Getting a Home Loan in Australia if you're living overs...
29 Nov 2023
With the technology we have today, traditional banks, credit unions and building societies are not your only choice for mortgages. You also have the option to go with non-bank lenders or online lenders such as loans.com.au for your home loan.
To put it simply, an online lender is a non-bank financial institution that allows borrowers to apply for a home loan through their website instead of going to a physical branch. Their website is the primary source of communication. Their loan products can be found online and homebuyers, property investors and refinancers can get their home loan just by completing an online application form.
Yes. Online and other non-bank lenders are regulated by the Australian government. Their operations are covered by the National Consumer Credit Protection Act which is enforced by the consumer watchdog, the Australian Securities and Investments Commission.
You can check your online lender's webpage to see if they have an Australian Credit Licence or ACL.
There are number of reason why an online lender can be a good option. Online lenders such as loans.com.au offer a very competitive interest rate compared to other lenders which can help home buyers save on interest.
Convenience is another key benefit of going with an online lender. You can easily apply for a loan in the comfort of your home just by using your smartphone, tablet, laptop, or desktop as long as you have an internet connection.
Online lenders also offer a speedier application process, since there’s no need to go through a time consuming in-person meeting.
Finding for the best home loan for your individual financial circumstances is essential. One way you can do this is by comparing interest rates. The interest rate is the cost of borrowing money. A lower rate can save you money on your home loan repayments.
It is also a good idea to learn about the different types of rate. There are two main types available, a variable rate and a fixed rate. A variable rate means that your interest rate can increase and decrease over the life of your loan. While a fixed rate means that your interest rate will not change for an agreed period of time.
You should also watch out for upfront and ongoing fees as these can seriously add to your costs. Some fees to be aware of are application fees, valuation fees, settlement fees, lender’s legal fees, and discharge fees.
Of course, loan features are also important. See if your online lender can offer flexible features that can be attached to your loan. Some loan features you might want are the ability to make additional repayments, an offset sub-account or a split loan.
You can call us now on 13 10 90 or check out our loan rates online at www.loans.com.au.
As Australia's leading online lender, loans.com.au has been helping people into their dream homes and cars for more than 10 years. Our content is written and reviewed by experienced financial experts. The information we provide is general in nature and does not take into account your personal objectives or needs. If you'd like to chat to one of our lending specialists about a home or car loan, contact us on Live Chat or by calling 13 10 90.