Home Loans Melbourne

How much of a deposit do I need for a home loan?

Most lenders require a deposit between 10-20% of the property's value. However, some low-deposit home loans allow buyers to enter the market with as little as 5%. First-home buyers may also access government incentives to reduce upfront costs.

Can I get a home loan if I’m self-employed?

Yes, self-employed individuals can qualify for a home loan, but the application process may require additional financial documents. Lenders typically review tax returns, business statements, and bank records to assess financial stability. If traditional documentation is difficult to provide, low-doc loans may be an alternative.

What’s the difference between a fixed and variable home loan?

A fixed-rate loan locks in the interest rate for a set period, ensuring consistent repayments. A variable-rate loan fluctuates with market conditions, which can lead to lower repayments when rates drop or higher costs when they rise. Some borrowers choose a split loan, combining both fixed and variable features.

Are first-home buyer grants available in Melbourne?

Yes, first-home buyers in Melbourne may qualify for grants and stamp duty exemptions. The First Home Owner Grant (FHOG) provides financial assistance for new home purchases. Additionally, government-backed schemes help buyers with lower deposits secure a mortgage with reduced lender fees.

How do I compare home loan rates?

Comparing home loan rates involves looking beyond the interest rate itself. Loan features, fees, and repayment flexibility should also be considered. Mortgage brokers help borrowers compare multiple lenders to find the most competitive and cost-effective option. At Freedom Mortgage Solutions, we analyse over 30 lenders to match you with the best mortgage deal.