A home loan is designed specifically for financing the purchase or construction of a residential property, with a maximum limit of $2,000 (check out here for more information)
For more information, please see:
What is the maximum amount I can borrow?
The maximum amount you can borrow to purchase a first home is $2,000.
Where can I find a mortgage broker to help me find a mortgage?
To find a mortgage broker, click on the following links:
Who can I contact to help me get a home loan?
Contact the Real Estate Commission’s Loan Review Service, 6488-5471, to find a mortgage broker for you.
What mortgage rates should I look out for when getting a mortgage?
Mortgage rates can be calculated in three different ways:
-Daily or weekly rate
-Annual rate
-Prime rate
-Daily or weekly rate
A daily rate is a set price for a mortgage. The daily rate is normally based on the average current interest rate. A weekly rate is a fixed price for a mortgage every day. This is often found in the newspaper. A prime rate is the fixed price for a mortgage every week. This is the average of the daily rate and the weekly rate, making it a more accurate estimate. A prime rate of 15% may seem high, but it is usually not. Your mortgage broker will be able to give you a prime rate, but he/she will also know what is fair. If you have your mortgage broker on speed dial, you can call and book a prime rate at your convenience. You can usually find a mortgage rate online by searching by geographic area, or a similar search term. For example, to find a prime rate of 15% for a mortgage in Los Angeles, you may enter: “prime rate 15% LA” or “prime rate 15% Los Angeles”. Mortgage rates are typically higher when they change after the opening date. For example, if you have a prime rate that is 5% lower than the open date, it is still better than the open rate. But if you are seeking prime rates for a mortgage that has changed, you can use the table below. If you find a prime rate that is 5% or more higher than the open rate, it may be an indication that you are getting a subprime rate.