Borrow
What is a mortgage?
What is a mortgage? A mortgage is a property loan in which the purchased property is used as a security.
What is a mortgage?
What is a mortgage? A mortgage is a property loan in which the purchased property is used as a security.
The borrower is required to pay the debt with a predetermined set of payments within an agreed period – typically 25 to 30 years. The condition of release for the title of the property is full payment of the debt plus interest.
But if the borrower defaults on the loan, the lender is legally allowed to seize the property.
How can I secure a mortgage?
You can go directly to lenders to get a loan for your first home.
Shop around with different lenders to find acceptable rates and terms if you want to take the direct route. Consider asking for a pre-qualification check if you want to know how much you can potentially borrow for a home loan.
Once you find a favourable loan, take all the necessary documents to the lender to prove your financial capacity and history. The lender will assess how much they can lend you based on the documents you provided and a credit enquiry.
Likewise, you may engage the services of a mortgage broker who can help you process the property purchase.
Mortgage brokers act as middlemen between lenders and borrowers, and they usually know the current loan rates and deals that lenders offer.
Likewise, brokers collect and process all the documentation on your behalf, so you’re sure that you’ve got the proper paperwork covered. But in exchange for their expertise, you’ll be paying for their services.
What is mortgage insurance and how can I avoid it?
More commonly known as lender’s mortgage insurance (LMI), this type of policy is designed to protect the lender in the event that you default on your loan.
LMI pays the lender the shortfall amount if you default on the loan and the selling price of your property isn’t enough to cover your loan amount.
Lenders typically require borrowers to pay for LMI when their loan-to-value ratio is greater than 80 per cent. This means you may avoid paying for LMI if you have a 20 per cent deposit on the property you wish to buy.
RELATED ARTICLES
About the author
About the author
Loans
First-home buyer grants are blowing up prices and risk while savvy investors make their move
A new white paper argues first‑home buyer incentives are being capitalised into higher prices and larger loans—echoing long‑running warnings from the Reserve Bank and market economistsRead more
Loans
Low-deposit loans signal a high-value gap: how brokers and non-banks can turn constraint into competitive edge
An emerging wave of low-deposit approvals from non-bank players points to a structural gap in Australia’s mortgage market: strong borrowers blocked by savings friction, not serviceabilityRead more
Loans
The low‑deposit mortgage opportunity: A broker‑led growth case for Australia
Fresh loan performance data from non‑bank challenger Skip has surfaced a quiet truth: low‑deposit borrowers are materially underserved — and that’s a commercial opportunity hiding in plain sight for ...Read more
Loans
First-home buyers shrug off rate rises: A lender–developer playbook to capture resilient demand
Against conventional wisdom, Australia’s first-home buyers are proving rate-resilient. Government guarantees, tight rental markets and shifting lender tactics are fuelling a surge in activity even as ...Read more
Loans
Investor refinancing hits record highs: inside Australia’s race for mobile mortgage capital
Refinancing by property investors has surged to record levels in Australia as borrowers chase sharper rates and lenders fight to defend margins. Average loan sizes have pushed to new highs even as ...Read more
Loans
Australia’s mortgage stress is back: the 2026 playbook for banks, brokers and boards
Mortgage stress has re‑accelerated after the Reserve Bank’s February move, with fresh data indicating 24.5% of owner‑occupier borrowers are under pressure. Victoria, Queensland and Tasmania are ...Read more
Loans
First-home buyers are back: what the 26% surge means for lenders, builders and boards
A record fourth-quarter rise in first-home buyer activity has reset the mortgage market’s centre of gravity. With aggregator data showing a 26% jump in first-home buyer lodgements in Q4 2025 and ...Read more
Loans
Viking’s entry rewrites Australia’s mortgage aggregation playbook: win on software, not just scale
A new residential aggregator entering Australia after a decade-plus hiatus is more than a competitive curiosity—it’s a test of whether software, data and compliance-by-design can overcome entrenched ...Read more
Loans
First-home buyer grants are blowing up prices and risk while savvy investors make their move
A new white paper argues first‑home buyer incentives are being capitalised into higher prices and larger loans—echoing long‑running warnings from the Reserve Bank and market economistsRead more
Loans
Low-deposit loans signal a high-value gap: how brokers and non-banks can turn constraint into competitive edge
An emerging wave of low-deposit approvals from non-bank players points to a structural gap in Australia’s mortgage market: strong borrowers blocked by savings friction, not serviceabilityRead more
Loans
The low‑deposit mortgage opportunity: A broker‑led growth case for Australia
Fresh loan performance data from non‑bank challenger Skip has surfaced a quiet truth: low‑deposit borrowers are materially underserved — and that’s a commercial opportunity hiding in plain sight for ...Read more
Loans
First-home buyers shrug off rate rises: A lender–developer playbook to capture resilient demand
Against conventional wisdom, Australia’s first-home buyers are proving rate-resilient. Government guarantees, tight rental markets and shifting lender tactics are fuelling a surge in activity even as ...Read more
Loans
Investor refinancing hits record highs: inside Australia’s race for mobile mortgage capital
Refinancing by property investors has surged to record levels in Australia as borrowers chase sharper rates and lenders fight to defend margins. Average loan sizes have pushed to new highs even as ...Read more
Loans
Australia’s mortgage stress is back: the 2026 playbook for banks, brokers and boards
Mortgage stress has re‑accelerated after the Reserve Bank’s February move, with fresh data indicating 24.5% of owner‑occupier borrowers are under pressure. Victoria, Queensland and Tasmania are ...Read more
Loans
First-home buyers are back: what the 26% surge means for lenders, builders and boards
A record fourth-quarter rise in first-home buyer activity has reset the mortgage market’s centre of gravity. With aggregator data showing a 26% jump in first-home buyer lodgements in Q4 2025 and ...Read more
Loans
Viking’s entry rewrites Australia’s mortgage aggregation playbook: win on software, not just scale
A new residential aggregator entering Australia after a decade-plus hiatus is more than a competitive curiosity—it’s a test of whether software, data and compliance-by-design can overcome entrenched ...Read more
