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Australian Home Loan Tips

Tips on Australian Home loans

One of the challenges faced by first time home buyers revolves around home financing. There is lots of uncertainty when you are considering taking out a home loan. There is a lot to choose from when it comes to Australia home loans. Your primary objective is to tip the odds in your favour so that you can get a loan approved fast. Here are key tips on Australian home loans to get you approved faster.

Create a budget

Home buying has huge cost implications. It is best to draft a budget before approaching lenders. Once you create a budget, you need to stick to it. Give yourself at least six months to establish whether you have the financial discipline to pay your loan. After this period, you can review your budget to ascertain whether it is realistic or you need to make adjustments. When creating a budget, you also need to decide on the limits. You can use a mortgage repayment calculator with the help of a real estate agent. The budget also needs to factor in upfront costs.

Keep your bank details in order

Australian home loans lenders will scrutinize your bank details before approving you for a Home Loans. As such, you need to ensure that your bank details portray you as a financially responsible person. This means that you need to take care of any late payments. Also, ensure that you do not overdraw during this period. Lenders may also ask for bank statements dating back to 6 months or even one year. It is also important to ensure that your tax information is up to date.

Pay debts and avoid taking new ones

While the lender will not expect you to have a zero balance on the credit cards, it is best to clear most of your debts. The amount you owe in debts have a huge impact your Australian home loans approval. Lenders use a debt to income ratio when approving mortgages. A high ratio can be turned down. Ideally, lenders insist that your debt obligations should not go beyond 36 percent of your total income. Your aim should be to ensure that your debt to income ratio remains low.

Save money before taking out a loan

The general requirement when applying for an Australian home loans is to make a down payment. You are likely to be turned down for a loan if you walk into a lenders office with no cash. While the housing sector in Australia is improving, lenders are still cautious, and many will not approve loans without a deposit. The minimum deposit amount differs from one lender to another. However, the industry trend among many Australian home loans providers is that most insist on a minimum of 3.5 percent as down payment. It is best to aim for a higher down payment. A higher deposit can reduce your mortgage balance and eliminate the need for private mortgage insurance.

The above tips on Australian home loans can make an otherwise complicated and strenuous home loan approval process much smoother.

Australian Home Loans

An Easy-To-Understand Explanations of Australian Home Loans And How To Find Great Financing Agreement Terms And Conditions

Australian home loans are highly, highly prevalent in the colloquially-named Land Down Under. Homes are undoubtedly one of the most expensive purchases individuals and families will make in their entire lifetimes, exceeding that of their vehicles – at least, most vehicles – medical bills, food, water, utilities, and home improvements onto those places of residence. Australian home loans are taken out so often because people in Australia, just like people across the remainder of our beloved blue-and-green planet, typically can’t afford to buy houses with cash, instead opting to spread the cost of their financed living spaces over long periods of time.

While most people know what mortgages are, having heard the name from friends, family members, television, books, or the Internet, few people are familiar with the ins and outs, the nuances, the nitty gritty details, and even the basic functional concepts of Australian home loans. Let’s explain exactly what Australian home loans are, some interesting statistics about them, and how to sign financing agreements with terms and conditions working in your favor, not the lenders.In 2017, Australian home loans cost a whopping 376,000 dollars, on average, according to statistics published by the Australian Bureau of Statistics from the researched period of June of 2017. For people who bought homes for the first times in their lives, the average loan was slightly lower, although still outrageously expensive, at $317,000, total dollar value minus that of lenders’ fees, taxes, and other amounts required to obtain any of the many Australian home loans for the people of the only continent with just one country – Australia, for those who are geographically challenged – only 13% of first-time home buyers took out Australian home loans for their first home purchases. However, the average cost of these Australian home loans taken out by those who have no experience in purchasing homes, evaluating them, or otherwise preparing themselves for decades of mortgage debt for slightly more than a place to live, was $363,650. This is up significantly from 2012, for example, when the average first-time home buyers’ price was $298,608.Aren’t those numbers exorbitantly high? There’s not any debate about that. Let’s dig into several tips for lowering the amount of money you’ll pay on home loans in the Land Down Under, applicable to literally every case of Aussies looking for houses to settle into.

Get with a financial advisor to discuss the maximum limit of home you can afford. Next, ask what financial information you should prepare to show to lenders and real estate agents. This usually includes proof of income from the past few months, bank account balances, and background checks.

Visit multiple lenders, rather than settling for the first one you visit, and discuss home loan options with them. Furthermore, visit lenders prior to shopping for homes, as a large chunk of real estate agents maintain deals with banks in agreement to send all clients interested in financing homes their way, with agents themselves earning a small chunk of money from each sale.