People's Choice home loan repayment calculator

Thinking about taking out a home loan with People's Choice? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how People's Choice home loans compare with other options.

I am an

With a repayment type

Borrow amount

$

Deposit amount %

Loan term

Your estimated mortgage repayments

at interest rate 1.89%

Total interest payable

$0

Total loan repayments

$0

Pros and cons

  • Flexible borrowing limits.
  • Extended loan terms.
  • Opportunity to bundle other financial products.
  • Online application process.
  • Broad range of home loan products.
  • Must be a member.
  • Limited branch access in some states.
  • Slightly high interest rates.
  • Ongoing fees on some accounts.

People's Choice home loans rates

Advertised Rate

2.49

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

2.49

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.64

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

2.64

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.79

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

2.79

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.94

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

2.94

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.99

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

2.99

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.09

% p.a

Fixed - 3 years

Total estimated upfront fees
$0
Comparison Rate*

3.08

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

1.89

% p.a

Fixed - 2 years

Total estimated upfront fees
$0
Comparison Rate*

3.10

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.34

% p.a

Fixed - 4 years

Total estimated upfront fees
$0
Comparison Rate*

3.10

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

1.99

% p.a

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

3.19

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.19

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.19

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.09

% p.a

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

3.20

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.24

% p.a

Fixed - 3 years

Total estimated upfront fees
$0
Comparison Rate*

3.22

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.04

% p.a

Fixed - 2 years

Total estimated upfront fees
$0
Comparison Rate*

3.25

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.49

% p.a

Fixed - 4 years

Total estimated upfront fees
$0
Comparison Rate*

3.25

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.84

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.26

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.84

% p.a

Fixed - 5 years

Total estimated upfront fees
$0
Comparison Rate*

3.26

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.14

% p.a

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

3.33

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.24

% p.a

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

3.34

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.34

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.34

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.39

% p.a

Fixed - 3 years

Total estimated upfront fees
$0
Comparison Rate*

3.37

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.69

% p.a

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

3.37

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.19

% p.a

Fixed - 2 years

Total estimated upfront fees
$0
Comparison Rate*

3.39

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.64

% p.a

Fixed - 4 years

Total estimated upfront fees
$0
Comparison Rate*

3.39

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.99

% p.a

Fixed - 5 years

Total estimated upfront fees
$0
Comparison Rate*

3.41

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.99

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.41

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.39

% p.a

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

3.49

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.54

% p.a

Fixed - 3 years

Total estimated upfront fees
$0
Comparison Rate*

3.51

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.34

% p.a

Fixed - 2 years

Total estimated upfront fees
$0
Comparison Rate*

3.54

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.79

% p.a

Fixed - 4 years

Total estimated upfront fees
$0
Comparison Rate*

3.54

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.14

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.55

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.14

% p.a

Fixed - 5 years

Total estimated upfront fees
$0
Comparison Rate*

3.55

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.59

% p.a

Fixed - 3 years

Total estimated upfront fees
$0
Comparison Rate*

3.56

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.39

% p.a

Fixed - 2 years

Total estimated upfront fees
$0
Comparison Rate*

3.58

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.84

% p.a

Fixed - 4 years

Total estimated upfront fees
$0
Comparison Rate*

3.59

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.54

% p.a

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

3.63

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.59

% p.a

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

3.68

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.68

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.68

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

3.29

% p.a

Fixed - 5 years

Total estimated upfront fees
$0
Comparison Rate*

3.70

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.29

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.70

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.74

% p.a

Fixed - 3 years

Total estimated upfront fees
$0
Comparison Rate*

3.71

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.54

% p.a

Fixed - 2 years

Total estimated upfront fees
$0
Comparison Rate*

3.73

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.99

% p.a

Fixed - 4 years

Total estimated upfront fees
$0
Comparison Rate*

3.73

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.79

% p.a

Fixed - 3 years

Total estimated upfront fees
$0
Comparison Rate*

3.75

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.34

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.75

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.34

% p.a

Fixed - 5 years

Total estimated upfront fees
$0
Comparison Rate*

3.75

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.59

% p.a

Fixed - 2 years

Total estimated upfront fees
$0
Comparison Rate*

3.78

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.04

% p.a

Fixed - 4 years

Total estimated upfront fees
$0
Comparison Rate*

3.78

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.74

% p.a

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

3.83

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.79

% p.a

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

3.88

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.94

% p.a

Fixed - 3 years

Total estimated upfront fees
$0
Comparison Rate*

3.90

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.49

% p.a

Fixed - 5 years

Total estimated upfront fees
$0
Comparison Rate*

3.90

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.74

% p.a

Fixed - 2 years

Total estimated upfront fees
$0
Comparison Rate*

3.92

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.19

% p.a

Fixed - 4 years

Total estimated upfront fees
$0
Comparison Rate*

3.93

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.93

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.93

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

3.54

% p.a

Fixed - 5 years

Total estimated upfront fees
$0
Comparison Rate*

3.94

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.54

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.96

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.54

% p.a

Fixed - 4 years

Total estimated upfront fees
$750
Comparison Rate*

3.99

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.84

% p.a

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

4.01

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.94

% p.a

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

4.02

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.04

% p.a

Fixed - 5 years

Total estimated upfront fees
$750
Comparison Rate*

4.06

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

3.69

% p.a

Fixed - 5 years

Total estimated upfront fees
$0
Comparison Rate*

4.09

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.69

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

4.09

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.49

% p.a

Fixed - 3 years

Total estimated upfront fees
$750
Comparison Rate*

4.13

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.14

% p.a

Fixed - 2 years

Total estimated upfront fees
$750
Comparison Rate*

4.23

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

4.23

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

4.23

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

4.33

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

4.33

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.29

% p.a

Fixed - 1 year

Total estimated upfront fees
$750
Comparison Rate*

4.44

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

4.06

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

4.45

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.74

% p.a

Fixed - 4 years

Total estimated upfront fees
$750
Comparison Rate*

4.48

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

4.48

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

4.48

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

3.24

% p.a

Fixed - 5 years

Total estimated upfront fees
$750
Comparison Rate*

4.51

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

4.51

% p.a

Variable

Total estimated upfront fees
$750
Comparison Rate*

4.56

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

4.58

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

4.58

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.69

% p.a

Fixed - 3 years

Total estimated upfront fees
$750
Comparison Rate*

4.65

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

4.69

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

4.69

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

4.31

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

4.70

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.39

% p.a

Fixed - 3 years

Total estimated upfront fees
$750
Comparison Rate*

4.76

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

3.99

% p.a

Fixed - 5 years

Total estimated upfront fees
$750
Comparison Rate*

4.76

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

3.04

% p.a

Fixed - 4 years

Total estimated upfront fees
$750
Comparison Rate*

4.77

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.33

% p.a

Fixed - 2 years

Total estimated upfront fees
$750
Comparison Rate*

4.78

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.89

% p.a

Fixed - 2 years

Total estimated upfront fees
$750
Comparison Rate*

4.80

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

3.54

% p.a

Fixed - 5 years

Total estimated upfront fees
$750
Comparison Rate*

4.80

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

4.04

% p.a

Fixed - 4 years

Total estimated upfront fees
$750
Comparison Rate*

4.85

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.89

% p.a

Fixed - 3 years

Total estimated upfront fees
$750
Comparison Rate*

4.91

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

4.99

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

4.99

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

3.04

% p.a

Fixed - 1 year

Total estimated upfront fees
$750
Comparison Rate*

5.01

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.69

% p.a

Fixed - 1 year

Total estimated upfront fees
$750
Comparison Rate*

5.06

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.59

% p.a

Fixed - 2 years

Total estimated upfront fees
$750
Comparison Rate*

5.07

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

5.06

% p.a

Variable

Total estimated upfront fees
$750
Comparison Rate*

5.11

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

5.16

% p.a

Variable

Total estimated upfront fees
$750
Comparison Rate*

5.21

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.89

% p.a

Fixed - 1 year

Total estimated upfront fees
$750
Comparison Rate*

5.35

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

5.46

% p.a

Variable

Total estimated upfront fees
$750
Comparison Rate*

5.51

% p.a

Ongoing fee
$0
Go to site
More details

People's Choice customer service

People’s Choice has branches in Adelaide, Canberra, Darwin and Perth and regional locations in South Australia, Northern Territory, Victoria, Western Australia and the Australian Capital Territory. Members can access their accounts and funds via ATMs, mobile banking and payment apps, internet banking and telephone banking facilities, as well as Bank@Post.

  • Customer service centre (phone)
  • Mobile banking and payment apps
  • Online banking
  • Online inquiries
  • Email
  • Branch network
  • Mobile home lenders

How to Apply

To become a member of People’s Choice, you need to complete a membership application. You can visit one of their branches, call the national contact centre or visit a Bank@Post outlet. Membership is gained by buying a share for just $2 and is open to any resident of Australia. Documents you need to apply for a home loan include:

  • Personal ID.
  • Proof of income – whether you are self-employed or work for an employer.
  • Proof of other income, including rental income.
  • Information regarding existing debts, liabilities and assets.

Learn more about home loans

What are the features of home loans for expats from Westpac?

If you’re an Australian citizen living and working abroad, you can borrow to buy a property in Australia. With a Westpac non-resident home loan, you can borrow up to 80 per cent of the property value to purchase a property whilst living overseas. The minimum loan amount for these loans is $25,000, with a maximum loan term of 30 years.

The interest rates and other fees for Westpac non-resident home loans are the same as regular home loans offered to borrowers living in Australia. You’ll have to submit proof of income, six-month bank statements, an employment letter, and your last two payslips. You may also be required to submit a copy of your passport and visa that shows you’re allowed to live and work abroad.

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.

Why does Westpac charge an early termination fee for home loans?

The Westpac home loan early termination fee or break cost is applicable if you have a fixed rate home loan and repay part of or the whole outstanding amount before the fixed period ends. If you’re switching between products before the fixed period ends, you’ll pay a switching break cost and an administrative fee. 

The Westpac home loan early termination fee may not apply if you repay an amount below the prepayment threshold. The prepayment threshold is the amount Westpac allows you to repay during the fixed period outside your regular repayments.

Westpac charges this fee because when you take out a home loan, the bank borrows the funds with wholesale rates available to banks and lenders. Westpac will then work out your interest rate based on you making regular repayments for a fixed period. If you repay before this period ends, the lender may incur a loss if there is any change in the wholesale rate of interest.

How can I get a home loan with bad credit?

If you want to get a home loan with bad credit, you need to convince a lender that your problems are behind you and that you will, indeed, be able to repay a mortgage.

One step you might want to take is to visit a mortgage broker who specialises in bad credit home loans (also known as ‘non-conforming home loans’ or ‘sub-prime home loans’). An experienced broker will know which lenders to approach, and how to plead your case with each of them.

Two points to bear in mind are:

  • Many home loan lenders don’t provide bad credit mortgages
  • Each lender has its own policies, and therefore favours different things

If you’d prefer to directly approach the lender yourself, you’re more likely to find success with smaller non-bank lenders that specialise in bad credit home loans (as opposed to bigger banks that prefer ‘vanilla’ mortgages). That’s because these smaller lenders are more likely to treat you as a unique individual rather than judge you according to a one-size-fits-all policy.

Lenders try to minimise their risk, so if you want to get a home loan with bad credit, you need to do everything you can to convince lenders that you’re safer than your credit history might suggest. If possible, provide paperwork that shows:

  • You have a secure job
  • You have a steady income
  • You’ve been reducing your debts
  • You’ve been increasing your savings

Are bad credit home loans dangerous?

Bad credit home loans can be dangerous if the borrower signs up for a loan they’ll struggle to repay. This might occur if the borrower takes out a mortgage at the limit of their financial capacity, especially if they have some combination of a low income, an insecure job and poor savings habits.

Bad credit home loans can also be dangerous if the borrower buys a home in a stagnant or falling market – because if the home has to be sold, they might be left with ‘negative equity’ (where the home is worth less than the mortgage).

That said, bad credit home loans can work out well if the borrower is able to repay the mortgage – for example, if they borrow conservatively, have a decent income, a secure job and good savings habits. Another good sign is if the borrower buys a property in a market that is likely to rise over the long term.

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. 

What is a bad credit home loan?

A bad credit home loan is a mortgage for people with a low credit score. Lenders regard bad credit borrowers as riskier than ‘vanilla’ borrowers, so they tend to charge higher interest rates for bad credit home loans.

If you want a bad credit home loan, you’re more likely to get approved by a small non-bank lender than by a big four bank or another mainstream lender.

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.  

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.

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 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.

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.

Can I get a home renovation loan with bad credit?

If you're looking for funds to pay for repairs or renovations to your home, but you have a low credit score, you need to carefully consider your options. If you already have a mortgage, a good starting point is to check whether you can redraw money from that. You could also consider applying for a new home loan. 

Before taking out a new loan, it’s good to note that lenders are likely to charge higher interest rates on home repair loans for bad credit customers. Alternatively, they may be willing to lend you a smaller amount than a standard loan. You may also face some challenges with getting your home renovation loan application approved. If you do run into trouble, you can speak to your lender and ask whether they would be willing to approve your application if you have a guarantor or co-signer. You should also explain the reasons behind your bad credit rating and the steps that you’re taking to improve it. 

Consulting a financial advisor or mortgage broker can help you understand your options and make the right choice.