|
| Can you find me a home loan that suits my circumstances? |
|
At Australian Mortgage and Finance we represent over 15 home loan lenders
rather than just a handful because we understand that our clients have very
different circumstances. With so many home lenders to choose from we are able
to help clients that are:
- first home buyers
- self employed ( including low doc loans where financials are unavailable)
- busy professionals
- individuals with bad credit ratings
-
reverse
mortgage
for pensioners
(over
65
years)
What home loan facilities are available?
Australian Mortgage and Finance will take the time to understand your dreams
and the lifestyle you wish to create. From there we will select from over 15
home loan lenders the most tailored home loan to meet your requirements.
|
|
 |
We also take the time to understand what home loan facilities you require such as:
- debit card
- cheque books
- eftpos access
- redraw facilities
- 100% Offset
- direct salary crediting
What are the home loan lenders major offerings?
Home loan lenders commonly refer to 4 major types of loans:
Standard Variable Home Loan
Variable rate loans offered by home loan lenders are the most
common. The interest rate can go both up and down throughout
the loan. Typically a home loan lender term is between 25 � 30 years.
Advantages:
- If interest rates fall, your repayments come down.
- You can make additional repayments without incurring a penalty,
enabling you to pay off your home loan faster and literally save
thousands of dollars. Check this out yourself with our
loan repayments calculator
Disadvantages:
If interest rates rise you will have to make higher repayments to
the home loan lender which could blow out your budget.
Fixed Rate Home Loan
Home loan lenders also offer you a fixed rate home loan. Interest
rates repayments are fixed for the term of the loan. Usually this
is between 2 and 5 years from most home loan lenders. Most fixed
home loans will automatically revert to a variable loan at the end
of the term but can rolllover into another fixed term.
Advantages:
- You know how much your repayments will be for the fixed term
of the home loan which provides more peace of mind when budgeting.
Disadvantages:
In periods of decreasing interest rates the interest rate /repayments
will not drop during the fixed term.
Combination Home Loan
Home loan lenders can provide combination loans which enable you to
take up part of the home loan as a variable loan and part as a fixed
rate loan.
Advantages:
- Provides secure options in times of interest rate volatility.
- The fixed portion gives you repayment certainty and the variable
rate gives you flexibility (as you can pay off as much as you like when you like).
Disadvantages:
- The variable portion is vulnerable to rates going up.
- If the interest rates drop below your fixed rate you still have to make
repayments at the higher rate.
Home Equity Loans � Line of Credit
Many home lenders will provide you with home equity loans which give you a line of
credit that is secured by a mortgage over residential property. Most home equity
loans work more like an overdraft than a second mortgage.
Advantages:
- You can use the money as you need it and pay it back when you can.
- Interest rates tend to be lower than for credit cards or personal loans.
- Credit limits are usually higher than for credit cards or personal loans.
Disadvantages:
- Unless care is taken, it is possible to reduce the equity you have built up in your home.
Where can I find out more about the first home buyers grant?
For more information on the first home buyers grant visit:
http://www.osr.nsw.gov.au/firsthome/index.htm
Contact Australian Mortgage and Finance on
0490 189 891 or email us on the
loan enquires page and let us work on the home loan
lenders to get you the most competitive and tailored home loan.
|
