Queensland housing finance loan Homes and housing Queensland Government

Table of Content

• Find out how much a property is worth
• View our Home Loan features
• What will the loan cost?
• Applying for the loan

This loan can be used to buy an established house, unit, town-house or duplex, or to build a house. Fostering long-term relationships with our clients is at the heart of everything we do. We’ll put ourselves in your shoes and put your best interests first, not the banks. The Home Guarantee Scheme is designed to help Australians buy a home sooner. It is available for first home buyers or previous homeowners who currently do not own a home, and only applies to an eligible residential property.

Read more about the pros and cons of fixed rate home loans. If your lender decides to increase its rates, your repayments will not be impacted and will stay the same for your fixed term. Varying interest rates and fees can make it hard to compare loans and decide which one is best for you. Check carefully when deciding what sort of loan to take. It is the single biggest purchase most people will make in their lifetime. Choosing a home loan that suits your needs can save you money and reduce the time it takes to pay off your property.

Find out how much a property is worth

Interest-only repayments only cover the ‘interest’ portion of the loan, meaning you won’t be making a dent into the ‘principal’ portion. These loans are usually more popular with property investors. A fixed rate home loan lets you lock in a rate for a set period of time . This ensures your repayments will remain the same for the duration of the fixed period. This can be useful, particularly if you don’t have much wiggle room in your budget.

Whether you plan to live at the address or rent it out as an investment, a home loan is used to finance a property purchase so you don’t have to pay the entire amount upfront. Instead, you pay it back – aka ‘service the mortgage’ – over an agreed upon timeframe plus interest repayments at a rate set by your lender. Depending on your individual situation, the best home loan for your home-buying needs may be different from your friends and family. Deciding between a fixed or variable rate depends on what you want from the loan. A variable rate loan can change at any time, either up or down.

View our Home Loan features

He wants to put this cash into an offset account to lower his interest repayments. If you click through to a financial institution, you can get more product information, apply for or purchase the product and RateCity may earn a fee for referring you. This is one of the ways RateCity makes money and how we can offer our comparison service to you for free.

While having access to a redraw facility won’t necessarily save you money, it is handy to have. If you’ve been making extra repayments and find you need that money back for an unexpected bill, you can get it through the redraw facility. One of the most common features included with home loans is the chance to make free extra repayments. By using any spare cash you have to pay a bit more off your loan, you’re lowering your loan amount quicker, and therefore saving on interest. Check out our extra repayments calculator to see how much of a difference it will make.

What will the loan cost?

Mozo’s simple home loan comparison tools can help you find it. Again this all depends on your financial situation – what might be a great feature for someone might not be ideal for you. However, we can all agree having a home loan that can help you save money could be a great bargain. You can speak with a professional mortgage broker for more help and to get personalised advice.

Canstar’s Home Loan Star Ratings and Awards could also help with your decision. Canstar’s expert researchers assessed thousands of home loans, including fixed rate home loans, to see which ones offered the best value. Canstar also has a separate Fixed Rate Home Loan Award.

Editor’s pick of the month: Best home loan deals on Mozo in December

Read more about other government housing loans and concessions. The amount you pay depends on the value of the property. A first home saver account could be a good way to save for your first home because the government contributes to your account. These contributions are a percentage of what you save, up to a limit each year. Grants and concessions are available for first home buyers to help them save for a deposit and reduce the amount they need to borrow.

Jemmy and her team were absolutely amazing to work with. I was updated regularly with where the loan documents were at and what was happening next. I was given the honest truth about things and there was no mucking around.

You should also compare home loan features available between lenders’ products. It may also be possible to refinance other types of loans, such aspersonal loansandcar loans. RateCity is a quality information service, providing factual information and tools for searching, understanding and comparing financial products and financial institutions. RateCity takes care to cover a large number of products and companies, however we may not cover all the options available to you. To the extent that RateCity provides financial advice, that advice is general and does not make any recommendation, as we do not consider your personal objectives, financial circumstances and needs.

Brokers may be able to offer financial advice and assist you in the home loan process from start to finish, as well as offer broker-only interest rates not advertised by lenders. At the moment, we do not have a specific list of home loan lenders that accept sickness benefits as your main source of income. Finding a lender may require you to do some research or you may contact a mortgage broker who can take your personal circumstance into account and offer you a range of borrowing options. Once you’ve found a lender who is willing to help, you may proceed with the regular application process. Please note that you will need to provide extra information about your income. Many lenders offer very low interest rates on package home loans, especially fixed rate package loans.

Do you want to make principal & interest or interest-only repayments?

Lenders big and small are offering very competitive rates. In the past, you could usually find the lowest interest rates by looking at online lenders rather than the Big Four. But now the gap between the various lenders is much smaller. And if you're stuck, a mortgage broker will know which lenders can process your application faster. They can be a real lifesaver when you're running out of time. David has managed to put away a bit of extra money while making repayments.

For further details please refer to our Financial Services and Credit Guide , our General Disclaimer, and the Terms of Use of this site. Using a home loan calculator, you can estimate how much your home loan repayments may cost, based on your mortgage rate, loan term, and loan amount. Another thing to keep in mind is to choose the right home loan type and features for your needs. So if you’re an investor, you’ll only be eligible for an investment home loan and you may want interest-only repayments, as these are tax deductible for investors. First time buyers may want to look for a low deposit home loan with the option for a guarantor, and refinancers may be after a home loan with an offset account or redraw facility. Fixed rate home loans generally lack features when compared to variable rate loans.

How do you find the best home loan rate for your needs?

Many lenders offer their most competitive rates for refinancers that have equity in their property. That’s why it’s always good to review your home loan every couple of years to make sure you’re getting the most competitive deal. Having a redraw facility doesn’t necessarily save you money, but it can come in handy.