AusFinance Blog


Whether you’re a first time home buyer or experienced in the market, the home loan process can seem difficult to understand given the complexity and unique nature of every loan. People are likely to make decisions that can see them fall into common home buying mistakes. Before you get started on your home loan journey, it is very important to know the basic details regarding your mortgage, the people you’ll need to deal with and

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The debt-to-income (DTI) ratio in financial terms is the proportion of your gross monthly revenue which goes towards your debt payments. DTI plays one of the vital roles when granting a mortgage to a borrower because it is a value that determines the ability to manage financial activities in terms of a borrower’s regular income and debt position. If you’re looking to secure a home loan then the balance between your ongoing repayments and your

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A second mortgage is a subsequent mortgage after your primary mortgage and the idea behind this succeeding mortgage is to use your home as collateral despite the fact that your initial home loan is still being paid off. A second mortgage is also referred to as a home equity LOC (line of credit) or a home equity loan. A home equity LOC works closer to a credit card, where you can spend the money below

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