A: Several factors influence mortgage rates in Australia, including:
- Official Cash Rate (OCR): Set by the Reserve Bank of Australia, the OCR serves as a benchmark for interest rates across the country.
- Lender’s risk assessment: Lenders evaluate your financial situation, including your income, expenses, and credit history, to determine your risk profile and set your interest rate.
- Loan-to-Value Ratio (LVR): The LVR represents the percentage of your property’s value that you’re borrowing. A higher LVR typically results in a higher interest rate.
- Loan term: Longer loan terms generally come with higher interest rates due to the increased risk for the lender.
Q: How can I get pre-approved for a mortgage?
A: To get pre-approved for a mortgage, follow these steps:
Views: 4
