There are a number of things to consider when applying for a mortgage in Australia. This includes the associated fees and charges, in what currency you would like to take out your loan and how much money you can actually borrow.
For a brief overview of what you may need to know please read on. You can find more detailed information by following the links provided, or the menu on the right.
Australian Dollar Mortgage
This is a mortgage done using Australian dollars and is by far the most common way to buy property. There are risks associated with taking out a mortgage in another currency. For example there are far fewer lenders that offer the service giving you less choice and most importantly, it is far less likely you will be approved.
You can see our Australian Dollar Mortgage page for more information.
Fees And Charges
There are a number of fees and charges you need to consider when applying for a mortgage. The most basic of these is of course the interest rate which determines the monthly repayments based upon your loan amount. You can use our Loan Repayment Calculator as a guide to how much you will repay each month.
Other charges can include;
- Your deposit determined by the loan to value ratio (LVR).
- Stamp duty
- Lenders Mortgage insutance (LMI)
- Cost of a Visa
- Buyers Agents
You can see our Fees and Charges pages for more information.
How Much Can I Borrow?
There are many factors used to determine how much you can borrow. Are you a citizen or permanent resident of Australia or are you a foreign citizen on holiday or a temporary resident on a working visa? Such things as proof of income, amount you have in savings or investments, your credit history and any debt you have will also affect your loan.
It is not just the total amount you can borrow that is affected. The Loan to Value Ration or %LVR is also an important factor. For example if you can only borrow 80% of the value of the property, you need to have at hand the 20% deposit and another 4 to 5% of the purchase price to cover other fees such as conveyancing and stamp duty.
Please see our page discussing how much you can borrow for more information.
Mortgage Features
Mortgages are not always just about borrowing money and making monthly repayments. There are many features that can help. The most common are the variable and fixed rate mortgages. You can also have things like an offset account, add a redraw feature and even use your mortgage as a line of credit.
You can read about Mortgage Features by following the link.
Get approved for your loan today!
Decided on a property and looking to apply? Enquire online with Mortgage Broker Australia to get specialised help from one of our mortgage brokers. They will contact you as quickly as possible!
