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The whole subject of home loans can be complicated - especially for most of us who only deal with it a few times in our lives.
On this page you'll find some common questions and the answers. If you have a question and the answer's not here, please click here to contact us - we'll be happy to help.
Alternatively, just select a question from the list on the right to find the answer you need.
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| Who Sets Loan Interest Rates? |
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Who increases or decreases interest rates?
Interest rates are based on decisions made by the Reserve Bank of Australia (RBA) on behalf of the Federal Government. The RBA meets every month to decide whether interest rates should be changed. Lenders then use these decisions as a basis for setting the interest rates for their individual loan products and will usually alter interest rates a day or two after any RBA announcement.
Generally, when the economy is in a trough (that's when unemployment is high and consumer spending is low) the RBA reduces interest rates to stimulate economic activity. The reverse is the case in a 'boom' situation and rates are increased to curb inflation.
Click here to Contact a Consultant to help me now.
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| How much can I borrow? |
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How much of the purchase price can I borrow?
This depends on a range of factors including your personal circumstances, the price of the property and any valuation that may be required (a bank valuation may not be the same as the purchase price).
Depending on the lender, they may be prepared to lend up to 100% of valuation, depending on your ability to repay. It's worth noting that loans of more than 80% valuation often require mortgage insurance, which is a cost the borrower pays.
Click here to Contact a Consultant to help me now.
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| What can I afford to borrow? |
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How much can I afford to borrow?
How much you can afford to borrow to buy a home depends on a range of factors relating to the property itself, your lifestyle requirements and other personal circumstances.
There's no point living in the home of your dreams if you can't afford to do other things you really want to do! Our loan Repayment Calculator can help to provide you with initial payment information.
Click here and your AHL Consultant will help you plan a budget and see how much you will be comfortable paying towards a mortgage. This helps us calculate how much you can afford to borrow.
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| When to Get a Loan Approval |
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Do I need approval before I find a property?
Yes, it's usually best.
Having a loan already approved (usually subject to a valuation of the property you buy) means that you will know how much you can afford to pay for a home. It also lets you make a quick purchase decision, which may be a useful negotiating tool with the owner or agent; or at auction time.
Click here to Contact a Consultant to help me now.
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| Is AHL cheaper than Banks? |
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Are AHL's loans cheaper than Banks?
In some cases it may be, in others the advantages lie in getting the loan that best suits your needs.
A bank typically has a limited range of loans to choose from - just the loans they offer.
When you come to AHL, we help you choose the loan that's right for you from hundreds of loans available from a huge range of lenders. We also believe in the concept of customers for life and will work with you now or in the future, regardless of which lender provides the loan you need.
Click here to Contact a Consultant to help me now.
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| Can I change my mind? |
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What happens if I change my mind & cancel?
If you have had a loan approved and decide not to go ahead with a purchase, you may incur a cancellation fee.
If you are not sure or think you might change your mind, please Click here to contact your AHL Consultant to discuss the best options.
Click here to Contact a Consultant to help me now.
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| Can I Switch Loans? |
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What are the risks in switching loans?
Making the decision to change loans or refinance, is difficult as there are hundreds of loans available from hundreds of lenders. On top of that, there are other factors to consider such as how long do you want your loan period to be, or how much you can afford each month?
Some loans have early pay out penalties and other costs you will need to consider. Sometimes re-financing is not the answer, so speak to one of our Consultants to ascertain if refinancing is the right option for you.
Click here to find out more about refinancing your loan.
Click here to Contact a Consultant to help me now.
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Frequently Asked Questions
Who sets interest rates?
I have a default. What can I do?
How much can I borrow?
What can I afford to borrow?
Irregular income, can I get a loan?
Do I need a loan approval first?
How long does a loan approval take?
Is AHL cheaper than a bank?
Can I change my mind?
Can I switch loans?
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