Auswide Bank home loan repayment calculator

Thinking about taking out a home loan with Auswide Bank? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Auswide Bank 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 2.59%

Total interest payable

$0

Total loan repayments

$0

Pros and cons

  • Can accommodate people with smaller deposits.
  • Opportunity to bundle financial products together.
  • Offers discounts on the interest rate.
  • Flexible repayment schedule with weekly, fortnightly and monthly repayment options.
  • Limited home loan products to choose from.
  • Some products have moderate to high fees.

Auswide Bank home loans rates

Advertised Rate

2.59%

Variable

Total estimated upfront fees
$300
Comparison Rate*

2.61%

Ongoing fee
$0
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More details
Advertised Rate

2.74%

Variable

Total estimated upfront fees
$300
Comparison Rate*

2.76%

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.79%

Variable

Total estimated upfront fees
$300
Comparison Rate*

2.81%

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.94%

Variable

Total estimated upfront fees
$300
Comparison Rate*

2.96%

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.69%

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.11%

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

3.14%

Variable

Total estimated upfront fees
$300
Comparison Rate*

3.16%

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.89%

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.30%

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

2.99%

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.40%

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

2.99%

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.40%

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

3.19%

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.60%

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

2.49%

Fixed - 3 years

Total estimated upfront fees
$604
Comparison Rate*

3.69%

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

3.29%

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.69%

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

2.99%

Fixed - 4 years

Total estimated upfront fees
$604
Comparison Rate*

3.70%

Ongoing fee
$395 annually
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More details
Advertised Rate

2.99%

Fixed - 5 years

Total estimated upfront fees
$604
Comparison Rate*

3.73%

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

2.69%

Fixed - 3 years

Total estimated upfront fees
$604
Comparison Rate*

3.74%

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

2.49%

Fixed - 2 years

Total estimated upfront fees
$604
Comparison Rate*

3.77%

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

2.69%

Fixed - 2 years

Total estimated upfront fees
$604
Comparison Rate*

3.80%

Ongoing fee
$395 annually
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More details
Advertised Rate

2.49%

Fixed - 1 year

Total estimated upfront fees
$604
Comparison Rate*

3.86%

Ongoing fee
$395 annually
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More details
Advertised Rate

2.69%

Fixed - 1 year

Total estimated upfront fees
$604
Comparison Rate*

3.88%

Ongoing fee
$395 annually
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More details
Advertised Rate

3.29%

Fixed - 3 years

Total estimated upfront fees
$0
Comparison Rate*

3.89%

Ongoing fee
$395 annually
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More details
Advertised Rate

3.29%

Fixed - 2 years

Total estimated upfront fees
$0
Comparison Rate*

3.91%

Ongoing fee
$395 annually
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More details
Advertised Rate

3.29%

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

3.93%

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

3.56%

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.96%

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

3.29%

Fixed - 3 years

Total estimated upfront fees
$604
Comparison Rate*

4.00%

Ongoing fee
$395 annually
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More details
Advertised Rate

3.69%

Fixed - 4 years

Total estimated upfront fees
$0
Comparison Rate*

4.00%

Ongoing fee
$395 annually
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More details
Advertised Rate

3.69%

Fixed - 5 years

Total estimated upfront fees
$0
Comparison Rate*

4.01%

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

3.29%

Fixed - 2 years

Total estimated upfront fees
$604
Comparison Rate*

4.03%

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

3.29%

Fixed - 1 year

Total estimated upfront fees
$604
Comparison Rate*

4.06%

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

3.59%

Fixed - 5 years

Total estimated upfront fees
$604
Comparison Rate*

4.09%

Ongoing fee
$395 annually
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More details
Advertised Rate

2.29%

Fixed - 3 years

Total estimated upfront fees
$0
Comparison Rate*

4.10%

Ongoing fee
$395 annually
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More details
Advertised Rate

3.59%

Fixed - 4 years

Total estimated upfront fees
$604
Comparison Rate*

4.10%

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

3.71%

Variable

Total estimated upfront fees
$0
Comparison Rate*

4.10%

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

2.49%

Fixed - 3 years

Total estimated upfront fees
$0
Comparison Rate*

4.15%

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

2.69%

Fixed - 3 years

Total estimated upfront fees
$0
Comparison Rate*

4.20%

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

2.29%

Fixed - 2 years

Total estimated upfront fees
$0
Comparison Rate*

4.25%

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

2.89%

Fixed - 3 years

Total estimated upfront fees
$0
Comparison Rate*

4.25%

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

3.09%

Fixed - 5 years

Total estimated upfront fees
$600
Comparison Rate*

4.25%

Ongoing fee
$10 monthly
Go to site
More details
Advertised Rate

2.49%

Fixed - 2 years

Total estimated upfront fees
$0
Comparison Rate*

4.28%

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

3.49%

Fixed - 5 years

Total estimated upfront fees
$0
Comparison Rate*

4.30%

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

2.69%

Fixed - 2 years

Total estimated upfront fees
$0
Comparison Rate*

4.32%

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

3.49%

Fixed - 4 years

Total estimated upfront fees
$0
Comparison Rate*

4.35%

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

2.89%

Fixed - 2 years

Total estimated upfront fees
$0
Comparison Rate*

4.36%

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

3.09%

Fixed - 4 years

Total estimated upfront fees
$600
Comparison Rate*

4.37%

Ongoing fee
$10 monthly
Go to site
More details
Advertised Rate

3.49%

Fixed - 3 years

Total estimated upfront fees
$0
Comparison Rate*

4.40%

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

2.29%

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

4.41%

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

2.79%

Fixed - 3 years

Total estimated upfront fees
$600
Comparison Rate*

4.42%

Ongoing fee
$10 monthly
Go to site
More details
Advertised Rate

3.79%

Fixed - 5 years

Total estimated upfront fees
$0
Comparison Rate*

4.42%

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

2.49%

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

4.43%

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

3.39%

Fixed - 2 years

Total estimated upfront fees
$0
Comparison Rate*

4.44%

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

2.69%

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

4.45%

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

3.79%

Fixed - 4 years

Total estimated upfront fees
$0
Comparison Rate*

4.45%

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

4.08%

Variable

Total estimated upfront fees
$0
Comparison Rate*

4.46%

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

2.89%

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

4.47%

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

3.79%

Fixed - 3 years

Total estimated upfront fees
$0
Comparison Rate*

4.48%

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

3.69%

Fixed - 5 years

Total estimated upfront fees
$600
Comparison Rate*

4.49%

Ongoing fee
$10 monthly
Go to site
More details
Advertised Rate

3.69%

Fixed - 2 years

Total estimated upfront fees
$0
Comparison Rate*

4.50%

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

3.39%

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

4.51%

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

3.79%

Fixed - 5 years

Total estimated upfront fees
$600
Comparison Rate*

4.53%

Ongoing fee
$10 monthly
Go to site
More details
Advertised Rate

3.69%

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

4.54%

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

3.39%

Fixed - 3 years

Total estimated upfront fees
$600
Comparison Rate*

4.57%

Ongoing fee
$10 monthly
Go to site
More details
Advertised Rate

3.39%

Fixed - 3 years

Total estimated upfront fees
$600
Comparison Rate*

4.57%

Ongoing fee
$10 monthly
Go to site
More details
Advertised Rate

3.69%

Fixed - 4 years

Total estimated upfront fees
$600
Comparison Rate*

4.57%

Ongoing fee
$10 monthly
Go to site
More details
Advertised Rate

2.79%

Fixed - 2 years

Total estimated upfront fees
$600
Comparison Rate*

4.58%

Ongoing fee
$10 monthly
Go to site
More details
Advertised Rate

4.21%

Variable

Total estimated upfront fees
$0
Comparison Rate*

4.59%

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

3.79%

Fixed - 4 years

Total estimated upfront fees
$600
Comparison Rate*

4.60%

Ongoing fee
$10 monthly
Go to site
More details
Advertised Rate

3.39%

Fixed - 2 years

Total estimated upfront fees
$600
Comparison Rate*

4.69%

Ongoing fee
$10 monthly
Go to site
More details
Advertised Rate

3.39%

Fixed - 2 years

Total estimated upfront fees
$600
Comparison Rate*

4.69%

Ongoing fee
$10 monthly
Go to site
More details
Advertised Rate

2.79%

Fixed - 1 year

Total estimated upfront fees
$600
Comparison Rate*

4.76%

Ongoing fee
$10 monthly
Go to site
More details
Advertised Rate

3.39%

Fixed - 1 year

Total estimated upfront fees
$600
Comparison Rate*

4.81%

Ongoing fee
$10 monthly
Go to site
More details
Advertised Rate

3.39%

Fixed - 1 year

Total estimated upfront fees
$600
Comparison Rate*

4.81%

Ongoing fee
$10 monthly
Go to site
More details
Advertised Rate

4.79%

Variable

Total estimated upfront fees
$600
Comparison Rate*

4.95%

Ongoing fee
$10 monthly
Go to site
More details
Advertised Rate

4.69%

Variable

Total estimated upfront fees
$0
Comparison Rate*

5.09%

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

4.73%

Variable

Total estimated upfront fees
$0
Comparison Rate*

5.10%

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

4.09%

Fixed - 5 years

Total estimated upfront fees
$600
Comparison Rate*

5.13%

Ongoing fee
$10 monthly
Go to site
More details
Advertised Rate

5.01%

Variable

Total estimated upfront fees
$600
Comparison Rate*

5.17%

Ongoing fee
$10 monthly
Go to site
More details
Advertised Rate

4.09%

Fixed - 4 years

Total estimated upfront fees
$600
Comparison Rate*

5.24%

Ongoing fee
$10 monthly
Go to site
More details
Advertised Rate

4.39%

Fixed - 5 years

Total estimated upfront fees
$600
Comparison Rate*

5.25%

Ongoing fee
$10 monthly
Go to site
More details
Advertised Rate

4.39%

Fixed - 4 years

Total estimated upfront fees
$600
Comparison Rate*

5.34%

Ongoing fee
$10 monthly
Go to site
More details
Advertised Rate

4.09%

Fixed - 3 years

Total estimated upfront fees
$600
Comparison Rate*

5.35%

Ongoing fee
$10 monthly
Go to site
More details
Advertised Rate

4.39%

Fixed - 3 years

Total estimated upfront fees
$600
Comparison Rate*

5.44%

Ongoing fee
$10 monthly
Go to site
More details
Advertised Rate

3.99%

Fixed - 2 years

Total estimated upfront fees
$600
Comparison Rate*

5.46%

Ongoing fee
$10 monthly
Go to site
More details
Advertised Rate

5.21%

Variable

Total estimated upfront fees
$0
Comparison Rate*

5.60%

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

3.99%

Fixed - 1 year

Total estimated upfront fees
$600
Comparison Rate*

5.61%

Ongoing fee
$10 monthly
Go to site
More details
Advertised Rate

4.29%

Fixed - 2 years

Total estimated upfront fees
$600
Comparison Rate*

5.62%

Ongoing fee
$10 monthly
Go to site
More details
Advertised Rate

4.29%

Fixed - 1 year

Total estimated upfront fees
$600
Comparison Rate*

5.64%

Ongoing fee
$10 monthly
Go to site
More details
Advertised Rate

5.51%

Variable

Total estimated upfront fees
$600
Comparison Rate*

5.67%

Ongoing fee
$10 monthly
Go to site
More details
Advertised Rate

5.62%

Variable

Total estimated upfront fees
$600
Comparison Rate*

5.77%

Ongoing fee
$10 monthly
Go to site
More details
Advertised Rate

5.84%

Variable

Total estimated upfront fees
$600
Comparison Rate*

5.99%

Ongoing fee
$10 monthly
Go to site
More details
Advertised Rate

6.03%

Variable

Total estimated upfront fees
$600
Comparison Rate*

6.19%

Ongoing fee
$10 monthly
Go to site
More details

Auswide Bank customer service

Auswide Bank has a nationwide lending presence supported through branches, a network of lending consultants and the company website. If Auswide Bank home loan customers can’t go into a branch they can get in touch via telephone, or use internet-based services such as email, online banking and the mobile app. Customers can also contact Auswide Bank staff online via the website’s live chat facility.

  • Customer service centre (phone)
  • Mobile app
  • Online banking
  • Email
  • Live Chat
  • Branch
  • Mobile banking staff

How to Apply

There are two ways to apply for an Auswide Bank home loan: in person by visiting an Auswide Bank branch or via the company’s website. Before submitting a loan application borrowers should fully consider their budget. They can use helpful tools such as a repayment calculator to receive an indication of how much a home loan is likely to cost. To support all home loan applications Auswide Bank requires a range of documentation that includes:

  • Proof of identification.
  • Occupation and/or employer details.
  • Gross monthly income from all sources.
  • Asset details (a list of what you own, such as property, motor vehicles, shares, furniture, superannuation, and their values).
  • Existing loans (home loans, personal loans, leasing contracts, hire purchase).
  • Credit card limits and current balances.
  • Savings account details.
  • Details of the property you are offering as security for the loan.

Learn more about home loans

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.

How can I get ANZ home loan pre-approval?

Shopping for a new home is an exciting experience and getting a pre-approval on the loan may give you the peace of mind that you are looking at properties within your budget. 

At the time of applying for the ANZ Bank home loan pre-approval, you will be required to provide proof of employment and income, along with records of your savings and debts.

An ANZ home loan pre-approval time frame is usually up to three months. However, being pre-approved doesn’t necessarily mean you will get your home loan. Other factors could lead to your home loan application being rejected, even with a prior pre-approval. Some factors include the property evaluation not meeting the bank’s criteria or a change in your financial circumstances.

You can make an application for ANZ home loan pre-approval online or call on 1800100641 Mon-Fri 8.00 am to 8.00 pm (AEST).

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.

Why should I get an ING home loan pre-approval?

When you apply for an ING home loan pre-approval, you might be required to provide proof of employment and income, savings, as well as details on any on-going debts. The lender could also make a credit enquiry against your name. If you’re pre-approved, you will know how much money ING is willing to lend you. 

Please note, however, that a pre-approval is nothing more than an idea of your ability to borrow funds and is not the final approval. You should receive the home loan approval  only after finalising the property and submitting a formal loan application to the lender, ING. Additionally, a pre-approval does not stay valid indefinitely, since your financial circumstances and the home loan market could change overnight.

 

 

What are the NAB term deposit interest rates for businesses?

If you’re looking to lock in a return on your business savings, one option is a business term deposit with NAB. The big four bank provides competitive interest rates while giving you the flexibility to choose the term. NAB offers business term deposit interest rates for investments of between $5,000 to $499,999.

NAB doesn’t charge any monthly account or application fees. The interest is calculated daily and for the 90-day term and six months term, you will get paid when the deposit matures. For the 12 months term, you can either choose to get paid monthly, quarterly, half-yearly or annually. 

If you wish to withdraw your funds before the deposit matures, you need to give NAB 31 days notice. However, they do make exceptions if you’re experiencing hardship and need the funds immediately. Either way, you may have to bear the prepayment cost, which you can learn more about in the Terms and Conditions.

Does the family tax benefit count as income?

The family tax benefits are one of several government support payments that are not considered taxable income. Other such payments include child care subsidies, economic support payments, rent assistance, and carer allowances. If you file a tax return, you typically don’t need to mention such income on the return. However, some home loan lenders may accept family tax benefits as an income source when reviewing your home loan application. You’ll still need to meet other lending requirements, such as having a sufficiently high credit score and enough savings for a deposit before the loan will be approved.

Aussies receiving family tax benefits usually have an adjusted taxable income of no more than $55,626 a year. Alternatively, one spouse can be receiving income support payments from the government to be eligible. Most importantly, they need to have children dependent on them for care at least 35 per cent of the time. Children between the ages of 16 and 19 should be either full-time secondary students or have a somewhat comparable study load unless the government exempts them from these study requirements. 

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.

How long does Bankwest take to approve home loans?

Full approval for a home loan usually involves a property valuation, which, Bankwest suggests, can take “a week or two”. As a result, getting your home loan approved may take longer. However, you may get full approval within this time if you applied for and received conditional approval, sometimes called a pre-approval, from Bankwest before finalising the home you want to buy.  

Another way of speeding up approvals can be by completing, signing, and submitting your home loan application digitally. Essentially, you give the bank or your mortgage broker a copy of your home’s sale contract and then complete the rest of the steps online. Bankwest has claimed this cuts the approval time to less than four days, although this may only happen if your income and credit history can be verified easily, or if your home’s valuation doesn’t take time.

Remaining loan term

The length of time it will take to pay off your current home loan, based on the currently-entered mortgage balance, monthly repayment and interest rate.

How do I get a Suncorp home loan pre-approval?

Getting home loan pre-approval helps you work out a budget to help you search for a suitable property and make an offer with confidence. Once you put in an application, you should get your pre-approval outcome within two business days. To help get a fast turnaround time of your pre-approval application, ensure all the information and documentation that Suncorp requires. This includes proof of identification, recent payslips, bank account and credit card statements.

You can submit the home loan pre-approval application online. You’ll be asked for information about your income, expenses, assets, and debts. It should take you about 10 minutes to fill out the application, and you can do it free of charge. A Suncorp lending specialist will review your application and contact you within 24 hours or the next working day. Suncorp will not run a credit check until you have heard from this lending specialist.

Once you get Suncorp home loan pre-approval, it’s valid for 90 days. If you don’t find a property you wish to buy in this time you may be able to apply for an extension, speak to your Suncorp lending specialist about this.

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 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.  

Does UBank offer home loan pre-approvals?

If you’re applying for a home loan with UBank, you can first get an approval in principle. You’ll need to provide information about your job and earnings, your household expenses, the assets you own and the debts you owe. 

UBank will assign a home loan specialist to discuss these details over a phone call, which can take about 30 minutes. 

The bank will then confirm if you’ve received in-principle approval for your home loan. Depending on how you submit your documents, this could take a few days or a few weeks. If successful, the approval will be valid for 60 days. 

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.

What are the benefits of getting a pre-approved home loan from Citibank?

While hunting for your dream home, getting a Citibank home loan pre-approval can have multiple benefits, which include:

  • You'll have an idea on your personal price range, which can save time to find your home.
  • With a pre-approved home loan, you may find yourself with more financial control to better decide how much you can spend.
  • A Citibank pre-approved home loan is a commitment  by a lender that signals you're ready to jump into the property market.

You can apply for pre-approval by providing basic details, such as name, email, and phone number on the bank’s website. Alternatively, you can contact the bank on 1300 361 922 or find a home lending officer on the website.