Home Loan in Australia

If you are a borrower looking to take out or extend a Home Loan in Australia then we have some important information for you. Our goal is to save you time and money and to ensure you get the best possible home loan for your circumstances.

Find out why it is so important for YOU to possess the knowledge to control your financial destiny.

As a borrower, there is no-one that you can rely on 100% to safeguard your interests in a Real Estate transaction. A review of some of the problems involved in obtaining a loan, or buying and selling property in Australia, is contained below.

LOAN RESOURCES:
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Home Loan
Mortgage Lenders
Refinance Loan
Finance Brokers
Mortgage Finance
Equity Loans
Mortgage Broker
Loan Calculator
Morgage Loans
Home Loans
Loan Enquiry Form

The information below highlights the issues you need to be aware of when applying for a loan or buying and selling your home in Australia.

Professionals who are involved in any way in buying and selling real estate are doing so to earn an income. However in some cases they are more interested in looking after their own interests, rather than their customers.

This page mainly highlights the problems involved in the financial industry, but there are many professionals who maintain high standards and strong ethics. Our target is poor practices, and those who give the industry a bad name in Australia.

1. Mortgage Brokers

Problem: Some lenders pay higher commissions than others to mortgage brokers. There is a temptation to recommend the loan that earns the broker the highest commission.

Solution: Get quotes from 3 brokers and ask why they selected the loan and what benefits it offers you. Alternatively locate a mortgage broker business that pays its brokers a flat fee or standard commission rate regardless of lender.

2. Banks

Problem: Banks generally only recommend their own products and they have a limited range to select from.

Solution: Get a quote from the bank then 2 more quotes from brokers and compare them all to find the best loan. Be sure to compare apples with apples.

3. Real Estate Agents

Problem: Agent promises the earth but delivers considerably less.

Solution: Consider selling your house yourself. There is low cost help available if you need assistance.

Problem: Agent wants to sell by auction.

Solution: Auctions may be OK in a rising market where the market price is uncertain. However this method can also be the "lazy agents" way of ensuring a quick commission. You call the shots, set a realistic reserve, and don't be talked out of it.

Myth: The Real Estate Institute of Australia (REIA) and its State branches will safeguard the interests of Vendors in Real Estate transactions.

Truth: The REIA exists to look after the interests of its members, not vendors. I found this out the hard way when I wrote to the REIA complaining about an Agent, and never received an acknowledgement or reply.