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Borrowing to buy a property and repaying only the interest for a set period can be a great choice for some, because interest-only loans can offer the right candidate financial flexibility while they invest. There are, however, some very important risks to take into consideration. With interest rates at historical lows, interest-only loans may sound…

Insurance for something you can’t see or touch, such as your income, may seem strange. But how would you pay your mortgage if you were unable to work? When considering insurance, it’s common for people to pass it off as a pesky added fee involved in owning a car, running a business or protecting a…

Offset accounts and redraw facilities work in similar ways; they both allow you to reduce the balance of your home loan, and therefore the interest charged, by applying extra money to your debt. Redraw facilities allow you to deposit spare income into your home loan account, allowing you to redraw a sum equal to the…

With the RBA setting the official cash rate at all-time lows, it’s a good time to work out how this impacts the interest rate on your home loan and whether you are getting a good deal or not. When the interest rate on your home loan fluctuates, it can feel as though you don’t have…

Different lenders use different formulas to work out how much you can borrow, but the biggest loan isn’t always the best idea. Being able to secure your ideal loan amount can seem like a battle of balances. Once you’ve worked your budget and finances through a spreadsheet, there’s still the one issue left to deal…

For those getting ready to stride into the world of home ownership, the uncertainties of pre-approval can cast a shadow of doubt over an otherwise exciting time. When is it necessary? How long does it last? And what does it involve, exactly? Pre-approval is a lender’s assessment of your likelihood of being approved for an…

With interest rates at an all-time low, taking the option of locking in an interest rate on your home loan to guard against possible future fluctuation may be attractive. However, it pays to know the ins and outs of fixed-rate loans before committing to one. When purchasing a property, borrowers can decide between fixed-interest loans…

If you are thinking of building your own home, you will need to be familiar with the ins and outs of construction loans. Construction loans are just not as straightforward as simple home loans. There are additional decisions to be made about the structure of the loan, additional documentation is required, and the funding is…