A credit file is kept for any person who has been credit-active over the past seven years. Your credit file is updated every time you apply for new credit. This credit history impacts on whether or not a credit provider will approve your loan; how much importance is placed on it will depend on the lender.
Fixed rate and variable rate home loans
Interest rates can change regularly or stay steady, depending on the economy at the time. Choosing a fixed or variable interest rate home loan can help you reduce interest charges over the life of your home loan.
Managing mortgage stress
Mortgage stress can affect anyone, regardless of where you live or how much your property is worth. Although interest rates do play a part in creating mortgage stress, more often than not the real cause lies with an unexpected life event; unemployment, illness, injury and relationship breakdown are some of the most common causes of mortgage stress.
Using a mortgage adviser
Here are some of the most frequently asked questions from existing Loan Market customers about what to expect when meeting with a mortgage adviser.
To help you budget for your big move, here are some of the common fees and charges associated with moving home.
Managing and reducing your mortgage
Once you’ve secured a mortgage, it’s important not to just ‘set and forget’. You need to spend some time managing it to make sure it continues to work for you.
Finding the right property
Finding the right property is essential to securing the right home loan. There are a many details you need to consider when selecting your home and determining how much you can borrow.
Buying property with family and friends
Buying property with family or friends is becoming increasingly common. This type of property purchase is usually completed as a tenants-in-common purchase, which allows two or more people to own interest in a property, either in equal or unequal shares.
Mortgage repayment hardship variation
If you’re experiencing temporary difficulties in meeting your mortgage repayments, you may be eligible for a hardship variation from your lender. Some common reasons behind short-term mortgage repayment problems include job loss, injury and illness.
Your borrowing capacity is something you need to know before you commence your property search as it tells you how much you can spend on your new home and where you can afford to live.