The Active Home Loan Manager

Six terms you need to know to be home loan ready

We asked our team of brokers to break down some of the most common (and misunderstood) terms you’ll hear when applying for a home loan.  1. Liabilities  Liabilities refer to formal ongoing obligations, such as a personal loans and HECS debt, which are separate to day-to-day expenses. Liabilities go on your Veda report (what lenders

What happens to my home loan if I lose my job?

It’s best to contact your home loan lender immediately if you suffer a loss of income for any reason. In most cases they will come up with a plan that will help you through any difficult circumstances, simply because they don’t want you to default on their loan. They will want you to recover financially

What is Lenders Mortgage Insurance and how can I avoid it?

Lenders Mortgage Insurance (LMI) is paid on all home loans by the lender to a third party or in-house insurance organisation. It is charged to you if the loan amount is 80% or more of the lender’s valuation of the property you are purchasing. You can avoid paying LMI by contributing at least 20% of

Should I fix my interest rate or not?

The decision to fix your interest rate will depend on your goals, financial situation and risk appetite. It is best to understand how fixed and variable interest rate options work and the pros and cons for both. If you would like to take advantage of uno’s financial expertise to help you make that decision, contact

What is a comparison rate, anyway?

A comparison rate gives you an indication of the true cost of a loan. It’s a way of comparing loans equally by including known fees (upfront, ongoing and exit) on top of the interest rate and is calculated on a $150,000 loan over 25 years. As this is a precise reference point, we recommend that

What other costs should I consider when getting a loan?

There are many other costs you need to think about when organising a home loan: application fees; valuation fees; settlement fees; ongoing account keeping fees (which can be charged monthly or yearly); variation fees; repayment holiday fees; security substitution fees (which can be used to change the property that secures a loan); discharge fees (which

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