New Homes: Guide to managing your mortgage and finance

For first-time home buyers, getting the right financial advice is critically important. After all, for most people, it is the single biggest purchase you'll make in your life

For mortgage holders, the commitment of the borrower is to make a series of regular payments (usually monthly) over the term of the mortgage until such time as the borrowed sum is fully paid with interest. A normal term for a mortgage these days is 25-30 years.

In the vast majority of cases, the Annuity Mortgage is the one that people use. This is the standard model – the one where the lender (the bank or homeloan company) advances to the borrower a large sum of money which allows them to purchase their home. 

Choosing the right mortgage for you