Yes, but you may have to pay LMI or find a lender with a low-deposit option, like the First Home Guarantee.

No, but the higher your score, the better your chances of approval and getting a lower interest rate.

You apply through your state’s revenue office, either directly or through your lender.

Consider your deposit, stamp duty, legal fees, inspections, loan application fees, and ongoing costs like rates and insurance.

Improve your credit score, reduce debts, save a larger deposit, and provide proof of a stable income.

Stamp duty varies by state and depends on the property price and whether you are a first-home buyer. Some states offer exemptions or discounts for first-timers.

The First Home Owner Grant (FHOG) offers up to $10,000 to eligible first-home buyers. There are also stamp duty concessions in some states.

Pre-approval is a conditional agreement from a lender about how much they’ll lend you. It shows sellers you’re serious and ready to buy.

The First Home Guarantee allows eligible first-home buyers to purchase a property with a deposit as low as 5% without paying LMI.

Think about your long-term financial stability, job security, lifestyle needs, and future goals before committing.

You’ll need a stable income, good credit score, proof of savings, and the ability to afford the loan repayments.

You borrow money from a lender, and in return, you agree to pay it back with interest over a set period. Your property serves as collateral.

This depends on your income, credit score, savings, and existing debts. Lenders typically allow you to borrow up to 80-90% of the property value, but borrowing capacity can vary.

It depends on your circumstances. Fixed rates provide certainty, while variable rates can offer more flexibility if interest rates fall.

A split loan allows you to fix a portion of your loan while leaving the other portion variable, giving you the benefits of both.

A deposit is the upfront amount you pay towards the property. Most lenders require at least 10-20% of the property value.

A fixed rate stays the same for a set period (typically 1-5 years), giving you consistent repayments during that time.

A home loan, or mortgage, is a type of loan specifically for purchasing a house. The property acts as security, and you repay the loan in instalments over an agreed period (usually 20-30 years).

A variable interest rate fluctuates based on the market, which means your repayments can go up or down.

LMI protects the lender if you default on the loan. It’s usually required if your deposit is less than 20%.

A comparison rate includes both the interest rate and most fees and charges, giving you a clearer picture of the total cost of the loan.

Common fees include application fees, valuation fees, legal fees, and settlement fees.

A redraw facility lets you access extra repayments you’ve made on your loan, giving you flexibility if you need cash in the future.

Some loans charge a fee if you pay off the loan early, especially fixed-rate loans.

This insurance covers your loan repayments if you become seriously ill, injured, or lose your job.

Use an online home loan calculator to input your loan amount, interest rate, and term to estimate monthly repayments.

With an interest-only loan, you pay just the interest for a set period (usually 5 years), after which you start paying off the principal.

Missing a payment could incur fees and affect your credit score. If you’re struggling, it’s best to talk to your lender early for options.

An offset account is a savings account linked to your mortgage. The balance offsets your loan, reducing the interest charged.

Some lenders allow a temporary pause on repayments, known as a repayment holiday, but interest will still accrue during this time.

A bridging loan helps you buy a new property before selling your current one. It’s a short-term loan that “bridges” the gap.

A construction loan is for building a new home or renovating an existing one, with funds released in stages as the work progresses.

A line of credit loan gives you access to a set amount of money that you can draw from as needed, similar to a credit card but secured by your property.

Investment property loans often require a higher deposit (usually 20%), and lenders may scrutinise your ability to generate rental income.

You can manage it yourself or hire a property manager to handle tenants, rent collection, and maintenance.

If you sell an investment property for more than its purchase price, the profit is subject to CGT. However, there are exemptions if the property was your primary residence.

Residential properties are often easier to rent and finance, but commercial properties can offer higher returns.

Risks include market fluctuations, tenant issues, property damage, and changes in interest rates or tax laws.

You may be eligible for deductions on interest, maintenance, depreciation, and property management costs.

An investment property is real estate purchased to earn rental income or capital appreciation (an increase in value over time).

Negative gearing occurs when the income from an investment property is less than the expenses, creating a tax-deductible loss.

Positive cash flow occurs when your rental income exceeds your expenses, giving you extra income.

Look for areas with strong rental demand, infrastructure development, and potential for capital growth. Suburbs in major cities and regional growth areas are often favoured.

It’s possible, but you might not get the best rates or terms. Working on improving your credit before refinancing can help.

Costs may include exit fees, application fees, and legal fees, but many lenders offer incentives that reduce or waive these.

You should review your loan every few years or when your financial situation changes, but refinancing too frequently may incur fees.

Refinancing involves switching your existing home loan to a new lender or a different loan product, often to get a better interest rate or loan features.

You might refinance to get a lower interest rate, access better features (like offset accounts), or consolidate debts.