How to get a home loan

ASIC’s MoneySmart website has tips on how to get a home loan here

There’s no doubt about it, buying a home is full of excitement but it can also cause some stress figuring out how much you can afford and how to go about getting a home loan.

One of the first things you need to do is get your finances in place so you know what you’re committing yourself to.

Home loans can be provided by banks or credit unions. They’ll agree to lend you a lump sum of money to pay for the purchase of your home, and over time you pay them back through regular repayments, which include interest.

You can get a home loan by contacting a lender directly or by going through a mortgage broker.

It’s a good idea to shop around for a home loan that suits you and don’t rely on just one source because saving even half a percent on the interest rate can save you thousands of dollars over time.

Buying a home is a major financial decision. So make sure you check out the great tips and calculators on ASIC’s MoneySmart website.