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Home Loan Frequently Asked Questions
If you haven’t used a finance broker before, you probably have some questions. Let’s help you get some answers.
Where to get a home loan with bad credit?
Mainstream lenders can have strict credit rating requirements when it comes to home loans. So applying with a specialist lender may be the best option if you have bad credit. Specialist lenders take a more individualised approach and look further into your credit history and lifestyle in order to grant you a loan. However, in order to mitigate lending risk, specialist lenders tend to have higher interest rates than mainstream lenders. Higher interest rates can cost you more in the long run.
If you’re concerned about bad credit, a mortgage broker can help you navigate through lenders and home loan options to find the right solution for you. Contact our experienced mortgage brokers today and get one step closer to owning your home!
Can home loans be transferred from one person to another?
Most Australian lenders will not allow a home loan to be transferred from one person to another. This is because Australian lenders must comply with Responsible Lending legislation and assess each borrower and their ability to repay the loan carefully.
Can home loans cover stamp duty?
Stamp duty is an upfront cost usually paid upon settlement of a property and most lenders ask that borrowers pay this cost using their own savings. However, in certain circumstances some lenders may allow you to add this cost to your loan amount. It’s important to note that adding the cost of stamp duty to your home loan amount may mean you have to pay Lenders Mortgage Insurance.
Are home loan repayments tax deductible?
Generally, home loan repayments as a whole are not tax deductible. However, if your property is an investment or rental property, then the loan interest may be tax deductible. It’s important to consult your tax accountant or the Australian Taxation Office before making any major financial decisions.