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%.