Home loan terms

FAQ

Popular questions related to: Home loans

Yes, we can.
If we are interested in purchasing another property as investors, we can often access up to 80% of our current home’s equity without paying the Lender’s Mortgage Insurance (LMI). Please note that this does depend on our specific circumstances. Let’s discuss our options with an Oxcel Home Loan Specialist.

The answer to this question will depend on whether or not we’ve made extra home loan repayments. A cash-out or equity loan can help us complete renovations, purchase an investment property, invest in shares, consolidate debt, or other things. Let’s find out if we qualify for a low-rate home loan today by chatting with an Oxcel Home Loan Specialist.

The minimum deposit we will need to pay on a home loan will depend on several factors, primarily our lender and the type of loan. Generally, the warranty is expected to be between 5-20% of the purchase price of a property. For instance, if the house we intend to buy has a purchase price of $800,000, we will need a minimum deposit of $40,000 (which is 5% of the purchase price).
It’s worth noting that if we can pay a deposit more significant than 20%, we likely won’t need to fund the extra costs of Lenders Mortgage Insurance (LMI), and the more we pay upfront, the less we’ll have to pay back later. Let’s find out if we qualify for a low-rate home loan today by chatting with an Oxcel Home Loan Specialist.

he comparison rate calculates the average rate with the addition of any other upfront or ongoing fees during the loan term. It is also known as the ‘true’ or ‘real’ rate. Comparison rates operate under more fixed conditions, which considers a loan of $150,000 on a 25 year loan period with a principal and interest repayment method.
Similar to the comparison rate, the AAPR calculates the real rate of a home loan. It takes it a step further and takes into account honeymoon rates, ongoing fees and introductory offers. The AAPR takes your actual loan amount and calculates the rate over a 7 year period.
Although they both attempt to do the same thing which is to determine the most accurate and real rate of your home loan, the AAPR is seen to be a more accurate representation. Since a vast majority of loans used today exceed $150,000, comparison rates are used as more of a guide for determining the cost of your loan in the long run. The AAPR doesn’t include government fees and service fees such as redraw, since most of them are usually free. However, the AAPR can be seen as a more accurate reflection of your overall loan rate over its term.
Don’t spend hours filling out forms. Apply for your home loan online with Oxcel and get approved faster.

Yes, you can.
If you are interested in purchasing another property, you as an investor, can often access up to 80% of your current home’s equity. This can also be accessed without having to pay Lenders Mortgage Insurance (LMI). Please note that this does depend on your specific circumstances.

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