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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
How much does it cost to break a fixed mortgage?
Choosing to refinance or repay a home loan during its fixed rate period often means the lender will charge you a break fee. The cost of this fee will vary based on how long is left on your fixed rate term and how much interest rates have changed since you applied for the loan. With break costs reaching tens of thousands of dollars in some cases, they may affect the overall value of your refinance.
Home Loans
05 Sep, 2023
6 min read
Mark Bristow
Personal Finance Editor
Can I add someone to my home loan?
A joint application is one of the simplest and most common methods for two people to end up with their names on a mortgage. But adding a second person to a mortgage that’s already in place can be more complex, and will likely require refinancing.
Home Loans
01 Sep, 2023
6 min read
Peter Terlato
Personal Finance Editor
What is a cashback mortgage broker?
Cashback mortgage brokers generally credit all ongoing lender commissions, in cash, to the borrower. These funds are usually paid by the lender on a monthly or annual basis for the life of the loan.
Home Loans
29 Aug, 2023
6 min read
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
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
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
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
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
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
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
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
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
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Alex Ritchie
Personal Finance Editor
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Mark Bristow
Personal Finance Editor
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Mark Bristow
Personal Finance Editor
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