Getting a home loan

Getting a home loan is a major step in moving into your dream home. From pre-approval to settlement, we help you understand what to expect.

Find a home loan that’s right for you

It sounds obvious, but if you’re not a banking professional or seasoned financier, finding the perfect home loan from the many to choose from can be tricky. From understanding the jargon to confidently knowing the pros and cons of a fixed-rate mortgage compared to a variable-rate one or an interest-only one, it’s always a good idea to get expert financial advice.

A mortgage broker can help you confidently determine which home loan is right for you. They may also be able to help you negotiate a better rate. “The expertise a mortgage broker can provide is invaluable,” says Don Crellin, Managing Director of Resolve Finance. “Instead of you having to knock on multiple doors and try to work out which deal is best for you, the mortgage broker is able to do that. And it’s not just the convenience aspect – it’s the expertise a broker can provide, for example in the likes of construction home loans if you’re looking to build your dream home.”

 

Is there anything I should do to get a home loan? 

According to financial comparison site Canstar, there are eight key things you can do to help get a home loan: 

  1. Show your ability to repay 
  2. Check and improve your credit rating  
  3. Remove unnecessary financial commitments 
  4. Have a strong savings history 
  5. Show that you have a ‘safety net’  
  6. Don’t apply to too many lenders at once  
  7. Maintain stable employment 
  8. Disclose all information to the lender.

 

Where do I start?

So what is a loan pre-approval and why is it needed? To put it simply, it’s when the bank or lender approves your application to borrow money for a new or established home. So how do you go about getting it? A great first step is to watch this video…

How long does home loan settlement take?

The settlement period can vary depending on which type of home you’re buying, the number of steps you need to go through and other variables (such as weather impacting on a build). The good news is it all ends the same way – with you having the keys in your hand.

Think about the future

Getting into the property market at a time of historically low interest rates gives you a great opportunity to settle into the major commitment of owning a home.

Resolve Finance’s Don Crellin says it’s also the perfect time to start building good habits to stand you in good stead for the future. “Think about what your repayment would be if interest rates were at five per cent,” he says. “Consider paying that amount into your mortgage now or into an offset account or savings account so you are used to testing yourself at those higher repayment levels. Because interest rates won’t be this low forever.”

What do you want to do next?

Keep going with your Finance job to do

Move on to your next job to do

Choose the ideal type of home for your needs
Get your build and design foundations in place
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