FINANCE AND MORTGAGE

Most banks offer competitive home loans and you do not always need to be an existing customer to acquire a loan.

As well as banks, finance brokers, or mortgage brokers, can secure loans on your behalf acting as an agent between you and the home loan provider. Brokers can save you time and generally offer competitive rates, however as they tend to earn commission from the home loan provider there is always the risk they are not acting in your best interests.

As a form of security against repayments, the home loan provider acquires a legal interest in the property. This is known as a mortgage. This legal interest means that you do not have a clear title to the property and cannot sell without the home loan provider's consent.

The Consumer Credit Code requires home loan providers to give you all the information pertaining to your loan, including details of all fees and charges, and your rights and obligations under law.