Home Loans

Whether you are purchasing your first home, upgrading to a new home or refinancing your existing home loan to save some money, a Mortgage World Australia mortgage broker can guide you through the whole process.

Our consultants will analyse your current situation, discuss your requirements and objectives and then show you the best home loan options available from our panel of 40 of Australia’s biggest lenders.

Couple signing for new Home LoansTypes of home loans

Our mortgage brokers can assist you with home loans for the following situations:

Home Loan Fast Find

Property purchase

Property purchase

Home loan to purchase a new or established property :

  • Use savings or equity in an existing property as a deposit
  • Selling your existing property to upgrade

Home loan refinancing

Home loan refinancing

You may be paying a higher interest rate than you need too. Put money back into your pocket instead of into the banks :

  • We can review your current home loan to determine whether you can save money by refinancing.
  • Did you know that cutting the rate by 0.50% on a $500,000 25 year home loan would save you $41,994 in repayments over the loan term

First home buyers

First home buyers

Home loans suited to first home buyers :

  • Loans that requires as little as 5% deposit plus purchase costs
  • Lenders that allow the deposit to be the proceeds of a gift from family

Guarantor home loan

Guarantor home loan

A guarantor home loan makes it possible to purchase a home with little or no deposit :

  • Requires an immediate family member who owns real estate in Australia to act as a guarantor
  • Potentially saves you tens of thousands of dollars in mortgage insurance

Self employed home loans

Self employed home loans

It can be difficult to obtain a home loan when you are self employed but there are solutions :

  • Low doc home loans that don’t require tax returns to prove income but instead accept alternative forms of income evidence
  • Standard home loans that require just the most recent years tax return instead of the last 2 years tax returns

Construction home loans

Construction home loans

We have access to a number of home loan solutions to assist you with purchasing land and constructing your dream home :

  • Construction loans of up to 95% plus mortgage insurance or 100% plus costs if using a guarantor
  • Interest only repayments only required during construction to make it more affordable while you are also paying rent or another mortgage

Frequently asked questions

Not sure? Have additional questions? Try here –

How much deposit do I require to purchase a property?

The minimum deposit required in order to qualify for a home loan is 5% of the purchase price plus additional funds for purchase costs such as stamp duty, government registration fees, government transfer fees, conveyancing fees etc. If you have a relative that owns a property and his happy to act as your guarantor it may be possible to qualify for a home without a deposit.

Can I borrow 100% of the purchase price of a property?

It is possible to borrow 100% of the purchase price of a property but only if you have a relative who owns a property and is happy to act as your guarantor. You may even be able to borrow 100% plus purchase costs. There is even a lender that may lend up to another $50,000 for renovations.

Without a guarantor the maximum that can be borrowed is 95% of the purchase price plus the entire mortgage insurance premium. This often totals 99% of the purchase price.

I have defaults on my credit report. Is it possible to obtain a home loan?

You can still qualify for a home loan even if you have defaults on your credit report. If you have just one small default with a telephone or utilities provider it may be possible to still borrow up to 95% of the purchase price. The higher the number of defaults and the amount of the defaults the more deposit that will be required by lenders.

My deposit is a gift from my parents. Can I obtain a home loan without genuine savings?

Yes, we have lenders that will consider lending up to 95% of the purchase price without genuine savings. Each lender has different policies regarding genuine savings. If you have a 20% deposit then almost all lenders won’t require evidence of genuine savings. If you have less than a 20% deposit that is the proceeds of a gift there are still a number of lenders that may be able to assist.

I am self-employed under a company structure. What documentation to I require to obtain a home loan?

To obtain a standard home loan the minimum requirement is the most recent personal and company tax return, company financial statements and ATO Assessment Notice. Most lenders require these documents for the last 2 years but we have some lenders that will accept just the most recent year.

If these documents are unavailable the alternative option is a low doc or alt doc loan where documents such as Business Activity Statements, 6 months business bank statements and/or a signed accountants declaration may be accepted.

Need help? Give us a call.

Why not give us a call, or send us an email and get a direct response from one of our finance experts. We’d be happy to give you a hand and help point you in the right direction.