Get the best home loan for your circumstances

Deciding on the best home loan means clarifying your existing stage of life and income both now and into the future. Whether you are single or part of a couple, or even part of a community landholding, being clear about the road ahead is important as the average loan term is 25 - 30 years. Of course you can't expect to know when you are 30 what you will be doing at age 55 to 60, but the first five years of the home loan should be discussed and thought about in terms of your life plans such as having children or travelling.

You may be applying for your first home loan as a single woman in your 40s or 50s. You or one of your family may have a disability, so you will need to ensure that the home is accessible or can be adapted to suit that person's mobility. Then you have a range of options that might suit your lifestyle that would not have suited you as a young woman. Your purchase will need to accommodate you or your family member's changing needs if you want to 'age in place'.

You may also be considering alternative purchasing and tenure arrangements such as co-living or a Land Lease Community.

Depending on your personal circumstances and income, you may be eligible for a Government grant or assistance package to reduce the size of your home loan. The grants and packages differ from State to State and Territory.

Speak to a mortgage broker or lender about the home loan products that may suit you. Looking at two or three different lenders means you are more likely to find a competitive loan package that suits you and your life stage. The lender will manage the grant application process on their side if you qualify and will take the grant money into consideration when reviewing your application for a mortgage.