If you're earning more than $50,000 a year, or $80,000 or more with a partner, ask lenders and brokers about the "professional packages". The home loan interest rate is usually discounted by 0.5 per cent on which ever loan you choose. Relationship discounts are also available from banks and credit unions for those borrowers who consolidate a range of planning business with the one institution. Home loan discounts, savings account fee waivers and credit card annual fee waivers are commonly offered.

Making additional repayments beyond what's required in your minimum monthly repayment is one of the best ways to reduce the total interest paid and term of your loan. As a rule of thumb, every $1 in extra repayments you make early in the life of your loan saves around $2 in interest over the term of the loan, depending on the level of interest rates. Consider either one-off lump sum payments when you have spare cash or commit to increasing your regular repayment amount.

Buying a home is a dream of a lifetime for most of us. Before applying for a home loan, consult professionals who can help you deicide what suits you best. Here are some tips that will be helpful when you are looking for a house on your own.

If you've ever had trouble understanding the abbreviation used in real estate advertisements, the handy guide below should remove any confusion. And if there's one we've missed, let us know and we'll add it to the list.

Should I buy or should I build? If you are asking yourself this common question the information below might help to make your decision a little easier.

Did you know that the decision to buy is usually made within 42 seconds of seeing the property? First impressions are most lasting. If you want to make sure your house gives a great first impression, follow the steps below.

Home loans glossary of terms

Will you repay the loan? This is based on your credit score. Above a 640 probably, below a 640 probably not. Pull all three credit reports so that you know for sure. Can you run the business successfully? Do you have five (5) years experience? Is the business two (2) years old? Have your resume and proof of time in business ready. Are you paying back the loan or is a tenant/customer? Have your account receivable ready. Is the loan tied to an asset or unsecured? Have your assets list ready. Is your business plan done? What a myth! Lenders do want to see that you can create a realistic plan, but they won't approve you just because you have one. Get yours ready. Debt service? Do your financials indicate that you can handle the payment? Up-to-date personal and business finacial statements are required. What have you risked? Have you used savings? Have you borrowed from friends and family? If you don't believe and you haven't risked, why would a lender? What collateral will secure the loan? Your home, your savings, your retirement? Have your complete itemized list ready.

Your home is worth a lot to you ... but dishonest home contractors see the value in it, too. Every year, people spend billions of dollars for home improvements. Usually the work is done well, but each year many homeowners are victims of poor, overpriced, or never-completed work. Some people posing as home repair specialists are simply con artists looking for easy money. Others are "front men" for predatory lenders. If you are planning on making repairs or improvements to your home, it is important to pick the right contractor and the right financing. Here's how.

A reverse mortgage is a home loan that you do not have to pay back for as long as you live in your home. It can be paid to you in one lump sum, as a regular monthly income, or at the times and in the amounts you want. The loan and interest are repaid only when you sell your home, permanently move away, or die.