– Do you already have a home loan?
– Are you sure you’re getting the best deal possible?
– Have other lenders recently lowered their rates?
– Do you need to access some of the equity in your home?
We can compare your current finance arrangement to the best offers currently on the Perth market to see if there are opportunities to save you money. We can also help you refinance your existing mortgage to access equity in your property for use on investments or other projects. Refinancing your home loan can be a tricky process so let us handle the hassle and find you a better deal.
These are the most common type of home loan in Perth. Throughout the life of the loan, the interest rate and therefore your repayments will change with the economy. They normally have a lower rate than fixed loans, but they are also less predictable. If you just need standard finance with the most options, a variable rate mortgage can be the best choice. If you want more certainty in your payments, maybe a fixed rate option will be better.
With fixed rate finance, you will be locking in your interest rate for a certain time period. This means that for that whole time, your repayments will be the same. This can be a good choice if that helps you plan your budget better or gives you more financial confidence. The rates are generally higher than variable rate mortgages, but they can still be a great option if you think that interest rates will go up in the future.
Interest only finance is most commonly used for buying investment property because of the tax benefits. It is also starting to be used more commonly by owner occupiers, because it allows people to get into the housing market without as much financial stress. It means having lower payments at the start of the loan, because only the interest is being paid off and none of the principal. This frees up funds for other investments.
If you are building a house or doing renovations, a construction loan allows you to access the money when you need it, rather than receiving a huge sum at once. By dividing the amounts according to the different stages of construction and only drawing as much as you need at each stage, it means that you aren’t paying interest on the entirety of the mortgage from day one – just for the amount of money you have used so far.
Many people don’t know that you can use your self managed super fund to invest in property. Using your super can help you avoid capital gains tax and help you negative gear your asset. It can be quite a complex operation, but a good mortgage broker will be happy to give you the details.
If you are self-employed or don’t have the documentation that the banks want for a home loan, a low doc loan might be your only option to get into the housing market. They don’t require as much paperwork, but there are usually higher interest rates and greater restrictions than other types of finance. We can help you find out whether you are eligible.
If you find yourself needing money, but you own your own home, a reverse mortgage can help you. Using the equity in your home, you can either borrow a large sum or have regular cash flow. You don’t have to make repayments, but the interest compounds quickly.
For those who have found their new home before selling their old one, they can get a bridging loan to make sure they secure their new home while they wait for their old house to sell. These home loans allow you to purchase a home that you otherwise may have missed if you had to wait to find a buyer for your old one.