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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.

Alex Ritchie

Personal Finance Editor

Do mortgage brokers have fees?

Enlisting the help of a mortgage broker during your home buying journey can be advantageous in a number of ways. But will it leave you out of pocket?

Home Loans

31 Jul, 2023

3 min read

Do mortgage brokers have fees?
Alex Ritchie

Personal Finance Editor

Mortgage Broker Commission Rates: What are they? | RateCity

Are you buying a new home and need the help of a mortgage broker? You may want to know more about the commission and trail commission your broker may receive.

Home Loans

25 Jul, 2023

3 min read

Mortgage Broker Commission Rates: What are they? | RateCity
Peter Terlato

Personal Finance Editor

How do second mortgages and home equity loans differ from refinancing?

Both refinancing and home equity loans let you borrow against the equity you have built up with your home. But the best choice for you may depend on your financial situation and personal goals. 

Home Loans

25 Jul, 2023

6 min read

How do second mortgages and home equity loans differ from refinancing?
Alex Ritchie

Personal Finance Editor

Should I apply for a mortgage through a bank or a broker?

You may consult a mortgage broker to find a suitable home loan, but if you have a bank account you can check if that bank offers a suitable mortgage too.

Home Loans

24 Jul, 2023

5 min read

Should I apply for a mortgage through a bank or a broker?
Mark Bristow

Personal Finance Editor

What is a commercial finance broker?

Commercial finance brokers put borrowers in touch with lenders to organise loan deals, much like mortgage brokers. The difference is that commercial finance brokers specialise in brokering deals for commercial purposes, such as loans to start or run a business, or to purchase property or equipment for work use.

Home Loans

24 Jul, 2023

3 min read

What is a commercial finance broker?
Alex Ritchie

Personal Finance Editor

What is a comparison rate, and how is it calculated?

A comparison rate is an indication of a home loan’s overall cost, combining its interest, fees and other standard charges into a single percentage rate. 

Home Loans

20 Jul, 2023

5 min read

What is a comparison rate, and how is it calculated?
Vidhu Bajaj

Personal Finance Writer

Does Afterpay affect your home loan application?

When applying for a home loan, all your current debts are taken into consideration. So, what’s the impact of your Afterpay account on your home loan application?

Home Loans

19 Jul, 2023

6 min read

Does Afterpay affect your home loan application?
Mark Bristow

Personal Finance Editor

What is the average Australian home loan amount?

According to the Australian Bureau of Statistics (ABS), the average home loan amount in Australia for owner-occupier dwellings as of May 2023 is about $584,836, which may seem like a lot. But you must remember that the state and capital city you reside in is an important factor that determines the property values, which in turn influences the average Australian home loan.

Home Loans

17 Jul, 2023

2 min read

What is the average Australian home loan amount?
Alex Ritchie

Personal Finance Editor

How to take out a home loan

There are three ways to take out a mortgage for your property purchase; you can use a mortgage broker, you can go direct-to-lender or you can use a comparison website, like RateCity.

Home Loans

12 Jul, 2023

6 min read

How to take out a home loan
Alex Ritchie

Personal Finance Editor

10 questions to ask your mortgage broker

How do you separate the good from the bad brokers? To make the process easier, here are 10 questions to ask while you’re shopping around for brokers and then deciding which home loan to select.

Home Loans

07 Jul, 2023

6 min read

10 questions to ask your mortgage broker
Alex Ritchie

Personal Finance Editor

Is it possible to refinance with late mortgage payments? 

There may be some specialist lenders who will accept your refinance even if you have late payments. While not every lender will accept you - particularly if your credit score has fallen - it is worth comparing your options. 

Home Loans

03 Jul, 2023

5 min read

Is it possible to refinance with late mortgage payments? 
Mark Bristow

Personal Finance Editor

How long do banks keep mortgage records?

While you’re a customer of a bank or mortgage lender, they should keep records of your home loan, including interest rates and charges, repayments and much more. You should be able to request access to these records if required, though there may be a maximum time limit for how far back you can go.

Home Loans

03 Jul, 2023

3 min read

How long do banks keep mortgage records?