Question 1

What loans are available for first-time purchasers to buy a home?

Accepted Answer

The same types of mortgage products are available to first and other home buyers. Where a first-home buyer does not have 20% deposit, they may need to source lenders that offer low deposit loans. First-home buyers may also be eligible for assistance schemes.

Question 2

What costs are involved to buy a home?

Accepted Answer

In addition to the cost of the property, home buyers will also need to pay stamp duty, conveyancing fees and the fees and charges applied by lenders to arrange the mortgage. Costs of inspections and searches may also be incurred.

Question 3

How much deposit do I need to buy a home?

Accepted Answer

20% is the standard deposit requirement for a home loan. Low deposit loans with 10-15% are available but attract Lender Mortgage Insurance.

Question 4

Should I buy a home with fixed or variable rate loan?

Accepted Answer

Fixed and variable interest rate loans may provide affordable options. The preferred option may depend on the rate market and individual objectives.

Question 5

Are rates the same for investment and owner-occupier home loans?

Accepted Answer

No. Investment property loan rates are typically higher than loans for owner-occupiers.

Question 6

Are loans the same to buy a house or an apartment?

Accepted Answer

The same mortgage products should be available for financing both houses and apartments.

Question 7

What is LVR?

Accepted Answer

LVR refers to loan-to-value ratio and is represented as a percentage of the loan compared with the property's value or price. A loan with a 20% deposit would have a LVR of 80%.

Question 8

What is LMI?

Accepted Answer

LMI is Lender Mortgage Insurance. This is a cost applied by lenders to loans that have a deposit less than 20%. It is paid by the borrower.

Question 9

Can I change to a different lender when I refinance?

Accepted Answer

Yes. When refinancing a home loan, the homeowner may switch to another bank or lender or stay with the current lender with a new loan arrangement.

Question 10

Is stamp duty applicable when refinancing?

Accepted Answer

No. Stamp duty only applies to property title transfers. Refinancing does not involve a title transfer.

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