Welcome to the latest episode of home loan myth busters!

Today we are going to look at some of the most common myths about home finance and see whether there is any truth to them.

After all, when you are making decisions about a big commitment like buying property, it is important that you have all the information you need to proceed with confidence.

Alright, let's get myth busting!

One size fits all

This myth says that a home loan is the same no matter what kind of property you are buying and regardless of your personal situation.

We've put this one through the myth busting machine and the result? Myth busted!

There are all sorts of different loans, each of which is tailored to respond to a different type of buyer in a different set of conditions.

For instance, a wage earner may not have too much in common with a self employed businessperson, apart from the fact that both want to buy a home.

That's why first home buyer loans come in many shapes and sizes – there are even self employed home loans.

I'll be paying off my loan forever

Parents have been instilling the fear of home loans in their young ones ever since time began.

"If you don't eat your peas Bobby, you'll have a mortgage for life – and no parole!"

Would it surprise you to learn that becoming mortgage-free isn't just possible, it is more than achievable with a combination of smart home loan planning, discipline and determination?

Not to mention the possibilities afforded to you by home loan refinancing.

It's true and this myth is another one for the 'busted' column!

You have to pay for good advice

This one is a howler. In fact, one of the best ways to bust all the myths about home loans is to talk to a home finance expert – which you can do for free!

You can contact a Smartline Mortgage Adviser on 13 14 97 for home loan advice. Or complete our call request form and we’ll call you!

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DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.