Useful resources for preparing to take out a home loan or purchase a property are listed below.
Educating yourself in the different aspects of purchasing a property is the only way to guarantee that you get the best possible deal. Nearly all the other players involved in your property related transaction have their own interests at heart and you are fooling yourself if you think otherwise.
With the large amount of money involved it is a case of “Buyer Beware”. No amount of government or industry regulation is going to protect you from making errors or mistakes.
Use the following resources to increase your knowledge and help you in making decisions. Buy a couple of good books from our recommended list – they contain a wealth of information that would take a lifetime to accumulate, and the cost is insignificant compared to the money lost if you get things wrong. Find out what LVR is? It is an important term.
The resources listed below are all resources that I have used myself and have personal experience with, including the books which I own, have read, and regularly refer to as I buy and sell property. Internalising this mortgage, home loan and property information will also help you decide which professionals you make part of your property wealth creating team.
Home Loan Resources
Home Loan Rates
Information on current home loan interest rates in Australia.
Borrowers Check List
What you need to have ready before you approach a lender or mortgage broker.
Credit Comparison Rates
All loans are not equal so how do you compare loans?
Mortgage Calculators
Check out different mortgage repayment scenarios. See also the PC based software and loan calculators below.
Property Related Web-sites
Australian web-sites with useful resources.
Loan/Mortgage Brokers
Helpful Brokers who will find the best loan for your personal circumstances.
Recommended Books
A book list and reviews of Property related books by Australian Authors.
Mortgage Calculator – PC based software
The banks do not want you to use this software because of the refunds they have had to make to users. If you have an existing mortgage then it will pay you to buy this particular mortgage calculator instead of using the free bank calculators. Not only can you do “what if” scenario’s but you can check whether the bank has been ripping you off with your mortgage.