First Home Buyer
You're now ready to become a home owner. It may seem daunting but we'll help you find the right mortgage.
Mortgage House has been finding home loan options for Australians for more than 30 years. We have a strong goal to provide a home mortgage service that is accessible and that allows Australians to secure their dream of home ownership. Finding a suitable home loan and working out how much you may be able to borrow, starts with understanding the types of home loans available in Australia.
In today’s home loan market in Australia, most banks and lenders require a deposit of about 20%. The hard part is that while you try and save for a deposit, there’s a high likelihood that property prices will continue to rise, especially in the capital cities. Looking for suitable home loan options with Mortgage House’s home loan selector resources is a great start, but if you can’t buy when you want to, it can be frustrating. Luckily, Mortgage House may have a solution for you. That solution is Lenders Mortgage Insurance, or LMI. LMI can help you get into the property market sooner rather than later, by allowing you to borrow up to 95% of the value of your new home.
Lenders Mortgage Insurance is there to protect the lender in case you default on your loan, but it acts as an opportunity for you to reach your property goals and obtain a home mortgage. Speak with our lending specialists if you think this may be an option for you, to help you with your home loan chances, whether you are buying your first home or not. You can choose to pay mortgage insurance up front, or you can add it to your home mortgage and pay it off over the life of the loan.
In the meantime, to work out how you can save for a deposit, with or without mortgage insurance, and how much you may be able to afford in repayments, Mortgage House’s home loan selector resources includes a calculator that can help you out. Simply enter, as accurately as you can, your expenses and incomes into our Budget Planner Calculator below, and we will bring it all together in an easy-to-understand format. You will receive a figure that can help paint a picture of your current finances and give you an understanding of what your home loan options may be in the future.
Important Disclaimer: This is intended as a guide only. Details of terms and conditions, interest rates, fees and charges are available upon application. Mortgage House’s prevailing credit criteria apply. Please note that your actual fortnightly repayment would be equal to the monthly repayment amount divided by two. Weekly repayments would equal the monthly repayment amount divided by four. If you choose to pay fortnightly or weekly, your actual repayments will be higher than repayments shown on this page. You can reduce the term of your loan if you choose to make repayments fortnightly or weekly. We recommend you seek independent legal and financial advice before proceeding with any loan.
One of the great things about choosing Mortgage House to look for home mortgages is you can get an indication of how much you may be able to borrow, even before you apply. Your borrowing power is easy to discover, and it is free to find out. Having an indication of your borrowing power from the very start can help you narrow down, or even expand, your property search. You can go looking for a new home armed with a clearer picture of what a bank or other financial institution may lend you, which is important information whether you are buying your first home or your fifth. And with so many home mortgage loans available, you can use this information to be selective about the type of home loan you apply for, whether it be variable or fixed rate, construction, split, or any of the other mortgage loans Australian banks and lenders have to offer.
To start, search through our home loan options to find one that may suit your current situation, and then fill in our Borrowing Calculator below with all the details. Estimate your income and expenses as accurately as you can, and then we will give you an estimate of your borrowing power. It is important to realise that borrowing power is not pre-approval, but it is an indication of what you may be able to borrow. Even if the result you get isn’t the one you are after, speak to our lending specialists and we’ll see what else we can do to help you find a suitable loan and reach your property goals.
Important Disclaimer: This is intended as a guide only. Details of terms and conditions, interest rates, fees and charges are available upon application. Mortgage House's prevailing credit criteria apply. We recommend you seek independent legal and financial advice before proceeding with any loan. The Comparison Rate for each of the home loan products contained in this page is based on a loan of $150,000 over a 25 year term. Fees and charges may be payable.
WARNING: The comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. * This mortgage calculator shows indicative repayments based on 12/26/52 equal repayments for monthly/fortnightly/weekly options.
There is no guaranteed way to qualify for home loans in Australia, but there are a few things you can do to give yourself a better chance of being approved for a home mortgage.
Your current home loan may have suited your needs when you bought your home, but what if your needs have changed? Maybe there are home loan options available today that weren’t available when your applied for your current home mortgage. Perhaps you have a number of smaller loans, personal loans, as well as home mortgage loans, and you would like to consolidate them under one home mortgage. All of this is easy to start investigating. Simply contact our lending specialists about the borrowing power available to you by refinancing your home and loan options. You may even be able to save money, by paying less in interest, or cutting your repayments.
Mortgage loans in Australia have different interest rates. Interest rates are the banks way of charging you for the costs incurred in supplying you with house loans. When you see a home mortgage advertised, you will see three main types of interest rates.
Use the Mortgage House Best Rate Calculator below to find attractive interest rates for the type of home loan you are looking for.
Important Disclaimer: This information is intended as a guide only. The calculation of fortnightly and weekly instalments varies with the specific loan product. Higher loan repayments will be required on principal and interest loans where the instalment calculation is based on half the monthly payment for a fortnightly payment or a quarter of the monthly payment for a weekly payment. Details of terms and conditions, interest rates, fees and charges are available upon application. Mortgage House's prevailing credit criteria apply. We recommend you seek independent legal and financial advice before proceeding with any loan.
Home loans are a legal agreement between you and a bank or lender, to borrow money and pay it back over a number of years, up to 30 years in some cases. At Mortgage House we have been finding suitable home loans for Australian families for more than 30 years, and we have about 13 different types that can help you realise your property dreams. Whether you’re buying a home for the first time, building a home, investing in property or refinancing, we can help. If you are self-employed, and don’t have access to the usual paperwork, or if you don’t have the deposit most banks and lenders require, don’t worry. We can work with you on a range of different options to help you with your property goals. Our home loan selector tools are a great place to start, and can give you an indication of where to go next.
I have never received the level of personal service that Ken and the team at Mortgage House have provided. I think this is what people are talking about when they use the term "old fashioned service". Mortgage house have gone above and beyond in helping me refinance my home loan, along with offering a far better interest rate on my loan than my previous bank. I made the move from one of the big 4 and wish I had done so earlier - I would (and do) recommend these guys to anyone.Daniel W
If you don’t have the deposit you may need for a suitable home loan, or have no deposit at all, Mortgage House is still worth a call. There are a few options we can speak with you about, to see if they apply. We know how hard it can be to buy a home in Australia, and we want to do what we can to help you get there. Click on the below links to find out more.
Once you have done that, speak with our lending specialists and they can run you through the process to help you find a suitable home loan and get you off the rental treadmill. After all, nobody likes paying off someone else’s home loan.