Home loan guides
Find the answer to your home loan question, from saving a deposit to paying your loan off sooner, in 72 plain English guides.
Buying a home
Saving a deposit, getting pre-approved and every cost between your offer and settlement day.
- A guide to HEM living expensesWhen you apply for a home loan, lenders compare your living costs with a benchmark called the Household Expenditure Measure, or HEM.Read the guide
- How first home buyers can save a depositSaving a deposit is the hardest part of buying a first home. These are the ways people get there faster.Read the guide
- How guarantor home loans workA guarantor home loan lets a family member use equity in their home as extra security, so you can borrow more without lenders mortgage insurance.Read the guide
- How home loan pre-approval worksPre-approval is a lender's conditional OK to lend you a set amount, before you've found a home. It's the first step for most buyers.Read the guide
- How house and land packages workA house and land package is a block of land and a new home bought together, usually in a new estate. Here's how they work and how to finance one.Read the guide
- How long does home loan approval take?A straightforward home loan can be approved within a few days, but some take weeks. Here's how long each stage usually takes, and what you can do to speed it up.Read the guide
- How much deposit do you need to buy a house?The standard is 20% of the price, but many people buy with 5% or less. Here's how much you need, and the ways to buy with less.Read the guide
- How much does conveyancing cost?Conveyancing is the legal work of transferring a property. Here's what it usually costs, what's included, and what to look for in a quote.Read the guide
- How stamp duty worksStamp duty, or transfer duty, is a state tax on buying property. It's often the biggest cost after the deposit.Read the guide
- How to get a lower home loan rateA small cut to your rate can save thousands of dollars over the life of your loan. Here's how to get one, whether you're buying or already have a loan.Read the guide
- How to make an offer on a houseMost homes sold by private treaty change hands through an offer and some back and forth. Here's how to make a strong offer and protect yourself.Read the guide
- Interest rate vs comparison rateEvery advertised home loan rate comes with a comparison rate. Here's what it tells you, and what it doesn't.Read the guide
- Lenders mortgage insurance explainedLenders mortgage insurance, or LMI, is a one off cost most people pay when they borrow more than 80% of a home's value. Here's how it works and how to avoid it.Read the guide
- Mortgage broker vs going direct to a lenderMost home loans in Australia are now arranged through brokers, but you can also go straight to a lender. Here's how to decide.Read the guide
- The 5% Deposit Scheme for first home buyersThe government's 5% Deposit Scheme, once called the First Home Loan Deposit Scheme, lets first home buyers buy with a 5% deposit and no lenders mortgage insurance.Read the guide
- Tips for your first home loan applicationA first home loan application is easier when you know what lenders look for. These steps will help your application go through smoothly.Read the guide
- What a conveyancer does, and how to avoid problemsA conveyancer handles the legal side of buying a home, from checking the contract to settlement day. Here's what they do and how to keep things on track.Read the guide
- What are genuine savings?Genuine savings are money you've saved yourself over time. Many lenders want to see them before they'll lend with a smaller deposit.Read the guide
- What does LVR mean?LVR, or loan to value ratio, is how much you borrow as a share of the property's value. It decides your rate, whether you pay LMI, and how much you can borrow.Read the guide
- What is a gifted deposit?A gifted deposit is money from family, often parents, to help you buy a home. Lenders accept gifts, with a few conditions.Read the guide
Home loans for you
What lenders look for, and the deals some offer, if you're self-employed, in a particular job or on a pension.
- Home loans for accountantsLenders see accountants as low risk borrowers, so some waive lenders mortgage insurance or cut the rate. Here's how it works and what you'll need to show.Read the guide
- Home loans for ADF members and veteransMembers of the Australian Defence Force can get help with their home loan repayments through the Defence Home Ownership Assistance Scheme, known as DHOAS. Here's how it works.Read the guide
- Home loans for casual workersYou can get a home loan as a casual worker. You'll have fewer lenders to choose from, and you'll need to show your income is steady.Read the guide
- Home loans for chiropractorsSome lenders treat chiropractors like other registered health professionals, with lenders mortgage insurance waived on a smaller deposit. Here's what to know.Read the guide
- Home loans for dentistsDentists and dental specialists are among the professions lenders like most. Many waive lenders mortgage insurance and offer rate discounts.Read the guide
- Home loans for doctorsDoctors get some of the most generous home loan policies around. Lenders compete for medical professionals with LMI waivers, higher limits and rate discounts.Read the guide
- Home loans for freelancersFreelancers can get home loans, but lenders want more proof of income than they'd ask from an employee. Here's what they look for.Read the guide
- Home loans for lawyersLawyers are on most lenders' lists of preferred professions, so many can buy with a 10% deposit and no lenders mortgage insurance.Read the guide
- Home loans for medical residents and internsJunior doctors can get many of the same home loan benefits as senior colleagues, with some lenders waiving LMI from your intern year.Read the guide
- Home loans for nursesNurses rarely get the LMI waivers doctors do, but some lenders count more of your pay, which can lift what you can borrow.Read the guide
- Home loans for optometristsOptometrists are registered health professionals, and some lenders waive lenders mortgage insurance for them on a smaller deposit.Read the guide
- Home loans for pensionersAge alone doesn't stop you getting a home loan, but lenders need to see how you'll repay it. Here are the options for pensioners and retirees.Read the guide
- Home loans for pharmacistsPharmacists are on many lenders' lists of health professionals, with lenders mortgage insurance waived on a smaller deposit.Read the guide
- Home loans for physiotherapistsSome lenders include physiotherapists in their health professional policies, with lenders mortgage insurance waived on a smaller deposit.Read the guide
- Home loans for public servantsGovernment jobs are seen as secure, which helps with approval. A few lenders offer public servants discounts, and government schemes can help with the deposit.Read the guide
- Home loans for single parentsBuying on one income is harder, but single parents have a government scheme of their own, and many lenders count child support and family payments.Read the guide
- Home loans for tradiesWhether you're on wages or running your own business, you can get a home loan as a tradie. What lenders need depends on how you're paid.Read the guide
- Home loans for veterinariansSome lenders include vets in their professional policies, with lenders mortgage insurance waived on a smaller deposit.Read the guide
Owning and refinancing
Paying your loan off sooner, cutting your rate, refinancing and using the equity you've built.
- Home loan offset accounts: are they worth it?An offset account is an everyday account linked to your home loan. Every dollar in it reduces the balance you pay interest on.Read the guide
- How bridging loans workA bridging loan lets you buy your next home before you've sold your current one, covering the gap between the two.Read the guide
- How capital gains tax works when you sell a propertyIf you sell a property for more than you paid, you may pay capital gains tax on the profit. Here's how it's worked out, and the main exemptions.Read the guide
- How debt recycling worksDebt recycling is a strategy for turning your home loan, which isn't tax deductible, into investment debt, which can be.Read the guide
- How discharging a mortgage worksDischarging a mortgage means closing your home loan and having the lender's interest removed from your title, when you sell, refinance or pay it off.Read the guide
- How home loan portability worksSome home loans are portable: you can move the loan to a new property when you sell and buy, instead of paying it out and starting again.Read the guide
- How refinancing your home loan worksRefinancing means replacing your home loan with a new one, usually with a different lender, to get a lower rate, better features or access to equity.Read the guide
- How reverse mortgages workA reverse mortgage lets older homeowners borrow against their home, with nothing to repay until they sell, move into care or die.Read the guide
- How to get a lower rate without refinancingYou don't always have to switch lenders to get a lower rate. Many lenders will cut your rate if you ask, especially if you've done your homework.Read the guide
- How to repay your home loan fasterPaying your home loan off sooner can save tens of thousands of dollars in interest. These are the ways that make the biggest difference.Read the guide
- How to salary sacrifice your home loanSalary sacrificing your home loan means paying it from your pre-tax pay. It only makes sense for some employees.Read the guide
- Moving into your investment propertyYou can move into a property you've been renting out. Your loan, your tax deductions and your capital gains position all change when you do.Read the guide
- Refinancing to pay for a renovationIf your home has grown in value, refinancing can free up equity for a renovation, usually at a home loan rate.Read the guide
- What is positive gearing?A property is positively geared when the rent is more than the interest and other costs. Here's how that works and how it's taxed.Read the guide
Property guides
Selling, renting, strata, granny flats and the other questions that come with owning property.
- Buying a house with Bitcoin in AustraliaA handful of Australian sales have been paid in crypto, but most buyers sell their crypto and use the cash. Here's what to know.Read the guide
- Buying vs renting vs rentvestingThere's no single right answer to buying or renting. Rentvesting, renting where you want to live and buying elsewhere, sits in between.Read the guide
- Can Afterpay affect a home loan application?Buy now pay later accounts can affect your home loan application, through your credit report, your spending and what lenders count as debt.Read the guide
- Can I use my super to buy a house?You generally can't withdraw your super to buy a home, but there are a few ways super can help.Read the guide
- Can you permanently swap houses?Two owners can agree to swap homes outright. It's legal, but in law it's two sales, with the same costs.Read the guide
- Do rent-to-own home schemes work?Rent to own schemes promise a path to ownership without a deposit. They can work, but many cost far more than a normal loan and carry real risks.Read the guide
- Do you need a will to buy a property?You don't need a will to buy a home or get a mortgage, but buying is a good time to make one.Read the guide
- Finance for tiny housesMost tiny houses don't qualify for a home loan, but there are other ways to finance one.Read the guide
- Home loans for granny flatsA granny flat can house family or earn rent. Here's what it costs and how to finance it.Read the guide
- How an easement affects youAn easement gives someone else the right to use part of your land, such as for pipes, power lines or access. It stays with the land when it's sold.Read the guide
- How simultaneous settlement worksSimultaneous settlement means settling the sale of your home and the purchase of your next one on the same day, so the money from one pays for the other.Read the guide
- How to sell your own homeSelling without an agent saves the commission, but you take on the pricing, marketing and negotiation yourself.Read the guide
- Open listings vs exclusive listingsWhen you sell, you can list with one agent exclusively or with several at once. Here's how each works.Read the guide
- Shipping container homesShipping container homes can be quicker and cheaper to build, but finance and approvals are harder than for a standard home.Read the guide
- What does under contract mean?Under contract means the buyer and seller have signed a contract, but the sale hasn't settled yet.Read the guide
- What does under offer mean?Under offer means the seller has accepted an offer, but contracts haven't been signed. The sale isn't final.Read the guide
- What is a strata title?Most apartments and many townhouses are strata titled: you own your lot and share the common property with other owners.Read the guide
- What is a sunset clause?A sunset clause sets a deadline for an off the plan development to be finished. If it isn't, the contract can be cancelled.Read the guide
- What is phrogging?Phrogging is when someone secretly lives in another person's home without them knowing. It's rare, but empty homes are most at risk.Read the guide
- What it costs to sell a propertySelling a home usually costs a few per cent of the price, before any tax. Here's what to budget for.Read the guide