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Home Loans

Owning a house is part of the “Great Australian Dream” for many and over the past decades ownership rates in Australia have fluctuated by only a few percentage points. Currently, home ownership rates are just under 70%.

Whether a unit or house though, buying a home takes a great deal of planning. It is likely to be one of the largest financial commitments you will ever make – and your home loan is likely to be one of the largest debts you ever commit to. So it’s worth spending the time upfront to get it right! FinanceOK assess approximately 1,100 products from more than 30 providers across Australia, to help you compare the top home loans to suit your needs.

What is a Home Loan?

A “home loan” or “mortgage” is a loan advanced to you by a financial institution in return for security over the property you are using the loan to buy. Typically a home loan will be a 25 or 30 year term, with regular repayment amounts fortnightly or monthly that are designed to pay off the loan over the contracted term.

The loan is secured against your property so if you are unable to continue paying the loan, the lender may ultimately require you to sell the property to settle the debt.

Given property prices in Australia, a home loan is realistically the way by which the majority of people will afford to buy a house.

                         

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