A guide to single-parent home loans

If you’re a single parent with a single income, getting a home loan approved may seem daunting. However, being prepared and not rushing into a decision may help you get through the process with minimal stress. Spending some time doing your research and preparing your finances early can help make the process as smooth as possible.

How to find the right home loan when self-employed

While there may not be restrictions on the kinds of loan you can apply for as a self-employed borrower, you may have to work harder to prove to lenders that you can repay the home loan. It’s important to study all borrowing options available to you before choosing a mortgage, as the best home loan for a self-employed borrower may not be the best choice for another.

What happens to a home loan when someone dies?

Because a home loan is a considerable debt, most lenders won’t write it off if the borrower dies. Who inherits the debt and what options they have to repay it may vary depending on the exact circumstances.

What is a negative equity home loan?

When you buy a house or other property, you may expect its value to keep rising. However, there are certain conditions that could lead to the house and land value falling. 

Some of the best home loans for investors and refinancers in March 2023

Following the most recent hike to the national cash rate, low home loan interest rates are becoming much harder to find. Australians hoping to refinance the mortgage on their home or investment property may need to carefully compare the available options to make sure they’re getting a deal that suits their budget and personal goals.

Who is still offering low-rate home loans after the March 2023 rate hike?

The Reserve Bank of Australia (RBA) has raised the national cash rate at every one of its last ten meetings, taking it from the record low of 0.10% to 3.60% in March 2023 - the fastest hiking cycle in decades. With banks and mortgage lenders passing this increase on to home loan customers, mortgage rates starting with a 4 are becoming much harder to find, though a small number may still be available.   

Which banks have hiked savings account and term deposit rates in March 2023?

The Reserve Bank of Australia’s (RBA’s) mission to bring down high inflation has seen the national cash rate increase for the 10th straight monthly meeting as of March 2023. With several Australian banks and Authorised Deposit-taking Institutions (ADIs) passing this rate rise on to savers, more Australian savings account interest rates are starting to hit the 5.00% mark.  

How to structure your mortgage to reduce interest

Minimising the interest charged on your home loan can not only save you money on your repayments, but potentially help you pay less interest on your property in total. You may need to think about how your mortgage is structured and set up, as different home loan options may affect how your interest is charged and paid.

Can a mortgage broker charge a cancellation fee?

You normally don’t pay a fee for the services of a mortgage broker. However, if the broker does the work for you and you decide not to apply for a home loan, the broker may sometimes charge a cancellation fee. There are also other fees a broker may charge in certain circumstances. 

How to avoid overstretching your home loan budget

The more you can borrow for a home loan, the higher the property prices you may be able to afford. While this could let you purchase your dream home or investment property, pushing your finances too far could risk putting you in mortgage stress.