getting the best Home Loan in Australia

If you are a first home buyer, you probably know it is getting tougher to own your own home in Australia and the rent trap is tightening, but equally there are some great new home loan products available that help renters get into property ownership very easily and investors expand portfolios.

how do people select a home loan lender?

When consumers select a lending institution they do so for the following reasons - loan flexibility (40%), existing products with lender (32%), low ongoing rate (31%), low fees and charges (27%), recommendation (15%), accessibility of a branch (15%), low deposit option (of less than 10%) (13%), and low introductory rate (12%). (2007 Mortgage Trends Report - Genworth Financial).

How you get these options is something you should talk to a good mortgage broker about. Once you have done that, it is simply a matter of deciding on the right home loan for you, applying for and getting your loan and then making it work as hard as possible for you.

The increasingly competitive lending market offers you a huge number of options with local and international banks, building societies, credit unions along with all manner of specialist lenders offering a seemingly endless array of home loan options, including honeymoon rates, introductory rates, standard variable rates, fixed rates, redraw facilities, line of credit loans, professional packages. Get a full understanding of what is available at the different pages under how to pick a home loan.

Once you have an understanding of what home loans are available, the next step is understand what is most appropriate for your situation. You can find out what options are typically available for your situation at getting the right home loan for you.

applying for and getting a home loan

Find out here how much deposit you need, how to apply for a home loan and get it approved, what the home loan process involves, how credit profiles and valuations work and what costs are involved in getting a house and a home loan.

Reviewing your mortgage every two years to ensure it is still the best available for your personal circumstances is very important. The lending market is very competitive and new products are being developed all the time so if you are thinking of changing loans or consolidating their debts, find out more about your refinancing options and how much it is likely to cost to change from one home loan to another at refinancing.

"Thanks again Ben Anson for all your help getting the mortgage sorted out. We really appreciated your prompt, professional and personable service - we know that you went out of your way to accommodate some unreasonable requests at times."

Clare LeRoy, Sydney

You really can save a huge amount of money on your mortgage if you know how and are prepared to commit to what you need to do. There are some great tips which anyone can follow to really will save you thousands in interest and take years off your mortgage at managing your mortgage.

2007 Mortgage Trends Report

Do you want to know what everyone else is thinking? Key findings in the 2007 Genworth Financial Mortgage Trends Report include:

Property ownership in Australia is high compared to other countries around the world - 61% of Australians surveyed owned their own property. The highest levels of property ownership occur in Western Australia (68% of people) and Victoria (66%).

There is a close correlation between home ownership and income - of those earning less than $25,000 per annum, 47% own property, while 63% of people on incomes of between $50,000 and $74,999 own property.

The average loan for a First Home Buyer has risen by 120% in the last decade to $228,600, compared to the average loan size of a non-First Home Buyer, which is up 91% to $226,100.

71% of property owners are still paying off their mortgage, and 77% of Australians say their mortgage payments were easily met every month in the last 12. Of these 29% actually made overpayments during this period.

82% expect to easily meet repayments in at least some months of the coming year.

54% believed changes in circumstances such as pregnancy, divorce or job changes are more likely to cause them repayment problems over the next year compared with changing economic conditions.