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A “home loan” also known as a “mortgage” is a loan advanced to you by a financial institution in return for security over the property you are using the loan to buy. Generally speaking a home loan will be a 25 or 30 year term, with regular repayment amounts fortnightly or monthly that are set to pay off the loan over the contracted term.
The loan is secured against the property you buy so if you are unable to continue paying the loan, the lender may ultimately require you to sell the property to settle the debt.
Given the current property prices, a home loan is realistically the way by which most people can afford to buy a house in Australia.