Home Loans in Australia

Home Loans in Australia

The last quarter of 2017 saw a decline in property prices that led to the rebound of home loan borrowings. According to the Bureau of Statistics, the total value of home loans in Australia grew by 2.5 percent in January this year. The figure is quite high compared to the predictions made by property analysts based on last year’s market trend. Owner- occupier loans rose by 2.8 percent while real estate investment credit grew by 1.4 percent.

First time home buyers were among the most significant beneficiaries of declining property prices, and they represent a high percentage of the new Home Loans at Loans.com.au. Some critics attribute the growth in credit by first time home buyers to the stamp duty discounts recently introduced in New South Wales and Victoria. However, real estate investors did not borrow as expected by the property market analysts.

Previously, home loan options for individuals wishing to construct a single housing unit were insufficient. This year, the Bureau of Statistics shows that more lenders are now offering individual borrowers who want to build a custom house. The total value of custom home loans in Australia rose by 7.1 percent in January 2018.

Some of the most reputable lenders of home loans in Australia include Loans.com.au, HSBC, RACQ Bank, and U Bank. Loans.com.au is probably the best online lender of home loans in Australia. The lender has consistently offered its customers the cheapest credit rates in the property market. Recently, they introduced the Essential Variable 80 Homebuyer Special. The offer features a 3.54 percent interest per annum, no monthly fees, split loan facility with five free splits, and free redraws with no minimum.

HSBC bank has recently introduced the Discounted Home Value Loan offer for its customers. The product features include 3.65 percent interest per annum, 10 percent deposit, free redraw facility, split loan facility, and no upfront or ongoing fees.

The Mortgage Saver Special product offered by RACQ Bank is one of the best low deposit home loans in Australia. The bank allows customers to borrow up to 95 percent of the property’s value with just five percent as the deposit. The product also features 3.74 percent variable interest per month, a redraw facility, and no upfront or ongoing fees.

Among the one year fixed home loans in Australia, the UHome Loan by U Bank is probably the best. Investors are eligible to borrow up to $2 million with just 20 percent as the deposit. UHome Loan also features 3.69 percent per annum fixed deposit, no servicing fees, and up to $20,000 in free extra repayments within the year. You can use a Home Loan Calculator https://www.loans.com.au/calculators/home-loan.

Apart from the three property players, there are many other home loan lenders in Australia. Other creditors worth trying out include State Custodians, Bankwest, and Newcastle Permanent.

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