Before 1 July 2011, if you had wanted to cancel your home loan contract before the loan term expired, you would have usually incurred break costs.
There are a lot of decisions that have to be made when choosing a home loan. One of the most important is the loan term length. When you are paying off a loan over such a long time, five years give or take, doesn’t seem like much but it can make all the difference financially.
While cutting down on everyday spending can make saving up for a home deposit easier, it's easy to wonder if there's a better solution as house prices climb. For instance, should first home buyers tap into their super savings in order to get their foot on the real estate ladder?
^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.