Home Loan? Here's How to Get Approved Fast (2026)

Dreaming of owning your own home is a cherished goal for many Australians. However, turning that dream into a reality can feel daunting, especially when faced with the complexities of securing a home loan. If you're asking yourself, "Could I get a home loan?" you're not alone. The process can be overwhelming, but with the right knowledge and guidance, you can navigate it successfully. Let's delve into what you need to know to make your dream of homeownership come true.

Understanding Home Loans

Home loans, also known as mortgages, are financial agreements where a lender provides funds for the purchase of a property, which the borrower repays over time with interest. In 2026, the Australian housing market continues to be dynamic, with interest rates and property prices influencing borrowing power. Understanding the basics of home loans is crucial to determining if you can qualify for one.

Typically, home loans in Australia are structured over 25 to 30 years, with interest rates that can be either fixed or variable. Fixed rates offer stability by locking in your interest rate for a set period, while variable rates can fluctuate, potentially offering savings if rates decrease.

Current Market Rates and Requirements

As of 2026, home loan interest rates in Australia range from 6.49% to 12%, depending on the type of loan, lender, and your financial profile. To qualify for a home loan, lenders typically consider several factors:

• Credit Score: A higher credit score (generally above 650) increases your chances of securing a favourable interest rate.
• Income and Employment: Stable income and employment history are critical. Lenders often require proof of employment for at least two years.
• Deposit: Most lenders require a deposit of at least 5-20% of the property's value. A larger deposit can reduce your loan-to-value ratio (LVR) and improve loan terms.
• Existing Debts: Lenders assess your existing debts to determine your ability to repay the loan.

With access to a panel of over 83 lenders, Esteb and Co can help you find a loan that best suits your circumstances, leveraging competitive rates and flexible options.

Steps to Secure a Home Loan

Securing a home loan involves several key steps:

1. Assess Your Financial Situation: Review your income, expenses, debts, and savings to determine your borrowing capacity.
2. Improve Your Credit Score: Pay down debts and ensure timely bill payments to boost your credit profile.
3. Save for a Deposit: Aim to save at least 5-20% of your target property's value.
4. Get Pre-Approval: Approach lenders to understand how much you can borrow. Pre-approval gives you confidence when house hunting.
5. Research and Compare: Use comparison tools and consult with brokers like those at Esteb and Co to find the best loan options.
6. Submit Your Application: Once you've chosen a lender, submit a complete application with all required documentation.
7. Loan Approval and Settlement: Upon approval, your lender will issue a loan contract. Review, sign, and prepare for settlement on your new home.

Expert Tips and Considerations

• Consider Interest Rate Type: Evaluate both fixed and variable rates to decide which aligns with your financial goals.
• Budget for Additional Costs: Remember to account for stamp duty, conveyancing fees, and other purchasing costs.
• Use a Mortgage Broker: Brokers like Esteb and Co can provide personalised advice and access to a wide range of lenders, potentially saving you time and money.
• Stay Informed: Keep abreast of market trends and interest rate changes to make informed decisions.
• Plan for the Long Term: Consider your future financial and personal goals when selecting a loan product.

Frequently Asked Questions

• What is the minimum credit score required for a home loan? While there's no universal minimum, a score above 650 is generally favourable.
• How much can I borrow for a home loan? This depends on your income, expenses, and the lender's criteria. Pre-approval can give you a clearer idea.
• Can I get a home loan with a low deposit? Yes, some lenders offer loans with as little as 5% deposit, but terms may vary.
• What are the benefits of using a mortgage broker? Brokers offer access to a broad range of lenders and can provide tailored advice to find the best loan for your needs.
• How long does it take to get a home loan approved? The process can take anywhere from a few days to several weeks, depending on the lender and complexity of your application.
• Are there any government schemes to help first-time buyers? Yes, schemes like the First Home Owner Grant (FHOG) and stamp duty concessions may be available.

Securing a home loan is a significant step towards homeownership. By understanding the market, preparing your finances, and seeking professional guidance, you can enhance your chances of success. Whether you're a first-time buyer or looking to refinance, Esteb and Co's experienced brokers are here to assist you in finding a suitable loan from our extensive panel of lenders.