The deposit required for a home loan typically ranges from 5% to 20% of the property's value, depending on factors such as whether you're a first home buyer, the type of loan, and the lender's policies.

Common types of home loans in Australia include variable rate loans, fixed rate loans, split rate loans (combination of fixed and variable rates), interest-only loans, and line of credit loans.

Lenders Mortgage Insurance (LMI) is insurance that protects the lender if you default on your loan. It is usually required when you have a deposit of less than 20% of the property's value.

A variable rate home loan has an interest rate that can change over time based on market conditions. A fixed rate home loan has a set interest rate for a specific period, providing certainty in repayments.

Yes, there are several government schemes and incentives for home buyers in Australia, such as the Stamp Duty exemptions/concessions, First Home Buyer Grant, First Home Loan Deposit Scheme, and HomeBuilder Grant. These programs aim to assist eligible buyers with purchasing their first home.

The home loan approval process can vary depending on factors such as the lender, complexity of the application, and documentation required. Simple applications can be approved within days, however typically it takes a week or two from application to approval.

Examples of what may be needed for an application:

ID Documents (drivers Licence or passport)

Proof of income (payslips, tax returns for self-employed).

Bank Statements to confirm your savings, living expenses, credit card, existing loans

Employment and financial details

Property documents if property found (Contract of Sale)

Other financial documents (rental income, investment statements)

Personal details (dependents, marital status)