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What Is a Home Loan?
A home loan, or mortgage, is a loan used to purchase property. The borrower repays the loan over time through monthly repayments, which include principal and interest. Loan types and repayment structures vary based on the borrower’s financial profile and lender policies.
Types of Home Loans in Melbourne
Home loans come in different types to suit various needs. Fixed-rate loans offer repayment stability, while variable-rate loans fluctuate with market conditions. Low-deposit home loans allow buyers to enter the market with minimal savings. First-home buyers may also qualify for government incentives to reduce costs. Investors can access tailored loans designed to maximise property returns.
How to Get a Home Loan in Melbourne
Applying for a home loan starts with assessing your borrowing power, which depends on income, expenses, and credit history. Once you know your budget, comparing lenders is crucial to finding the best rate and loan features.
Pre-approval gives you a clear idea of how much you can borrow before you start house hunting. Once you find a property, the loan application is submitted with supporting documents. After approval, the lender releases the funds, and you officially become a homeowner.
Expert Mortgage Advice & Access to Top Lenders
At Freedom Mortgage Solutions, we work with over 30 lenders to provide a wide range of loan options. Our team handles the paperwork, negotiates better rates, and ensures a smooth approval process.
A Personalised Approach to Home Loans
We understand that every borrower is different. Whether you're looking for a low-deposit home loan, an investment mortgage, or refinancing options, we tailor our solutions to your unique financial goals. Transparency, efficiency, and expert guidance are what set us apart.
Common Home Loan Features
Choosing the right home loan involves more than just the interest rate. Offset accounts help reduce interest payments by linking your savings to your mortgage. A redraw facility allows you to access extra repayments when needed. Loan portability makes it easy to transfer your mortgage when buying a new home.
Understanding these features helps borrowers save money and maintain flexibility. The right loan structure can make a significant difference in long-term financial success.
Who Can Apply for a Home Loan?
Home loans are available to first-home buyers, investors, and self-employed borrowers. Expats and non-residents may also qualify under certain conditions. Those with lower deposits can explore government-backed loans or guarantor options.
Lenders evaluate applicants based on financial stability and repayment ability. A strong credit profile and a solid financial plan increase approval chances. Our team helps borrowers navigate the process to secure the best mortgage solution.
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FAQ
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.
Freedom Mortgage Solutions welcomes your enquiry. To book an appointment or simply ask us a question, fill in your details and we'll be in touch soon!