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Homeowners borrowing dangerous amounts when taking out a mortgage

Finding an affordable mortgage is made possible by an easy-to-use online comparison service

If forced to choose between your mortgage payment and putting dinner on the table, what would you do? It’s a question some Aussie families may have to ask themselves, as borrowers stretch loan-to-income ratios to unhealthy limits.

A new study from JCP Investment Partners revealed that the average heavily indebted household is borrowing six times their salary when taking out a mortgage.* As a result, homeowners are using credit cards as backup for regular and emergency expenses, which could snowball into serious financial trouble.

Here’s How You Do It:

Step 1: Select your type of property below.
Step 2: After answering a few questions, you will have the opportunity to compare quotes in your area and could be eligible for significant savings.

Borrowers can ease some of their mortgage stress by shopping around for a better deal on their interest rate. Whether you’re a first-time homebuyer or looking to reduce your existing debts, the free online service HomeLoansAustralia.com allows you to quickly compare loans to find a great value home loan.

Professional mortgage advice is an important part of buying a property. There are general rules of thumb to follow—for example, conventional wisdom says that you should only spend up to 30 percent of your household income on a mortgage—but it’s worth getting advice that is tailored to your personal situation.

Home Loans Australia gives you access to an expert mortgage consultant as part of the service. Get a feel for which lenders can offer you what you want out of a home loan, like a great interest rate and efficient customer service.

Reducing your interest rate is a quick way to reduce your mortgage debt, and it can save you thousands over time. You may even be able to pay off your loan faster; ask your consultant about paying principal + interest as opposed to interest only.

The JCP Investment Partners survey also found that roughly half of the national mortgage debt fell to borrowers with debt more than four times their gross income.**

When you’re paying too much on your loan, other basic living expenses take a hit. Homeowners who overextend on a mortgage often struggle to climb out of debt, making it difficult to manage the family finances.

Visit HomeLoansAustralia.com for your free mortgage snapshot and advice on securing a home loan you can actually afford. Take comfort in the knowledge that you can put dinner on the table and pay for your family’s home, both now and in the years to come.

Get Started Now:

Step 1: Select your state below.
Step 2: After answering a few questions, you will have the opportunity to compare quotes in your area and could be eligible for significant savings.

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