Pros and Cons of a Guarantor Home Loan
April 15, 2024
Purchasing a home is an important life milestone, but getting a loan can occasionally be difficult, particularly if you don’t have a large down payment or excellent credit.
Frequently Asked Questions - FAQ
How much deposit do I need to buy a home?
Deposit requirements vary by lender, but there may be low-deposit pathways available for eligible buyers. A mortgage adviser can help you understand where you stand.
How much deposit do I really need — 20% or just 5%?
While most lenders look for a 20% deposit, some buyers may enter the market with as little as 5%, depending on their eligibility. Talk to an adviser to see what deposit option could work for you.
How much can I borrow for a home loan?
Your borrowing capacity depends on your income, expenses, existing debts, and deposit. Speaking with an adviser gives you a realistic picture before you start house hunting.
Fixed or floating rate — which should I choose?
A fixed rate offers certainty with set repayments, while a floating rate gives more flexibility to pay extra. Many borrowers choose a mix of both to suit their goals.
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