Home Loans/Mortgages

If you are thinking about borrowing the financing for your property, you will find that all the major banks offer home loans that are tailored to suit you.

In general however, the banks will offer:

• A loan of 90% of the value or purchase price of the property (usually the lesser amount). This is dependant on your ability to make monthly payments which are usually calculated as 1/3 of your monthly income.
  
  
• The maximum term of a loan is usually to the age of retirement although this is not always the case.
  
  
• You will be required to take out Home Insurance and Life Assurance.
  
  
• The property you are purchasing (and often other property you own) will be held as security by the bank.