Borrowing money in Australia



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If you are planning on borrowing money from a financial institution in Australia, there are many important facts you should know before comparing home loans. For instance, lenders have strict criteria that must be met in order to be approved for borrowing money. These rules can vary slightly from lender to lender but there are similar guidelines including you must show six months of regular income and savings and you need a deposit especially if it is a home loan you generally need at least 10 percent.

When you are borrowing money, you should also be aware of fees and charges associated with the loan. Fees and charges vary with price and with lenders but may include:

  • Establishment fees
  • Legal fees
  • Monthly or yearly service fees
  • Offset account and redraw fees
  • And of course the interest rate

There are hundreds of lenders with thousands of loans on the market all competing for your business so make sure you shop around for the best mortgage deals before borrowing money.

You can compare variable rate home loans, fixed rate home loans plus SMSF home loans at RateCity. You can also use our free Australian Mortgage Calculator to see how much you might need to repay for different home loan amounts and different interest rates.

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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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