Loan for a House? Here's How to Secure It Fast (2026)

Thinking about buying your first home or upgrading to a new one can be both exciting and overwhelming. If you're wondering, "Could I get a loan for a house in 2026?" you're not alone. The Australian property market is dynamic, and securing a home loan can seem daunting. But with the right information and guidance, you can navigate this journey with confidence.

Understanding Home Loans in Australia

Before diving into the specifics of getting a home loan, it's essential to understand the basics. A home loan, or mortgage, is a specific type of loan used to purchase real estate. The property itself serves as collateral for the loan. In Australia, home loans typically come with a range of features, including different interest rates, repayment options, and fees. Understanding these components is crucial to making an informed decision.

Current Home Loan Rates and Requirements in 2026

As of 2026, the Australian home loan market offers a variety of options, with interest rates typically ranging from 6.49% to 12%, depending on the lender and loan product. Factors such as your credit history, loan amount, and deposit size will influence the rate you are offered.

Eligibility criteria for home loans in Australia generally include:

• Minimum deposit of at least 5% of the property price.
• Stable income and employment history.
• Good credit history, ideally with a credit score above 650.
• Proof of savings and financial discipline.

Steps to Secure a Home Loan

Securing a home loan involves several steps. Here’s a practical guide to help you through the process:

1. Assess Your Financial Situation: Calculate your income, expenses, and savings to understand how much you can afford.
2. Check Your Credit Score: Obtain a copy of your credit report to ensure it accurately reflects your financial history.
3. Explore Loan Options: Research and compare loan products from different lenders. Esteb and Co can assist in accessing over 83 lenders to find the right fit.
4. Get Pre-Approval: Apply for pre-approval to understand how much you can borrow and show sellers you are a serious buyer.
5. Find Your Property: With pre-approval in hand, start your property search within your budget.
6. Finalise Your Loan: Once you have an accepted offer on a property, complete the loan application process with your chosen lender.
7. Settlement: After your loan is approved, the settlement process begins, transferring ownership of the property to you.

Tips and Considerations from the Experts

Here are some expert tips to consider when applying for a home loan:

• Save for a Larger Deposit: A larger deposit could mean a lower interest rate and reduced Lenders Mortgage Insurance (LMI) costs.
• Consider Loan Features: Features like offset accounts and redraw facilities can save you money and offer flexibility.
• Keep an Eye on Expenses: Lenders scrutinise your spending habits. Reduce unnecessary expenses well before applying.
• Seek Professional Advice: Mortgage brokers, such as those at Esteb and Co, can provide tailored advice and access a wide range of lenders.
• Stay Informed: Keep up with market trends and interest rate changes to make informed decisions.

Frequently Asked Questions

1. What is the minimum deposit required for a home loan in Australia?
   Typically, a minimum deposit of 5% of the property's value is required, but a larger deposit can offer better terms.
2. Can I get a home loan with a low credit score?
   While it may be more challenging, some lenders specialise in loans for those with less-than-perfect credit. A mortgage broker can help find suitable options.
3. How long does the home loan approval process take?
   The process can take anywhere from a few days to several weeks, depending on the lender and the complexity of your application.
4. What is Lenders Mortgage Insurance (LMI)?
   LMI is insurance that protects the lender if you default on your loan. It's typically required if your deposit is less than 20% of the property value.
5. Should I choose a fixed or variable interest rate?
   This depends on your financial situation and market conditions. Fixed rates offer stability, while variable rates may provide more flexibility and potential savings if rates decrease.
6. Can I use a guarantor for my home loan?
   Yes, a guarantor can help you secure a loan if you have a small deposit or poor credit, as they provide additional security to the lender.