Explaining assessment rates

You may assume that your lender uses their standard variable rate when figuring out your borrowing strength. This isn’t true. Instead, they’ll use an assessment rate to work out how much you can borrow.

How does my lender work out my borrowing strength?

You can’t always get the amount of money you want when you apply for a home loan. Your lender takes a lot of things into account when working out your borrowing power.

Can I get a home loan while on probation at work?

Most lenders look at your employment history when considering your home loan application. They want to see that you earn a stable income and you’ve been in the same job for a while. This may make it hard to get a loan if you’re in your probationary period.

Comparing Property Valuations and Property Appraisals

Your real estate agent may appraise your property. However, this isn’t the same as the valuation a lender will carry out. Let’s look at the differences between the two.

Home loans for ABN holders

If you’re the sole employee of your own company, you can apply for a low doc home loan. To assess your finances, lenders will ask you to provide your ABN.

What is a credit score?

Lenders use your credit score to assess your mortgage application. Your credit score is based on your credit file and information you provide in your application. It will vary from lender to lender, according to their loan criteria.

Home loans for citizens of New Zealand

Most New Zealand citizens and permanent residents can apply for a home loan when buying a home in Australia. Conditions will vary based on your status and the location of the property.

Can I get a personal loan for a house deposit?

Using a personal loan to fund part of your home loan deposit can get you on the property ladder quicker. Find out more.

Lenders mortgage insurance basics

Lenders mortgage insurance comes to your rescue when you can’t make a large deposit. It can help you to buy your first home faster.