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Getting The Right Home Loan For Your SituationTo ensure that your home loan matches your needs and budget, you need to develop an understanding of which home loans are right for your situation. Consider your future plans and the probability of using any additional features before settling on a particular product, a good mortgage broker can assist you in making this assessment. First Home BuyersBuying your first home can be one of the most exciting and rewarding investments of your life. It can also be one of the most important, and sometimes it's difficult to know where to start. Fortunately, there are a range of Federal Grants and Schemes such as the First Home Owners Grant and the First Home Deposit Saver Account that can help ease the process. Your local mortgage broker can assist you in determining what home loan options are in your best interest. Owner OccupierWhether you are buying your next property or are a first home buyer, conducting comprehensive research on new products in the market could save you money and reduce the life of your home loan. The constantly changing home loan market and changes in your personal circumstances mean that a home loan that was once the most suitable for you may no longer be in your best interest. Before making any major finance decisions, you need to develop an understanding of new products in the market, talk to your mortgage broker about new home loan options. Borrowing For An Investment PropertyWhether it is part of a retirement plan, to make use of equity in your existing home or to take advantage of tax savings there is a wide range of investment loans available to cater for such requirements. Typically, you would have access to variable rate home loans and fixed rate home loans, your local mortgage broker can give you an overview of other investment loan options that you may be able to access. RefinancingRefinancing your home loan could allow you to access cheaper rates new options such as offset accounts or even allow you to unlock additional equity in your home to renovate, buy an investment property or consolidate debt. When considering whether or not to refinance, it is important to assess the long term benefits against the actual costs of refinancing. Get an assessment of how much switching loans could cost you from your local mortgage broker. Overseas BorrowersIf you are looking to purchase property in Australia but do not live here you may still be eligible for a home loan, however the process and respective level of ease will depend on your residency status. Overseas applicants usually fall into three categories
Self-EmployedHome Loan options for Self Employed people are no different to normal PAYG employees, as long as you have the paperwork that proves a savings history, regular income and profit over a 2 year period. If you do not, then the 'rules' surrounding you getting credit change. For a start, you are more likely to be considered a 'higher risk' applicant for credit. For this reason, the home loan application process may become more difficult and may cost you more. Everyone is different however and you may be surprised by the number of options that are available today and at reasonable rates. It is a good idea to talk your situation through with a good mortgage broker and find out what self employed home loan options are in your best interest Bad Credit HistoryIn today's lending market, there are specialist lenders who offer home loans for the credit impaired or those with a poor or bad credit history. You will almost certainly have to approach the home loan application process armed with more information so using a good mortgage broker is the best way to help you navigate through your different options. More information or helpFor confidential assistance with your home loan or to talk to your local mortgage broker, call us at any time on 13LOAN or call our direct line on +61 2 9018 8417. |
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