Home loan terms

FAQ

Popular questions related to: Home loans

Yes, you can.
If you are interested in purchasing another property, you as an investor, can often access up to 80% of your current home’s equity. This can also be accessed without having to pay Lenders Mortgage Insurance (LMI). Please note that this does depend on your specific circumstances.
Speak to a Oxcel Home Loan Specialist now to discuss your options.

The answer to this question will depend on whether or not you’ve made extra home loan repayments.
A cash out or equity loan can help you complete renovations, purchase an investment property, invest in shares, consolidate debt, or any number of other things.
Find out if you qualify for a low rate home loan today by chatting to a Oxcel Home Loan Specialist.

The minimum deposit you will need to pay on a home loan will depend on a number of things, primarily your lender and the loan type.
Generally, the deposit is expected to be between 5-20% of the purchase price of a property. For example, if the house you intend to buy has a purchase price of $800,000, you will need a $40,000 (or 5%) deposit, minimum.
If you are able to pay a deposit greater than 20% you likely won’t need to fund the extra costs of Lenders Mortgage Insurance (LMI), and the more you pay upfront, the less you’ll have to pay back later.
Find out if you qualify for a low rate home loan today by chatting to a Oxcel Home Loan Specialist.

he comparison rate calculates the average rate with the addition of any other upfront or ongoing fees during the loan term. It is also known as the ‘true’ or ‘real’ rate. Comparison rates operate under more fixed conditions, which considers a loan of $150,000 on a 25 year loan period with a principal and interest repayment method.
Similar to the comparison rate, the AAPR calculates the real rate of a home loan. It takes it a step further and takes into account honeymoon rates, ongoing fees and introductory offers. The AAPR takes your actual loan amount and calculates the rate over a 7 year period.
Although they both attempt to do the same thing which is to determine the most accurate and real rate of your home loan, the AAPR is seen to be a more accurate representation. Since a vast majority of loans used today exceed $150,000, comparison rates are used as more of a guide for determining the cost of your loan in the long run. The AAPR doesn’t include government fees and service fees such as redraw, since most of them are usually free. However, the AAPR can be seen as a more accurate reflection of your overall loan rate over its term.
Don’t spend hours filling out forms. Apply for your home loan online with Oxcel and get approved faster.

Yes, you can.
If you are interested in purchasing another property, you as an investor, can often access up to 80% of your current home’s equity. This can also be accessed without having to pay Lenders Mortgage Insurance (LMI). Please note that this does depend on your specific circumstances.

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