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Green Home Loan

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4.01

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Winner of Best Green Home Loan, RateCity Gold Awards 2022

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2.63

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3.05

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4.01

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Winner of Best Green Home Loan, RateCity Gold Awards 2022

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Low Rate Home Loan - Prime (Owner Occupied) (Principal and Interest)

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3.91

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Winner of Best Refinance Home Loan, RateCity Gold Awards 2022

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2.64

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2.64

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$1,367

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3.91

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Winner of Best Refinance Home Loan, RateCity Gold Awards 2022

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Low Rate Home Loan - Prime (Owner Occupied) (Interest Only)

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2.98

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2.94

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2.74

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$735

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2.98

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Low Rate Home Loan - Prime (Owner Occupied) (Principal and Interest)

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3.71

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Winner of Best Home Loans Over 1m, Best Variable Home Loan, RateCity Gold Awards 2022

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2.74

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2.74

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$1,382

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3.71

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Winner of Best Home Loans Over 1m, Best Variable Home Loan, RateCity Gold Awards 2022

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Low Rate Home Loan - Prime (Owner Occupied) (Interest Only)

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2.77

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3.04

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2.84

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$760

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2.77

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Low Rate Home Loan - Prime (Investment) (Interest Only)

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2.67

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3.09

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2.89

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$773

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Borrow up to 60%
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2.67

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Low Rate Home Loan - Prime (Investment) (Principal and Interest)

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3.61

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Interest Rate

2.79

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2.79

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$1,390

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3.61

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Home Advantage Package

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2.83

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3.19

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3.58

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$1,452

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Borrow up to 80%
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Interest Only
Owner Occupied
Real Time Rating™

2.83

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Low Rate Home Loan - Prime (Investment) (Interest Only)

Real Time Rating™

2.46

/ 5
Interest Rate

3.19

% p.a

Variable

Comparison Rate*

2.99

% p.a

Company
Repayment

$798

monthly

Features
Redraw facility
Offset Account
Borrow up to 80%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

2.46

/ 5
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Are there home loans for miners?

There are specialty home loans for mining engineers, geologists, geophysicists, surveyors and other resource specialists, but other mine workers may also be able to qualify for a home loan offer that better suits their needs, whether they're buying their first home or an investment property.

Miners in Australia may be able to apply for special home loans that aren’t normally advertised to other Australians. After all, when you’re a Fly In Fly Out (FIFO) worker, your financial situation and mortgage needs may be a little different to a bank’s typical home loan customer.

Keep in mind that you may face extra challenges getting a mortgage approved on a property in a mining town. Some banks feel that the 'boom and bust' cycle of some mining towns may prove unacceptably risky.

Do miners qualify for no LMI on a home loan?

Most Australian borrowers who are applying for a home loan with a deposit of less than 20 per cent of the property’s value will have to pay for Lender’s Mortgage Insurance (LMI), which covers the lender’s (and NOT the borrower’s) financial risk in case the borrower defaults on their repayments. The smaller the borrower’s deposit, the more they may have to pay for LMI, driving up the upfront costs of their home loan.

Because of the relatively high salaries and job security found in the mining industry, banks and other mortgage lenders may be eager to have miners as home loan customers, as there should be less risk of defaulting on their mortgage repayments. This means that mortgage lenders may be willing to waive the normal LMI charges for miners with smaller deposits, such as 15 per cent.

Miners may also be offered other home loan incentives, such as discounted interest rates, waived fees, or more flexible eligibility criteria.

How much can a miner borrow for a home loan?

The maximum loan amount a miner can borrow will depend on the miner’s income, expenses, other assets and liabilities. While each lender will assess how much they will lend you differently, you can estimate your own borrowing power using RateCity’s Borrowing Power calculator.

The maximum amount you can borrow compared to a property's value and/or purchase price may depend on your home loan's maximum Loan to Value Ratio (LVR). It may be possible to get a home loan with an LVR of up to 95 per cent (in other words, with a 5 per cent deposit), though if you have an LVR of more than 80 per cent (in other words, a deposit of less than 20 per cent) you may need to cover the cost of LMI. 

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What are the eligibility requirements for miners getting a home loan?

Different mortgage lenders will have different eligibility criteria for their home loans. Miners may be eligible to borrow more than some other Australian mortgage borrowers, though the lender will still need to be confident that you can afford the loan with minimum risk of experiencing financial stress.

Home loans for miners may be assessed on a case by case basis, though some of the common requirements for a miner to qualify for a home loan include:

  • Confirmation that you’ve been working in the mining industry for at least 12 months
  • A clean credit history
  • A deposit – This may be as low as 5 per cent of the property value, though deposits of less than 20 per cent may require you to pay LMI. At least 5 per cent should be made up of genuine savings e.g. earnings from your job.
  • Details of your income and expenses
  • Details of your assets (e.g. other high-value items you own such as vehicles or other properties) and liabilities (e.g. other debts you owe, including personal loans, car loans and credit cards. The bank may be more concerned with your credit card’s maximum limit than how much is currently owning)

Should miners use a mortgage broker?

A mortgage broker is a home loan expert, who can look at your personal financial situation and recommend the best home loan options to help you achieve your goals, whether you're looking to buy as an owner occupier or you're comparing investment loans. 

Brokers may also be able to access exclusive mortgage offers, including loan discounts for miners, and may be able to negotiate with lenders to help you get great rates. If you're eligible for any extra bonuses or incentives, such as grants for first home buyers, a broker may be able to find and access these offers. 

Brokers can also help take care of the home loan paperwork and application process on your behalf, which can be good news for borrowers in the mining sector, especially those working FIFO jobs where they may be unavailable for stretches of time.

Can I get a home loan if I am on an employment contract?

Some lenders will allow you to apply for a mortgage if you are a contractor or freelancer. However, many lenders prefer you to be in a permanent, ongoing role, because a more stable income means you’re more likely to keep up with your repayments.

If you’re a contractor, freelancer, or are otherwise self-employed, it may still be possible to apply for a low-doc home loan, as these mortgages require less specific proof of income.

How much deposit do I need for a home loan from ANZ?

Like other mortgage lenders, ANZ often prefers a home loan deposit of 20 per cent or more of the property value when you’re applying for a home loan. It may be possible to get a home loan with a smaller deposit of 10 per cent or even 5 per cent, but there are a few reasons to consider saving a larger deposit if possible:

  • A larger deposit tells a lender that you’re a great saver, which could help increase the chances of your home loan application getting approved.
  • The more money you pay as a deposit, the less you’ll have to borrow in your home loan. This could mean paying off your loan sooner, and being charged less total interest.
  • If your deposit is less than 20 per cent of the property value, you might incur additional costs, such as Lenders Mortgage Insurance (LMI).

How do I apply for a home improvement loan?

When you want to renovate your home, you may need to take out a loan to cover the costs. You could apply for a home improvement loan, which is a personal loan that you use to cover the costs of your home renovations. There is no difference between applying for this type of home improvement loan and applying for a standard personal loan. It would be best to check and compare the features, fees and details of the loan before applying. 

Besides taking out a home improvement loan, you could also:

  1. Use the equity in your house: Equity is the difference between your property’s value and the amount you still owe on your home loan. You may be able to access this equity by refinancing your home loan and then using it to finance your home improvement.  Speak with your lender or a mortgage broker about accessing your equity.
  2. Utilise the redraw facility of your home loan: Check whether the existing home loan has a redraw facility. A redraw facility allows you to access additional funds you’ve repaid into your home loan. Some lenders offer this on variable rate home loans but not on fixed. If this option is available to you, contact your lender to discuss how to access it.
  3. Apply for a construction loan: A construction loan is typically used when constructing a new property but can also be used as a home renovation loan. You may find that a construction loan is a suitable option as it enables you to draw funds as your renovation project progresses. You can compare construction home loans online or speak to a mortgage broker about taking out such a loan.
  4. Look into government grants: Check whether there are any government grants offered when you need the funds and whether you qualify. Initiatives like the HomeBuilder Grant were offered by the Federal Government for a limited period until April 2021. They could help fund your renovations either in full or just partially.  

What are the pros and cons of no-deposit home loans?

It’s no longer possible to get a no-deposit home loan in Australia. In some circumstances, you might be able to take out a mortgage with a 5 per cent deposit – but before you do so, it’s important to weigh up the pros and cons.

The big advantage of borrowing 95 per cent (also known as a 95 per cent home loan) is that you get to buy your property sooner. That may be particularly important if you plan to purchase in a rising market, where prices are increasing faster than you can accumulate savings.

But 95 per cent home loans also have disadvantages. First, the 95 per cent home loan market is relatively small, so you’ll have fewer options to choose from. Second, you’ll probably have to pay LMI (lender’s mortgage insurance). Third, you’ll probably be charged a higher interest rate. Fourth, the more you borrow, the more you’ll ultimately have to pay in interest. Fifth, if your property declines in value, your mortgage might end up being worth more than your home.

Can I take a personal loan after a home loan?

Are you struggling to pay the deposit for your dream home? A personal loan can help you pay the deposit. The question that may arise in your mind is can I take a home loan after a personal loan, or can you take a personal loan at the same time as a home loan, as it is. The answer is that, yes, provided you can meet the general eligibility criteria for both a personal loan and a home loan, your application should be approved. Those eligibility criteria may include:

  • Higher-income to show repayment capability for both the loans
  • Clear credit history with no delays in bill payments or defaults on debts
  • Zero or minimal current outstanding debt
  • Some amount of savings
  • Proven rent history will be positively perceived by the lenders

A personal loan after or during a home loan may impact serviceability, however, as the numbers can seriously add up. Every loan you avail of increases your monthly installments and the amount you use to repay the personal loan will be considered to lower the money available for the repayment of your home loan.

As to whether you can get a personal loan after your home loan, the answer is a very likely "yes", though it does come with a caveat: as long as you can show sufficient income to repay both the loans on time, you should be able to get that personal loan approved. A personal loan can also help to improve your credit score showing financial discipline and responsibility, which may benefit you with more favorable terms for your home loan.

This article was reviewed by Personal Finance Editor Alex Ritchie before it was published as part of RateCity's Fact Check process.

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