Find and compare no doc home loans

Showing home loans based on a loan of
$
with a deposit of
Advertised Rate

4.15

% p.a

Variable

Comparison Rate*

4.21

% p.a

Company
Repayment

$1,038

monthly

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

1.95

/ 5
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Advertised Rate

3.95

% p.a

Variable

Comparison Rate*

4.01

% p.a

Company
Repayment

$988

monthly

Features
Redraw facility
Offset Account
Borrow up to 60%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

1.95

/ 5
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Advertised Rate

3.95

% p.a

Variable

Comparison Rate*

4.01

% p.a

Company
Repayment

$988

monthly

Features
Redraw facility
Offset Account
Borrow up to 60%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

1.95

/ 5
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More details
Advertised Rate

4.15

% p.a

Variable

Comparison Rate*

4.21

% p.a

Company
Repayment

$1,038

monthly

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

1.95

/ 5
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More details
Advertised Rate

4.25

% p.a

Variable

Comparison Rate*

4.31

% p.a

Company
Repayment

$1,063

monthly

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

1.95

/ 5
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Advertised Rate

3.14

% p.a

Variable

Comparison Rate*

3.08

% p.a

Company
Repayment

$785

monthly

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

1.78

/ 5
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More details
Advertised Rate

3.85

% p.a

Variable

Comparison Rate*

3.91

% p.a

Company
Repayment

$963

monthly

Features
Redraw facility
Offset Account
Borrow up to 60%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

1.95

/ 5
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More details
Advertised Rate

3.85

% p.a

Variable

Comparison Rate*

3.91

% p.a

Company
Repayment

$963

monthly

Features
Redraw facility
Offset Account
Borrow up to 60%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

1.95

/ 5
Go to site
More details
Advertised Rate

4.25

% p.a

Variable

Comparison Rate*

4.31

% p.a

Company
Repayment

$1,063

monthly

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

1.95

/ 5
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More details
Advertised Rate

4.47

% p.a

Variable

Comparison Rate*

4.65

% p.a

Company
Repayment

$1,118

monthly

Features
Redraw facility
Offset Account
Borrow up to 70%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

1.84

/ 5
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More details
Advertised Rate

3.14

% p.a

Variable

Comparison Rate*

3.08

% p.a

Company
Repayment

$785

monthly

Features
Redraw facility
Offset Account
Borrow up to 70%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

1.78

/ 5
Go to site
More details
Advertised Rate

2.99

% p.a

Variable

Comparison Rate*

3.05

% p.a

Company
Repayment

$1,421

monthly

Features
Redraw facility
Offset Account
Borrow up to 60%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

2.03

/ 5
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More details
Advertised Rate

2.99

% p.a

Variable

Comparison Rate*

3.05

% p.a

Company
Repayment

$1,421

monthly

Features
Redraw facility
Offset Account
Borrow up to 60%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

1.95

/ 5
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More details
Advertised Rate

3.60

% p.a

Variable

Comparison Rate*

3.66

% p.a

Company
Repayment

$1,518

monthly

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

2.03

/ 5
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Advertised Rate

3.60

% p.a

Variable

Comparison Rate*

3.66

% p.a

Company
Repayment

$1,518

monthly

Features
Redraw facility
Offset Account
Borrow up to 60%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

2.03

/ 5
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More details
Advertised Rate

3.44

% p.a

Variable

Comparison Rate*

3.38

% p.a

Company
Repayment

$860

monthly

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

1.78

/ 5
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More details
Advertised Rate

4.26

% p.a

Variable

Comparison Rate*

4.53

% p.a

Company
Repayment

$1,627

monthly

Features
Redraw facility
Offset Account
Borrow up to 65%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

1.84

/ 5
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More details
Advertised Rate

4.59

% p.a

Variable

Comparison Rate*

4.86

% p.a

Company
Repayment

$1,683

monthly

Features
Redraw facility
Offset Account
Borrow up to 65%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

1.84

/ 5
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More details
Advertised Rate

5.11

% p.a

Variable

Comparison Rate*

5.38

% p.a

Company
Repayment

$1,773

monthly

Features
Redraw facility
Offset Account
Borrow up to 65%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

1.84

/ 5
Go to site
More details
Advertised Rate

3.44

% p.a

Variable

Comparison Rate*

3.38

% p.a

Company
Repayment

$860

monthly

Features
Redraw facility
Offset Account
Borrow up to 70%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

1.78

/ 5
Go to site
More details

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Learn more about home loans

As the name suggests, a no-doc home loan is a home loan that requires no proof of income documentation. When you apply for a standard home loan, you’ll usually need to provide proof of income and employment and may also have to include tax returns and payslips with your application. With a no-doc home loan, you may not need to provide any of these documents to apply for a home loan.

While this sounds like an incredibly fast and convenient way to apply for a loan, it’s not the case. Given the high risk these loans carry, no-doc home loans are rare in Australia and are generally not offered by many banks or credit unions. In Australia, no-doc home loans aren’t common, and low-doc home loans are usually offered as an option for self-employed borrowers who don’t have traditional proof of income.

What is a no-doc home loan?

Regular home loans usually require the borrower to provide full documentation proving their income, employment and ability to pay the loan back. No-doc loans don’t require the borrower to provide as much financial documentation when applying for a home loan.

For self-employed borrowers who don’t have access to regular PAYG payslips, applying for a home loan can be a challenge. This may also be the case for freelancers, investors, contractors or those who have recently started a small business and have access to very limited financial documentation.

While most financial institutions don’t provide home loans to customers with no financial documentation, there are some lenders that do offer no-doc home loans. Each lender will have their own conditions, but no-doc borrowers will usually need to provide an ABN showing proof that they own a registered business.

Where low-doc home loans usually require the borrower to provide tax returns, BAS statements and an accountant’s letter, no-doc home loans don’t require any of this documentation. In lieu of financial documents, when you apply for a no-doc home loan, you still have to sign a statement of your assets and liabilities or a declaration that confirms you can afford to service the loan.

As no-doc home loans pose a greater risk, some lenders may impose additional conditions onto the loan and insist that the loan is secured by a commercial property and be in the name of a company or trust with an ABN.

Depending on the type of no-doc loan you apply for, you may only be able to use the funds to purchase an investment property, and the lender may impose restrictions on the type of property you can use the loan for.

As there is no documentation or proof of income to back up the loan, the actual security is all the lender has to mitigate the risk. For this reason, no-doc loans aren’t widely available, and lenders that do offer no-doc home loans tend to have much tighter conditions.

Given the lack of financial documentation, no-doc home loans carry a greater risk to the lender. To offset the risk, no-doc home loans usually have higher interest rates and fees and may also require a larger deposit.

Alternatives to no-doc home loans

None of the major Australian financial institutions offer no-doc home loans, although there may be some smaller private lenders in the market who do offer no-doc home loans. If you opt for a no-doc home loan from a smaller lender, always do your research to make sure you’re getting a good deal from a lender you can trust.

As low-doc home loans are more easily accessible and there are a wide range of lenders offering low-doc home loans, this may be a better option for borrowers with limited financial documentation.

Low-doc home loans are similar to no-doc home loans except they require people to provide some level of documentation before their home loan is approved. Like the no-doc home loan, customers who borrow money using this option will be considered higher-risk borrowers as they have limited proof of income.

As such, these loans generally charge higher interest rates and require larger deposits, much like no-doc loans. In some cases, a lender may also require that the loan is secured against an asset of the borrower’s for extra security. This may be a property that they already own or a vehicle that the bank would repossess if the mortgage repayments could not be made.

How to compare no-doc home loans

When choosing a home loan, there are several important factors to consider. The interest rate offered by the lender should be taken into consideration as a high-interest rate can add thousands of dollars to your loan that you wouldn’t otherwise have to pay. As no-doc home loans traditionally have high interest rates, it might take considerable research to find the best deal.

Aside from the interest rate, it’s important to look at the other fees and expenses associated with the no-doc home loan you’re considering. An easy way of doing this is to look at the comparison rate of the home loan, as this will give you a better idea of the overall cost of the loan, inclusive of the interest rate and some fees.

No-doc loans tend to have stricter loan-to-value ratio (LVR) requirements, meaning that you’ll probably need to put down a larger deposit. Due to the risky nature of no-doc home loans, you won’t be able to borrow as much as you would with a low-doc or standard home. Take note of the different LVR options when comparing loans to ensure the no-doc home loan still suits your budget.

Another feature to compare is repayment frequency. If you’re self-employed or a freelance contract worker, you may want a no-doc home loan that lets you choose between making your repayments weekly, fortnightly or monthly.

Before committing to a home loan, it’s also important to find out what features are offered by the lender. For example, some loans offer a redraw or offset facility that may help reduce the amount of interest you pay over time.

How do I apply for a no-doc home loan?

Each no-doc home loan lender will have its own lending criteria and application process. If you’re self-employed, in some cases you may need to provide an ABN to prove you own the business. You may also need to provide a letter from your accountant certifying you can afford to make the no-doc home loan repayments.

Before you decide on a no-doc home loan, consider your low-doc home loan options first. Low-doc home loans require less documentation than standard home loans and tend to have lower interest rates and fewer fees and conditions than no-doc home loans.

Regardless of whether you choose a low-doc home loan or a no-doc home loan, make sure you do your research and compare your options.

Applying for a home loan is a big decision, so before you choose a lender or a loan, make sure you’ve got the bigger picture. Take into the account the costs, fees and your personal situation over the life of the loan.

Frequently asked questions

What is a line of credit?

A line of credit, also known as a home equity loan, is a type of mortgage that allows you to borrow money using the equity in your property.

Equity is the value of your property, less any outstanding debt against it. For example, if you have a $500,000 property and a $300,000 mortgage against the property, then you have $200,000 equity. This is the portion of the property that you actually own.

This type of loan is a flexible mortgage that allows you to draw on funds when you need them, similar to a credit card.

How does a line of credit work?

A line of credit functions in a similar way to a credit card. You have a pre-approved borrowing limit and can draw on as little or as much of that sum as you need it, with interest paid on the outstanding balance.

Popular products include Commonwealth Bank Viridian Line of Credit, ANZ Equity Manager, Westpac Equity Access and NAB Flexiplus.

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.  

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.

Can I get a NAB home loan on casual employment?

While many lenders consider casual employees as high-risk borrowers because of their fluctuating incomes, there are a few specialist lenders, such as NAB, which may provide home loans to individuals employed on a casual basis. A NAB home loan for casual employment is essentially a low doc home loan specifically designed to help casually employed individuals who may be unable to provide standard financial documents. However, since such loans are deemed high risk compared to regular home loans, you could be charged higher rates and receive lower maximum LVRs (Loan to Value Ratio, which is the loan amount you can borrow against the value of the property).

While applying for a home loan as a casual employee, you will likely be asked to demonstrate that you've been working steadily and might need to provide group certificates for the last two years. It is at the lender’s discretion to pick either of the two group certificates and consider that to be your income. If you’ve not had the same job for several years, providing proof of income could be a bit of a challenge for you. In this scenario, some lenders may rely on your year to date (YTD) income, and instead calculate your yearly income from that.

Can first home buyers apply for an ING home loan?

First home buyers can apply for an ING home loan, but first, they need to select the most suitable home loan product and calculate the initial deposit on their home loan. 

First-time buyers can also use ING’s online tool to estimate the amount they can borrow. ING offers home loan applicants a free property report to look up property value estimates. 

First home loan applicants struggling to understand the terms used may consider looking up ING’s first home buyer guide. Once the home buyer is ready to apply for the loan, they can complete an online application or call ING at 1800 100 258 during regular business hours.

How do I apply for Westpac’s first home buyer loan?

If you’re a first home buyer looking to apply for a home loan with Westpac, they offer an online home loan application. They suggest the application can be completed in about 20 minutes. Based on the information you provide, Westpac will advise you the amount you can borrow and the costs associated with any possible home loan. 

You can use Westpac’s online mortgage calculators to estimate your borrowing power. You can also work out the time it might take to save up for the deposit, and the size of your home loan repayments

When applying for a home loan with Westpac, you’re assigned a home finance manager who can address your concerns and provide information. The manager will also offer guidance on any government grants you may be eligible for. 

How to apply for a home loan pre-approval from St. George?

By applying for a home loan pre-approval, you can establish how much you can afford to borrow and look for houses within that pre-approved budget. Getting home loan pre-approval from St. George is a fairly simple process that can be completed within 15 minutes. 

The first step in this process is completing a home loan application. Once that application is submitted, a home loan expert from St. George will contact you to understand your requirements and your current financial position. You could also directly contact a home loan expert at the bank by calling 13 33 30 or by visiting your nearest branch. 

Once the application has been processed, the home loan expert will ask for some basic documentation to confirm your borrowing capacity. After this, you should be issued a home loan pre-approval, subject to certain conditions. 

Based on your home loan pre-approval from St. George, you can then find a property and make an offer. Your home loan expert will arrange to have the property valued and may request for more documentation, taking your home loan application to the next step. 

 

 

How do you determine which home loan rates/products I’m shown?

When you check your home loan rate, you’ll supply some basic information about your current loan, including the amount owing on your mortgage and your current interest rate.

We’ll compare this information to the home loan options in the RateCity database and show you which home loan products you may be eligible to apply for.

 

How do I get a pre-approved home loan with Aussie?

Getting Aussie home loan pre-approval means receiving conditional support from Aussie Home Loans to borrow the money you need to buy a home. 

It’s an indication of the approximate amount Aussie may offer you, subject to some terms and conditions. Keep in mind, having a pre-approved home loan does not guarantee an actual approval of your loan when it comes time to buy.

Aussie home loan pre-approval often involves speaking to one of the lender’s brokers. You can make an appointment online. You’ll often have to submit your personal details and other information about your assets, income, liabilities and expenses.  It’s worth remembering that a pre-approved loan is usually valid for a few months.

How to apply for a pre-approval home loan from Bendigo Bank?

Applying for pre-approval on your home loan gives you confidence in your ability to secure finance while looking at potential new homes. You can get a free and personalised pre-approval home loan from Bendigo Bank in just a few minutes, without any credit checks or paperwork. 

Bendigo Bank offers pre-approval for home loans that allow you to understand the home loan size you may be able to get before looking for a new home. 

With the pre-approval, Bendigo Bank provides an estimate of your borrowing power. This figure incorporates stamp duty, lenders mortgage insurance (LMI) and any first home buyer incentives you may be eligible for. You may also qualify for the First Home Loan Deposit Scheme initiative, depending on your circumstances. 

To apply for a pre-approval on your home loan from Bendigo Bank, all you need to do is fill in a smart form. You could also contact the bank directly on 1300 236 344.

Does the Home Loan Rate Promise apply to discounted interest rate offers, such as honeymoon rates?

No. Temporary discounts to home loan interest rates will expire after a limited time, so they aren’t valid for comparing home loans as part of the Home Loan Rate Promise.

However, if your home loan has been discounted from the lender’s standard rate on a permanent basis, you can check if we can find an even lower rate that could apply to you.

How long does ANZ take to approve a home loan?

The process of applying for a home loan usually stays the same across all lenders. On the other hand, the time it takes for a lender to approve the home loan differs from lender to lender. When it comes to ANZ, it takes anywhere between 15 to 18 business days to approve a home loan from the day of the application to approval. This timeframe is highly dependent on the credibility and availability of your documentation. You can apply for an ANZ home loan in two ways; a Quick Start home loan application or a full online application.

If you opt for the Quick Start home loan option, you’ll need to fill out a form with basic details. During this stage, you don’t need to add any supporting information. An ANZ representative will then call you within 48 hours. The representative will help take your application forward, including assessing all relevant information, documentation and conducting a credit check.

You can also submit your entire home loan application with ANZ online by filling out a comprehensive form with all the information and documentation needed.

Once ANZ has conducted the preliminary checks, you’ll be informed of the pre-approved amount they’re willing to offer. Based on this amount, you can set a budget for your property search and make sure you stay inside your budget. Pre-approval will last for three months but can be extended by applying with ANZ if you don’t find a property. But it’s best to find a property as soon as possible as ANZ may decide to change the amount if your financial situation changes.

After you find a property and have your offer accepted, ANZ may send an assessor to the property to verify it’s value. If everything is per their terms and conditions, ANZ will finalise your home loan’s approval and release the funds.

How can I apply for a first home buyers loan with Commonwealth Bank?

Getting a home loan requires planning and research. If you are considering a home loan with the Commonwealth Bank, you can find the information you need in the buying your first home section of the bank’s website.

You can see the steps you should take before applying for the loan and use the calculators to work out how much you can borrow, what your monthly repayments would be and the upfront costs you’d likely pay.

You can also book a time with a Commonwealth first home loan specialist by calling 13 2221.

CommBank publishes a property report that may help you understand the real estate market. The bank has also created a CommBank Property App that you can use to search for property.  The link to download this app is available on the same webpage.

If you are eligible for the First Home Loan Deposit Scheme, CommBank will help you process your application. The scheme helps first home buyers to purchase a home with a low deposit. You can read details about this scheme here and speak with a CommBank home lending specialist to understand your options.

Is a home equity loan secured or unsecured?

Home equity is the difference between its current market price and the outstanding balance on the mortgage loan. The amount you can borrow against the equity in your property is known as a home equity loan.

A home equity loan is secured against your property. It means the lender can recoup your property if you default on the repayments. A secured home equity loan is available at a competitive rate of interest and may be repaid over the long-term. Although a home equity loan is secured, lenders will assess your income, expenses, and other liabilities before approving your application. You’ll also want  a good credit score to qualify for a home equity loan. 

How do you qualify for a CBA home loan with casual employment?

Qualifying for a home loan without a full-time job may be challenging, but it can be done. The first step is to understand how a CBA home loan is assessed when you have casual employment.

Most lenders will assess your expenses and savings while checking your loan eligibility, checking on factors crucial to home loan approval, such as if your bills are paid on time and what your credit score presently looks like. 

Your income can be one of the most critical factors to determine your final approved home loan amount. As such, you’ll need to provide payslip copies to lenders to assist them in assessing your income during the loan tenure, regardless of your employment status, full-time, part-time, or otherwise.

Casual employees will want to be casually employed for at least 12 months to be eligible for a home loan. Alternatively, you want to have worked as a permanent casual worker (working for a fixed number of hours per week) for at least one month, or you should have been in your current job for a minimum of three months (if the hours are irregular) to be eligible for the loan.

Can you remove a cosigner from a home loan?

Taking out a home loan is an act of financial responsibility and a cosigner on a home loan shares that responsibility. For this reason, removing a cosigner from a home loan may not be straightforward. Usually, you can add a cosigner, or become a cosigner, when applying for the home loan. In such a circumstance, the lender may ask you to stipulate the conditions for a cosigner release, which are the terms for removing a cosigner from the home loan. For instance, you may agree that you can remove a cosigner once half the loan amount has been repaid.

However, not stipulating such conditions doesn’t mean it’s impossible to remove a cosigner. If the primary home loan applicant has a sufficiently high credit score and has not delayed any repayments, the lender may be willing to remove the cosigner. You should confirm that doing so doesn’t affect the terms of the loan. If the lender doesn’t agree to remove the cosigner, the primary home loan applicant may have to refinance the loan in order to do so. If there were specific reasons for needing a cosigner and those reasons are still valid, then you may have some challenges with refinancing.

Who has the best home loan?

Determining who has the ‘best’ home loan really does depend on your own personal circumstances and requirements. It may be tempting to judge a loan merely on the interest rate but there can be added value in the extras on offer, such as offset and redraw facilities, that aren’t available with all low rate loans.

To determine which loan is the best for you, think about whether you would prefer the consistency of a fixed loan or the flexibility and potential benefits of a variable loan. Then determine which features will be necessary throughout the life of your loan. Thirdly, consider how much you are willing to pay in fees for the loan you want. Once you find the perfect combination of these three elements you are on your way to determining the best loan for you. 

When do mortgage payments start after settlement?

Generally speaking, your first mortgage payment falls due one month after the settlement date. However, this may vary based on your mortgage terms. You can check the exact date by contacting your lender.

Usually your settlement agent will meet the seller’s representatives to exchange documents at an agreed place and time. The balance purchase price is paid to the seller. The lender will register a mortgage against your title and give you the funds to purchase the new home.

Once the settlement process is complete, the lender allows you to draw down the loan. The loan amount is debited from your loan account. As soon as the settlement paperwork is sorted, you can collect the keys to your new home and work your way through the moving-in checklist.

When does Commonwealth Bank charge an early exit fee?

When you take out a fixed interest home loan with the Commonwealth Bank, you’re able to lock the interest for a particular period. If the rates change during this period, your repayments remain unchanged. If you break the loan during the fixed interest period, you’ll have to pay the Commonwealth Bank home loan early exit fee and an administrative fee.

The Early Repayment Adjustment (ERA) and Administrative fees are applicable in the following instances:

  • If you switch your loan from fixed interest to variable rate
  • When you apply for a top-up home loan
  • If you repay over and above the annual threshold limit, which is $10,000 per year during the fixed interest period
  • When you prepay the entire outstanding loan balance before the end of the fixed interest duration.

The fee calculation depends on the interest rates, the amount you’ve repaid and the loan size. You can contact the lender to understand more about what you may have to pay.