Home Loans Brisbane

Make your property dream a reality with the best home loans in Brisbane.

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, updated on August 7th, 2023       

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If you’re living in Brisbane and have determined that now is the time for you to buy a home and take up your position on the property ladder, then finding the right home loan will be an important step for you.

Here, we will look at how you can find the most suitable home loan in Brisbane to suit your needs and to make your goals of purchasing property a reality.

What should I look for when searching for a home loan in Brisbane?

There are a variety of details in a home loan that can make it more or less suited to your individual needs. Some of the details you should consider include:

Your LVR 
This stands for ‘loan-to-value ratio’ and represents the total percentage of the purchase amount that you will borrow after accounting for your deposit. It is important to consider what LVR you are comfortable taking on, because a higher LVR can result in greater long-term interest payments and other fees associated with your loan.

Interest rates

This determines what percentage of the total loan amount outstanding you will need to repay per annum in addition to the principal (the difference between the value of your property and fees minus your deposit) of your loan. Interest rates can be either fixed, meaning they will remain the same for a set amount of time, or variable, meaning that you are happy to let rates fluctuate over time in exchange for certain benefits.

Loan structure

Mortgages can be structured in a great variety of ways. Aspects of your loan structure you will want to consider include the total span of your loan repayments, whether you can utilise an interest-only period at the beginning of your loan, or whether you would like a built-in offset account.

Comparison rates and fees 

By taking note of a home loan’s comparison rate rather than only the interest rate by itself, you can gain an idea of what the true cost of repayments will be once fees are taken into account. For example, an interest rate of 2% might have a comparison rate of 2.5% after fees have been accounted for.

Who in Brisbane should be my first point of contact when considering exploring home loan options?

Online home loan comparison tools such as Savvy’s are excellent first stops in exploring your home loan options for buying your first home in Brisbane. These can easily return multiple options based on inputs unique to your situation and can provide quick alternative solutions as well, depending on the variables which you enter, such as your deposit amount, total property value, total home loan term and more.

This way you will be able to form a short-list of lenders which appear suitable for your needs with minimal effort. Once you have a clearer idea of the lenders you think is right for you, the rest of the process becomes much more manageable.

If you wish, you might also choose to consult a mortgage broker, many of whom can be found in the Brisbane area. These services are free of charge to the property buyer and can provide a different insight into what home loan options might work for you.

The home loan process in Brisbane

What should be my first step when it comes to buying a home in Brisbane?

Think about what kind of property you would like to purchase, what your budget might be, and what part of Brisbane you would like to buy in. For example, with the price of free-standing homes currently appreciating rapidly, you might find that for the purposes of your first home, a townhouse or apartment will suffice. Furthermore, depending on your needs and lifestyle, you may determine that living on the South or North sides of Brisbane are an absolute must for you. Another factor that might impact your decision making here is the first home buyers’ grant, which typically leads to buyers looking at Brisbane’s outer suburbs where new builds are more common.

You should also consider applying for pre approval from your preferred lender once you have established your budget. By obtaining pre approval, you can speed up the settlement process for any property you are interested in buying and streamline your acquisition.

Once I know what I need, how should I go about searching for the right property?

With your budget and need parameters established, your search for the right home will become vastly more manageable. Online platforms can offer a useful means to examine Brisbane’s property market, but most people consider it necessary to inspect multiple prospective properties for purchase in person.

Which parts of Brisbane are considered to be more affordable than others?

Brisbane is a fastly gentrifying city where in inner-city suburbs free-standing homes commonly sell for over $1 million. If living in or near the inner city is important to you for work or lifestyle reasons, then an apartment or townhouse will likely be your best option for a first home.

On Brisbane’s outskirts, in areas such as North Lakes and Forest Lakes, homes can be found at much more affordable prices.

How much will stamp duty cost me in Brisbane?

The cost of stamp duty in Queensland varies depending on the price of the property being purchased, whether or not the buyer is a first time home buyer, and also what the intended use of the property is. For example, if a first time home buyer purchases a property under the price of $550,000 then no stamp duty will apply. However, if a home is purchased as an investment property, then stamp duty applies at rates increasing as the price of the property passes certain thresholds, much like marginal income tax rates. 

What kind of price should I expect to pay for a home in Brisbane?

In late 2020, the median house price in Brisbane was $577,644 after an increase of 4.4% over the year. The median price for an apartment during the same period was $377,349.

What will the weekly repayments on my home loan be for a Brisbane property?

Assuming that a 10% deposit and loan principal equivalent to the median house price, a 1.89% interest rate, and a repayment period of 25 years (as is usual), then weekly repayments including interest and fees will be approximately $544.

For an apartment under the same conditions, weekly repayments will be $355.

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