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Home Loans Articles

Learn more about how to manage your personal finances with RateCity's home loan articles, including how-to-guides on comparing home loan interest rates, fees, features and other benefits.

Mark Bristow

Personal Finance Editor

Checklist of documents needed for a home loan application

Once you’ve decided to apply for a home loan, the first step is to start gathering the necessary documents for the application process. While the exact disclosures required can differ from lender to lender, there are specific documents that are usually mandatory to supply while applying for a mortgage. Even if your lender requires additional documents, preparing the basics beforehand could save you considerable time.

Home Loans

25 Aug, 2023

3 min read

Checklist of documents needed for a home loan application
Alex Ritchie

Personal Finance Editor

Is it worth refinancing my mortgage for one percent?

While some people say that it’s worth refinancing for a rate cut of one percent, a reduction of even half a percentage point could help your household gain some breathing room in your budget. 

Home Loans

24 Aug, 2023

4 min read

Is it worth refinancing my mortgage for one percent?
Mark Bristow

Personal Finance Editor

Is there a cost to refinance your home loan (and how much could you save)?

Refinancing a home loan typically costs some money in fees and charges from your old and new mortgage lenders. However, there may be ways to reduce or offset these costs, and the potential savings from switching could see you break even sooner than you expect.

Home Loans

24 Aug, 2023

5 min read

Is there a cost to refinance your home loan (and how much could you save)?
Alex Ritchie

Personal Finance Editor

Is there any danger in taking out a variable rate loan?

You may have heard friends or family mention the “dangers” of taking out a variable rate home loan. Let's explore the risks and the benefits of a variable rate home loan.

Home Loans

24 Aug, 2023

5 min read

Is there any danger in taking out a variable rate loan?
Alex Ritchie

Personal Finance Editor

How long does it take to get approved for a home loan?

How fast you can get approved for a home loan depends almost entirely on the lender. You should ensure you have the necessary information before applying.

Home Loans

22 Aug, 2023

5 min read

How long does it take to get approved for a home loan?
Alex Ritchie

Personal Finance Editor

Can a loan be denied after pre-approval?

Many home buyers are unaware that your application can still be denied even after gaining pre-approval. Not only that, but pre-approval can expire. Let's explore why your application may have been denied.

Home Loans

22 Aug, 2023

4 min read

Can a loan be denied after pre-approval?
Alex Ritchie

Personal Finance Editor

What is the smallest home loan you can get?

According to the RateCity database, the smallest home loan you may be approved for is $110,480 on average. However, there are some lenders that may allow you to borrow as little as $500.

Home Loans

16 Aug, 2023

4 min read

What is the smallest home loan you can get?
Alex Ritchie

Personal Finance Editor

What is an early repayment fee?

Early repayment fees may be a thing of the past for variable rate home loan customers, but that doesn’t mean your lender still can’t sting you with other ongoing costs. It's crucial to be aware of the terms and conditions, as well as any ongoing fees, associated with your home loan. 

Home Loans

16 Aug, 2023

4 min read

What is an early repayment fee?
Mark Bristow

Personal Finance Editor

Can you make an offer without pre-approval?

You can make an offer to purchase a property by private treaty without having pre-approval from a mortgage lender. However, nothing is final until the contracts are exchanged and signed, so you could miss out on your dream property if you can’t get your home loan organised fast enough.

Home Loans

11 Aug, 2023

5 min read

Can you make an offer without pre-approval?
Mark Bristow

Personal Finance Editor

What credit score do I need for a home loan in Australia?

Borrowers with fair or higher credit scores may have an easier time getting their mortgage applications approved. But even if you have a poor or below average credit score, if you can fulfil the lender’s other eligibility criteria, there may be steps you can take to confidently apply for a home loan in Australia.

Home Loans

08 Aug, 2023

3 min read

What credit score do I need for a home loan in Australia?
Mark Bristow

Personal Finance Editor

Who is eligible for the Home Guarantee Scheme?

The Australian Federal Government’s Home Guarantee Scheme (HGS) can help Australians purchase their first property. First home buyers, regional home buyers, and single parents may all be eligible for the program, provided they also fulfil the other eligibility criteria.

Home Loans

07 Aug, 2023

7 min read

Who is eligible for the Home Guarantee Scheme?
Alex Ritchie

Personal Finance Editor

What is the cash rate?

The official cash rate tends to influence financial products which could see you paying more, or less, on your loans. But what is it, why does it fluctuate and how could it affect you?

Home Loans

02 Aug, 2023

6 min read

What is the cash rate?