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It’s important you have a basic idea of what you’re looking for in a home loan. If you’re a first home buyer, you’ll probably want the lowest interest rate, however if you’re looking for a loan for an investment property, then flexibility may be more important. If you’re not sure, that’s OK, just choose the ‘Not sure’ option.

A variable rate will move up and down as the Reserve Bank (or individual lender) decides to change it, according to varying economic factors. A fixed rate stays the same for an agreed length of time (usually between 1-5 years). An introductory rate is low (or discounted) for a period of time, usually 1 year and then reverts back to the standard variable rate. A split loan allows you to fix a portion of the loan and keep a portion on the variable rate.

A Basic home loan will usually offer lower rates, but not many other options. A Standard Variable loan gives you more options and a professional package allows you to link accounts and cards, but usually charges an annual fee. If you’re building or renovating and spending over $10,000, you’ll need a construction loan. A Lo-Doc Loan is for self employed applicants and if you have a colourful credit history, you’ll need to apply for a non-conforming loan.

An offset facility (or offset account) is a savings account which is linked to your home loan account. Any savings you have in this account will ‘offset’ the total balance of your home loan and as a result reduce your interest payments. For example, if you have a loan of $200,000 with $30,000 in the offset account, you pay interest only on $170,000.

Redraw allows you to ‘re-draw’ or ‘re-borrow’ extra payments that you’ve made, above and beyond your minimum repayments. There is sometimes a small cost associated with doing this.

Most loans allow you to make extra repayments on top of your minimum monthly payments. This is not always allowed on fixed rate loans, and may not be a standard feature. There is no cost associated with making extra repayments.

If you're buying a home, you'll need at least 5% deposit. This has to be either in the form of savings (you'll need to show at least 6 months of savings history) or equity in a property you currently own. For refinancing, most lenders prefer 10% equity. Lenders no longer accept gifts or windfalls as deposit and the First Home Owners Grant has to be separate from you savings.

In most cases the names on the loan will be the names on the title (property ownership). If you are single, or buying the property on your own, then the loan will be in your name only. If you're married or in a defacto reationship, the loan will be in your name and your partners. Two individuals can also apply for a loan (tenanants in common). If you are purchasing or refinancing as trustee for a trust or representative for a company, select the appropriate choice.

If you’re purchasing property, and have already signed a contract, you’ll probably know your settlement date. If you live in QLD, it’s generally 30 days after exchanging contracts. For the other States, it can vary. For refinances, a settlement date is generally 2-4 weeks after formal approval of the loan.

Total combined income is the gross income earned by all parties in the loan application. Casual wages should not be included however Government benefits (Family Tax etc) can be included. If you earn income from rental property, include 75% of your total annual income received as part of your calculation.

The total number of children still living at home under the age of 18. The total number of dependent children is PER APPLICATATION, not per applicant.

Please indicate whether you are in full time employment (non probationary period), part time, casual, studying, self employed, in the armed forces, a contractor, unemployed or retired.

Please indicate how long you have been working with your current employer.

If you've never missed a credit card payment or mobile phone bill, then your credit is probably good. If you have 1 or 2 paid defaults, then you should be OK. If you currently have unpaid defaults that aren't finance related and less than %500, then you could still qualify for a loan. Large unpaid defaults may disqualify you from being able to borrow. If youhave been bankrupt, you will probably have to apply for a non-conforming loan

If you' (and everyone else on the loan application) are borrowing for your first owner occupied home, then you qualify for a grant from the government, in the form of a $ amount towards your purchase. Each State also has various concessions, which vary from State to State.