borrowing power is to demonstrate that your total income (including that of your partner, if you’re buying together) is enough to make repayments.

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Does home loan pre-approval impact my credit score?

Does home loan pre-approval impact my credit score?

Getting pre-approval is an important step in the home loan process. Not only does it give you an idea of where you stand in a lender’s eyes, it can give you an edge over other buyers when it comes time to make an offer.

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Do banks consider your Bitcoin holdings when you apply for a loan?

Do banks consider your Bitcoin holdings when you apply for a loan?

Cryptocurrencies like Bitcoin have seen major mainstream interest over the past few years.

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Regional First Home Buyer Guarantee: What does it offer home buyers?

Regional First Home Buyer Guarantee: What does it offer home buyers?

There are a number of government home loan schemes in Australia which can help you buy a home, and one of those is the Regional First Home Buyer Guarantee (RFHBG).

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Application to settlement: What is the home loan process?

Application to settlement: What is the home loan process?

The very thought of applying for a home loan is enough to send shivers down the spines of many Australians looking to enter the property market for the first time. But with a pinch of patience and a healthy dollop of organisation, the affair breaks down into a few neat steps that should serve to demystify the home loan approval process.

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Done with your home loan? How to discharge your mortgage and what it means

Done with your home loan? How to discharge your mortgage and what it means

Home loans end for a variety of reasons, so it's important to know what to do when time is up.

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Here’s what could happen if you lie on a home loan application

Here’s what could happen if you lie on a home loan application

In most cases, white lies are no big deal. But if it's something serious like a home loan application, a surprising number of people are willing to bend the truth.

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What to do if the bank won’t lend you as much as you want

What to do if the bank won’t lend you as much as you want

So you’ve got your sights set on a home, spoken to a bank, and gotten an idea of how much you can borrow. The only problem is the amount is a bit lower than you’d like. Thankfully, there are a few things you can do to boost your borrowing power.

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How to prep before buying into the housing market

How to prep before buying into the housing market

At some point in our lives we get a little twinkle in our eyes and decide, “I want to buy a home”. Just imagine - painting the walls and putting up picture frames without having to ask permission from your landlord!

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What is a mortgage rate lock and when is it useful?

What is a mortgage rate lock and when is it useful?

Banks can shift their mortgage rates several times throughout the year, either in response to moves by the Reserve Bank of Australia (actual or anticipated), or simply because their cost of doing business has changed.

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Refinancing your home loan: What are the costs?

Refinancing your home loan: What are the costs?

Paying too much for your mortgage? One thing you can do to reduce costs is refinance your home loan, as this can give you access to lower interest rates and better features.

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What happens to your mortgage after a breakup?

What happens to your mortgage after a breakup?

The breakdown of a long-term relationship can be difficult enough to begin with, but things are made all the more complicated when you and your partner have a home loan together.

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Can I turn my home loan into an investment loan?

Can I turn my home loan into an investment loan?

There are plenty of reasons you might want to turn your home into a rental property. But things are made a bit complicated when you’ve still got a mortgage attached to it. So are you required to inform your lender of your plans? And will changing the terms of your loan mean higher monthly repayments? We explore these questions below.

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How to save money on your investment property in 2024

How to save money on your investment property in 2024

Property investment is an increasingly popular way to achieve financial stability in 2024. But that’s not to say it won’t cost you along the way.

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Refinance your home loan in 6 easy steps

Refinance your home loan in 6 easy steps

Refinancing your home loan can be a smart move, especially if your current loan isn’t working for you or you feel you’re paying more than you should be. Below, we outline the main steps involved and some key questions you should ask.

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Explainer: What is a break cost?

Explainer: What is a break cost?

A break cost is a fee a lender charges when you repay your loan early or switch to a different type of loan during a fixed rate period.

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How to prepare for a home loan rate hike

How to prepare for a home loan rate hike

In his latest policy statement, Reserve Bank governor Philip Lowe dropped his usual reference to the Board’s willingness to be “patient” — effectively signalling that the RBA intends to tighten monetary policy in the coming months.

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First Home Owner Grant NSW

First Home Owner Grant NSW

New South Wales first home buyers looking to get into the market may be eligible for the NSW First Home Owner Grant (FHOG).

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First Home Owner Grant Northern Territory

First Home Owner Grant Northern Territory

If you're a first home buyer in the Northern Territory, then check out the NT government's First Home Owner Grant (FHOG). It's a one-off payment that can help with some of the costs associated with buying a home.

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First Home Owner Grant Western Australia

First Home Owner Grant Western Australia

If you live in Western Australia and are looking to buy your first home, then you may be eligible for the First Home Owner Grant (FHOG).

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First home owners grant Tasmania

First home owners grant Tasmania

With property markets reaching highs all around Australia, it might seem harder than ever to get into real estate. Thankfully, there are a few options to help first home buyers ease the financial burden of getting their first home.

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First Home Owner Grant South Australia

First Home Owner Grant South Australia

If you're a first time home buyer in South Australia, take advantage of the SA government's First Home Owner's Grant (FHOG) to help get you closer to holding the keys of your dream property.

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First Home Owner Grant Victoria

First Home Owner Grant Victoria

If you live in Victoria and are looking to buy your first home, then don't overlook the First Home Owners Grant (FHOG).

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First Home Owner Grant Queensland

First Home Owner Grant Queensland

If you live in Queensland and are looking to buy or build a brand-new home, then the First Home Owner's Grant (FHOG) could be the helping hand you need.

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Pros and cons of refinancing

Pros and cons of refinancing

Refinancing your home loan is a big decision, so it’s vital to consider the pros and cons and understand the different types of refinancing available.

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What happens if I fall behind on my home loan repayments?

What happens if I fall behind on my home loan repayments?

Paying off a mortgage is no easy task, and sometimes borrowers can find themselves struggling to keep up with their monthly repayments. If you have fallen behind on your loan, here are a few things to expect.

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How to pay off your home loan faster and save money

How to pay off your home loan faster and save money

Home loan debt is not something you want hanging over you any longer than necessary. Thankfully, there are plenty of things you can do to pay off your mortgage ahead of schedule. We’ve compiled a few handy tips below.

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How to boost your chances of home loan approval

How to boost your chances of home loan approval

If you are thinking about buying a home, you are probably wondering how to boost your chances of getting your home loan approved.

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What is an SMSF loan: Using your retirement savings to invest in property

What is an SMSF loan: Using your retirement savings to invest in property

A self-managed super fund (SMSF) is a retirement fund which is managed privately by you. An SMSF home loan lets you use these retirement savings as a deposit for an investment property, with any returns on the investment being directed back into your superannuation fund.

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What happens if you default on a home loan?

What happens if you default on a home loan?

Taking out a home loan is a huge financial commitment which can span up to 30 years, and anybody’s financial situation can change over such a lengthy time period.

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What is a split home loan and how can it help?

What is a split home loan and how can it help?

When you compare home loans, there are two types of interest rates you can choose from – fixed rate and variable rate. However, you don’t have to choose just one or the other. Many banks and lenders will let you combine the two in what’s known as a split rate home loan.

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Joint mortgages: How to share a home loan with a partner

Joint mortgages: How to share a home loan with a partner

With the Australian cash rate and property prices reaching new highs, many people may feel that owning a home is impossible. However, property ownership isn’t an impossible dream if it's done with someone else.

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Unraveling Construction Loans: How Do They Work & What Are They For?

Unraveling Construction Loans: How Do They Work & What Are They For?

A construction loan is designed for building your own home, as opposed to purchasing a pre-built property. Unlike a standard mortgage, it offers the flexibility to incrementally draw funds throughout the building process, incurring interest only on the amount drawn.

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How to use home equity: Refinance your home loan or buy an investment property

How to use home equity: Refinance your home loan or buy an investment property

As you pay off your mortgage and build up your home equity, you can use it to refinance your home loan or even purchase an investment property.

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Home loan portability: moving home with a mortgage

Home loan portability: moving home with a mortgage

A mortgage is a decades-long commitment. But what happens if you decide to move home?

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Family Home Guarantee: How does it work and am I eligible?

Family Home Guarantee: How does it work and am I eligible?

The Federal Government’s Family Home Guarantee scheme aims to make it easier for Australian single parents to own their own homes, with government guarantees on home loan deposits as low as 2%.

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Can you sell a home with a mortgage?

Can you sell a home with a mortgage?

Selling a home can be tricky enough, but what about selling a home with a mortgage on it? While it’s not uncommon for mortgaged homes to be put on the market, if you’ve never done it before you’re bound to have plenty of questions.

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How to lower capital gains tax when selling your property

How to lower capital gains tax when selling your property

If you’re planning to sell a property, it can be a bummer to pay capital gains tax on any profits. But did you know there are ways to lower your capital gains tax, or even avoid paying it altogether?

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Reverse mortgages: Which banks offer them and what are they?

Reverse mortgages: Which banks offer them and what are they?

If you’re an older Australian who owns their own home, you might have heard about using a reverse mortgage as a way to borrow money using the equity you’ve built up in your home.

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Capital gains tax: A guide for property investors

Capital gains tax: A guide for property investors

Capital Gains Tax was introduced in Australia in 1985 and applies to assets you sell that were bought since that date (though there are some exceptions). Importantly, capital gains tax is part of your income tax and not a standalone tax as the name might suggest.

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What is a home loan redraw and how does it work?

What is a home loan redraw and how does it work?

Whether you’re searching for your first home loan or you're in the process of paying one off, there are an abundance of home loan features you’ve likely come across: everything from offset accounts and extra repayments to split loan facilities.

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How to manage your mortgage like a pro

How to manage your mortgage like a pro

So you’ve acquired a home loan, settled into your brand new property and gotten into the habit of paying it down each month. While you might be confident you’ve got it all under control, there are bound to be a few things you’re a little bit uncertain about. For those who have a home loan but need a refresher on all its features, we’ve answered a few common questions below.

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What is a home loan top-up and is it right for you?

What is a home loan top-up and is it right for you?

Topping up or increasing your home loan can be a good way to access extra cash for those big ticket purchases, especially when compared to other credit options. Basically, it allows you to borrow additional funds against the equity you’ve built up in your property, which you can then use to upgrade your car, pay for a holiday and more.

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What is the conveyancing process?

What is the conveyancing process?

From the initial offer to the final settlement, getting a good idea of each stage in the conveyancing process can help make buying or selling a property that little bit easier. We’ll look into each of the steps and what’s involved for both sides.

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First Home Loan Deposit Scheme

First Home Loan Deposit Scheme

If you’re a first home buyer looking to snag a property, did you know there’s another Government Scheme to help you enter the market sooner?

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Top 4 home loan tools for first home buyers

Top 4 home loan tools for first home buyers

So, you're about to buy your first home and currently feel like a new parent that's in way over their head? Firstly, congratulations! Buying your first property is an incredible achievement and massive milestone in your life, which you should be super excited about.

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How to save for a home deposit

How to save for a home deposit

Whether you are a first home buyer or potential investor, saving for a home deposit isn’t easy. With interest rates rising and the RBA continuing to hike rates through 2023, you may be feeling a bit disheartened to get into the housing market.

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What happens if I pay off my mortgage early?

What happens if I pay off my mortgage early?

Paying off your mortgage early may help you to rid yourself of debt sooner, save you interest and let you finally live in a house that is actually your own without having to worry about another home loan repayment ever again. Sounds pretty good right?

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What happens if my home loan application gets rejected?

What happens if my home loan application gets rejected?

So, you’ve gone through the effort of finding a home loan, collecting all the documents you need, and finally applying for it, only to find out that your application has been rejected. What now?

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Lenders mortgage insurance and mortgage protection insurance: What’s the difference?

Lenders mortgage insurance and mortgage protection insurance: What’s the difference?

There’s plenty of jargon you’ll need to wrap your head around when looking to buy a home, and one common source of confusion is the difference between lenders mortgage insurance (LMI) and mortgage protection insurance (MPI). Let’s unpack these terms so you can better understand how these products could help you in your home buying journey.

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First home buyer grants in Australia

First home buyer grants in Australia

To help with the cost of buying your first home, you may be eligible for the First Home Owner Grant (FHOG).

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Low doc home loans - a guide for the self employed

Low doc home loans - a guide for the self employed

If you're a freelancer, self-employed worker, small business owner or contract worker, getting a standard home loan can be difficult when you don’t have proof of salary documents like payslips or group certificates. This is where a low doc home loan comes in.

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Lenders mortgage insurance: What is it and how is it calculated?

Lenders mortgage insurance: What is it and how is it calculated?

Saving for a home loan deposit can be seriously challenging in today’s market, so what happens if you’re struggling to meet the recommended 20% of the property’s value?

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Line of credit home loans

Line of credit home loans

Have you built up some equity in your home through extra repayments or your property has appreciated in value? Then you could be eligible for a line of credit loan that allows you to draw on a portion of that amount to fund things like an upcoming renovation or new family car.

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Home loan features in a nutshell

Home loan features in a nutshell

As anyone who’s spent time shopping for a home loan understands, there’s more to a home loan than the headline rate. In this guide, we’ll run you through some of the features you should look out for to make sure your mortgage works for you.

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Home Loan Brokers and Home Loan Negotiators

Home Loan Brokers and Home Loan Negotiators

An important part of choosing a home loan is getting good advice. One method homeseekers use is speaking to a home loan or mortgage broker, who will not only hunt down a great home loan deal on your behalf but will also run you through everything from your borrowing power to the features that could be right for you and even help you complete the home loan application.

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Refinancing for renovations

Refinancing for renovations

Refinancing to cover your renovation costs is a savvy way to access your home equity. But how does it work?

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Mortgage brokers vs banks: which is the right choice?

Mortgage brokers vs banks: which is the right choice?

Shopping for a home loan is an exciting time - after all, you’re on your way to owning your dream home! But it can also be a little overwhelming. Between interest rates, property jargon and lenders giving you the run around, it can start to get pretty stressful.

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How a mortgage broker can help you refinance your home loan

How a mortgage broker can help you refinance your home loan

Absolutely nuthin’

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Mortgage broker fees

Mortgage broker fees

Mortgage brokers can offer a valuable service if you’re searching for a home loan. They can streamline the whole process and sometimes even make it cheaper. But because our main aim at Mozo is to save you money, we thought we better dig into the details to clarify exactly what these services could cost you.

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How to make money with your home

How to make money with your home

If you’re like most people, your home is probably the most expensive thing you’ll ever purchase. You likely scrimped, saved and took out a home loan to get your hands on it.

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Buying off the plan risks and benefits

Buying off the plan risks and benefits

A brand new apartment at a discounted price sounds like an investors dream. But there are risks to buying a property off the plan that every savvy investor should know.

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What reality TV shows like The Block and House Rules teach us about renovating

What reality TV shows like The Block and House Rules teach us about renovating

We’ve witnessed the dummy spits, tantrums and blowups on reality renovation TV shows but there are also some great pieces of advice when it comes to home makeovers that we can take away from these shows. Through the contestant’s tears and heartache to renovate an ideal children’s bedroom or a chic bathroom we’ve pulled out 5 key renovation messages.  So when you’re about to get stuck into your own renovations, minimize stress and drama by following these reality TV red hot tips.

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The Biggest Renovation Trends of 2016

The Biggest Renovation Trends of 2016

Looking at updating your kitchen, bathroom or garden this year? Well here are some renovation trends to consider so your home makeover is modern, chic and most importantly a place where you want to spend time. Let us take you through the sizzling kitchen trends, hot bathroom fads, fashionable interior designs and renovation garden fazes of 2016.

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Features to look for in an investment loan

Features to look for in an investment loan

Any investor will know that finding a mortgage with a low interest rate is important. But a savvy investor will take things a step further by hunting down an investment loan that not only has a great rate but competitive features too.

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Green renovation tips for a more sustainable home

Green renovation tips for a more sustainable home

Renovations are the perfect opportunity to make your home green and sustainable. Creating a sustainable home is no longer just a trend, it's part of our daily lives and crucial to reducing the impact we have on the environment. It doesn’t matter how small or large the renovation is, there’s always an opening to lighten your environmental footprint for short and long term benefits.Quality, environmental and sustainable design principles will save you thousands of dollars on energy and water bills while creating a more livable and healthier home. So follow our guide on how to incorporate sustainable principle designs into your home renovation.

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How to get the best investment loan deal

How to get the best investment loan deal

Whether you’re a first time investor wanting to get a foot in the property door or an experienced property pro after an addition to your portfolio, there’s one main thing you’ll probably be on the hunt for when it comes to your investment loan - a low interest rate.

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10 Tips to renovating without breaking the bank

10 Tips to renovating without breaking the bank

Shut your eyes and visualise your renovation project. Then, if you’re handy with a pencil, sketch it on a piece of paper. It may seem a little silly but this is how the pros operate. Drawing up a mind map is a great way to present your ideas to the renovation professionals. This big picture will also guide you through the renovation process, keep you on track and prevent you from spending unnecessarily. A solid plan also helps deter renovation surprises that can pop up along the way, resulting in additional costs that could break the bank.

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Renovation tips for investors looking to flip

Renovation tips for investors looking to flip

Who doesn’t like to earn a quick buck? The renovate and flip strategy is all about just that. It’s the concept of buying a rundown property below market price, jazzing it up to increase its value then reselling it just months later for a fast profit. It’s easy said than done and keep in mind, a flip can flop. However if you’re looking to flip follow this guide for renovation tips and more so you finish sunny side up!

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10 Quick weekend renos to add value to your home

10 Quick weekend renos to add value to your home

You’ve read the weekend paper, gone for a lovely stroll and had your Sunday coffee, now you’re twiddling your thumbs looking for something to do. Look no more, we’ve got the solution, pick up a hammer or paintbrush and get to work on a quick and easy renovation task that will add value to your home. Given there’s no shortage of ideas when it comes to DIY home renos, find some time over the weekend, don’t lounge around and pick up a tool and get cracking. While each home is unique, here are 10 projects that most homeowners would benefit from and best of all, you can knock them over in a weekend.

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Boost the value of your place with these DIY renovations

Boost the value of your place with these DIY renovations

Home renovation jobs can be endless from small scale tasks such as replacing light fittings to larger sized changes like building a pool! However, if you’re looking to add value to your home you don’t necessarily have to turn to the mammoth jobs requiring builders, architects and tradies. There are plenty of jobs you can do yourself! So pull out some old rags and get cracking on these DIY renovations that home reno experts say add value.

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Tips for buying at auction

Tips for buying at auction

Buying at auction is a popular home-buying method for many Australians. So what can buyers expect? How can you give your bid the best chance at winning? And how does the auction process impact your home loan?

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Buying off the plan financial must knows

Buying off the plan financial must knows

So you’re thinking about buying off the plan. That’s wonderful! The anticipation of waiting to see your new home or investment property come to fruition would be part nerve-wracking and part-exciting at the the same time. But, will it be as spectacular as the artist’s impression? Will it be as spacious as you initially thought? Will the builder commit to construction till the very end?

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Should you buy an old or new property?

Should you buy an old or new property?

If you’re looking for a new home, chances are you’ve come across properties that were both old and newly built. So, the question is then, how do you decide which one to go for?

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Home buying negotiation tips

Home buying negotiation tips

Home loan costs ultimately boil down to one thing: property price. The property price decides everything from your deposit size to your home loan amount, so negotiating a fair market value is key to your home buying experience.

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The 5 must-do building checks

The 5 must-do building checks

So you’ve scoured the postcode of your dreams and inspected what seems to be an unending amount of properties to come to the end of the road. House after house, hour after hour. And finally, a place you can soon call home.

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6 Things to consider before buying a house

6 Things to consider before buying a house

So you’ve worked hard to save up for a home loan deposit and you’re probably concerned about the potential pitfalls ahead. It's clear that 2023 could bring some headwinds.

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Looking to sell? Add value to your home with these simple DIY strategies

Looking to sell? Add value to your home with these simple DIY strategies

You’re gearing up to put that big ‘for sale’ sign up out the front of your place but before you do why not improve the value of your place. There are plenty of easy, quick and cost-effective DIY tasks to undertake that will ensure you get the best resale price for your home.

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Buying in an inflated market

Buying in an inflated market

When was the last time you looked at how the Australian dollar is fairing on the market? May be on the rise, but according to foreign investors, it’s still pretty low. What does that mean to you and I? Everything. From lower currency exchange when travelling overseas to inflated prices on average items we buy, day to day.

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How to improve the value of your home

How to improve the value of your home

Whether you’re upgrading from a bachelor pad, downsizing from an empty nest, moving across country or just looking for something a little more your style, moving out of your home can be a huge upheaval.

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What is negative gearing, and how does it work? Negative gearing explained

What is negative gearing, and how does it work? Negative gearing explained

If your investment property is negatively geared, it costs you more money to maintain than it makes. Essentially, you're returning a loss.

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Sell or buy, which to do first?

Sell or buy, which to do first?

When you’re ready to sell up and move into a new home, there are heaps of things to consider, and it pays to have a strategy in place, rather than just diving right in. Generally speaking, the goals for that strategy are to a) get a great price on your old home and b) secure the deed to your brand new dream home. And, with a little luck, you’ll achieve those goals while c) keeping your sanity intact.

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Moving or renovating?

Moving or renovating?

There comes a time in most people’s lives when, like a hermit crab, you’ve outgrown your old home. Maybe it’s not comfortable anymore, maybe you need more room or less, or maybe it’s not in the ideal location.

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Choosing and signing with an agent

Choosing and signing with an agent

Selling your house can be a stressful experience - you worry about getting the right price, about finding a new place, about your Great Aunt Cathy’s ancient crystal dinner set getting smashed to bits in the move.

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Preparing for Inspections

Preparing for Inspections

A.K.A - What to expect when you’re inspecting

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Home loan repayments: principal and interest vs. interest-only

Home loan repayments: principal and interest vs. interest-only

When paying off your home loan, you’ll be able to choose between two mortgage repayment options: principal and interest (P&I), or interest-only (IO).

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Is spring really the best property season?

Is spring really the best property season?

Property dreams are made in spring, if the old adage is to be believed. It’s supposedly the best time of the year to sell and buy homes, but depending on your circumstances, that may not be entirely true.

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7 mortgage and insurance questions to ask yourself before renovating your home

7 mortgage and insurance questions to ask yourself before renovating your home

Here’s a horror story you might have heard before: a young couple decide to renovate their new house. They choose new tiles, re-do the kitchen and knock out a wall. But halfway through pulling out the bathroom tub, their bank account runs dry. They head to the bank to borrow more money - and are rejected.

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Guide to the First Home Super Saver Scheme

Guide to the First Home Super Saver Scheme

Are you a first home buyer wondering if you can use your super for a deposit? Well, the First Home Super Saver Scheme (FHSS) may be just what you’re looking for.

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What is a rate-tracker home loan, and is it right for you?

What is a rate-tracker home loan, and is it right for you?

If you’ve been following the banking inquiry news, you might have heard the term rate-tracker loan thrown around. The introduction of more rate-tracker loan products was suggested as one reform that could help Aussies and their banks get along a little better.

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Steps to pay off your mortgage faster

Steps to pay off your mortgage faster

With the high cost of living right now, it might seem like an impossible dream imagining the day when you’ve paid off your mortgage, you have thousands more in your bank account, and you are planning a trip around the world to tick off all those places on your bucket list.

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How much deposit do I need for a home loan?

How much deposit do I need for a home loan?

Buying a property is an exciting experience, but there are some pretty daunting dollar figures you’ll need to cover. These can include your prospective home loan repayments, the stamp duty you’ll need to pay, and any moving or renovation costs. But the first figure you’ll need to focus on is how much you’ll need to save for a deposit.

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Home loan terms explained

Home loan terms explained

Taking out a home loan to purchase a property can be exciting, but what can often dampen your enthusiasm is all the complicated home loan jargon that gets thrown around in the process.

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How much can I borrow based on my home loan deposit?

How much can I borrow based on my home loan deposit?

Thinking about buying your first home? Or maybe an investment property? No matter what type of buyer you are, finding out your borrowing power should be among the first things you do.

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Types of home loans in Australia

Types of home loans in Australia

In Australia, there are plenty of different home loans available to cater to different borrowers. Below, we break down the main types of home loans out there to help you find the one that suits your financial situation.

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Choosing a home loan lender

Choosing a home loan lender

From the big bank players to the small online only lenders, the mortgage world offers plenty of choice when it comes to selecting a home loan lender.

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Want a cheaper home loan? Online lenders are where it’s at

Want a cheaper home loan? Online lenders are where it’s at

Gone are the days when Aussies would only take out a home loan with a big bank. Now, there's no shortage of smaller online lenders offering some of the lowest rates in the market, which could potentially save you thousands over the life of your loan.

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How an interest rate rise could affect you

How an interest rate rise could affect you

All signs point to the Reserve Bank of Australia lifting official interest rates in the coming months, meaning thousands of households will have to contend with their mortgage repayments increasing.

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Rate rise or refinance? The choice is yours

Rate rise or refinance? The choice is yours

Australian's have enjoyed some seriously low home loan rates for a long time, but the winds may finally be changing with recent indications from RBA Governor Philip Lowe hinting that a rate rise may finally be on the way.

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4 reasons to break up with your home loan lender

4 reasons to break up with your home loan lender

When you find your home loan lender, it might feel like you've met your one and only. While the romance might come thick and fast in the honeymoon period, sometimes the seven year itch can come early.

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Give yourself an instant pay rise by refinancing your home loan 

Give yourself an instant pay rise by refinancing your home loan

Thanks to the Reserve Bank of Australia's unprecedented rate hike cycle, the cost of financing a home loan has surged.

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Zero deposit home loans: Can you get one in Australia?

Zero deposit home loans: Can you get one in Australia?

The sky is blue. Pigs can't fly. And property prices in Australia are expensive. It is known.

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What is an offset account, and how can it save you money?

What is an offset account, and how can it save you money?

One of the more popular home loan features is an offset account. This useful tool help lower the amount of home loan interest you pay over the life of your mortgage.

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Home loan approval: Should you try to get pre-approved?

Home loan approval: Should you try to get pre-approved?

Getting a home loan approved can take weeks. But a home loan pre-approval can typically be done in just days and provides the stepping stone many buyers need to confidently enter the property market.

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How to get a home loan in Australia

How to get a home loan in Australia

Australia has one of the most expensive property markets in the world, so unless you have the savings to buy your home outright, you’ll need a home loan.

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How to buy an investment property

How to buy an investment property

Property investing is a popular way to grow wealth in Australia. Investment properties can deliver consistent returns over time, demand is usually strong, it creates a passive income from collecting rent, and there are plenty of tax-friendly incentives.

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Home loan repayments - how much can I afford to repay?

Home loan repayments - how much can I afford to repay?

If you’re thinking about purchasing a property, before you start eyeing off that penthouse suite the first thing you should think about is how much you can realistically afford to repay each month, as this will ultimately determine the amount you should borrow.

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What is LVR? How loan-to-value ratios affect your home loan

What is LVR? How loan-to-value ratios affect your home loan

The world of home loans has enough confusing terms and acronyms to fill a dictionary. So, if you’ve been researching home loans, one of the key terms you’ve probably come across is ‘loan-to-value ratio’.

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Guarantor home loans: What are they and how can I apply?

Guarantor home loans: What are they and how can I apply?

With property prices around Australia skyrocketing and the cost of living going up too, saving up a deposit for a home seems to be getting harder by the day.

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How to buy your first house

How to buy your first house

Buying your first house can be a long and daunting process, so having a roadmap is helpful. Let’s go through every stage of the home-buying process and lay it out in simple steps, including:

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Home insurance for first home buyers: what you need to know

Home insurance for first home buyers: what you need to know

Finding your dream home is no small feat! Once you have your home loan settled, celebrations are definitely in order. But there's one last item to consider: home insurance.

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5 money tests to pass before getting your first mortgage

5 money tests to pass before getting your first mortgage

You may be emotionally ready to settle down but how do you know you are financially ready to buy your first home? Taking on a mortgage is one of the biggest financial decisions you’ll ever make, so before you take the plunge it’s a good idea to take a moment to learn what are things to know when getting a mortgage.

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8 ways to boost your chances of loan approval

8 ways to boost your chances of loan approval

Getting ready to apply for your first home loan? Run through this checklist first so that your credit profile will be ship shape and you'll have the best chance of getting approved.

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Top things to consider when choosing a home loan

Top things to consider when choosing a home loan

According to the Australian Bureau of Statistics, Australia has one of the highest levels of home ownership in the world. However getting a foot in the property door isn’t always easy and choosing a home loan can often be a major headache. So before you rush into signing up with any old home loan, think about the type of loan that’s right for you.

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From flat to family home - buying your first house

From flat to family home - buying your first house

Ready to own your nest? From finding a good loan to pinpointing your criteria, plus lifestyle factors to consider, see this checklist before you begin the big search.

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Home loan repayments: is monthly, fortnightly, or weekly best?

Home loan repayments: is monthly, fortnightly, or weekly best?

How often you make home loan repayments can affect how much interest you pay overall. The three frequency options you have are to pay monthly, fortnightly, or weekly.

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