Supporting First Home Buyers
Are you starting to look for your first home and not sure what kind of loan you need? Don’t worry! We are here to help. As a first home buyer, you can obtain finance from a financial institution to purchase a property with our assistance. Features of a mortgage such as the size of the loan, terms of the loan, interest rates, method of paying off the loan and other characteristics can vary considerably. It is always best to speak with a professional mortgage broker to discuss your options. We can also help you determine your eligibility and assist you in applying for the First Home Owner’s Grant.
Standard Variable & Fixed Rate Loans
A variable rate loan offers more features and flexibility than the basic fixed rate loan. Fixed rate loans are set at a fixed rate for a specified period, usually one to five years. This gives you the advantage of knowing how much your repayments will be, allowing you to organise your finances without the risk of increased repayments because of rising interest rates.
A bridging loan may be necessary to cover the financial gap when buying one property before your existing one is sold. Usually, bridging loans are short-term to allow for the sale of the original property. There are alternative ways of financing a change from one home to another, so please talk with us to discuss your options.
If you're thinking of constructing your own house it is a smart move to research your finance options before you enter into a building contract.
There's a big difference between financing to build a house and financing to buy an established one. When you engage a builder, you agree to make progress payments which are regular pre-planned instalments during the building process. Until the final payment is paid to the builder, your lender will usually only charge interest on the amount of money that has been paid, rather than the full loan amount you have been approved for.
Low Documentation (Low Doc) home loans are for potential borrowers who are self-employed or small business owners who don’t have access to the documents required to obtain a traditional mortgage. Usually these borrowers have no PAYG payslip records or cannot provide financial statements and tax returns.
Interest rates and credit criteria vary significantly between lenders, so it is very important to understand the options available to you.
* Please note that these days, lenders cater for a mix of documentation and self-certification from potential low doc borrowers.