Planning about owning your first property but puzzled about choosing the most suitable home loan as per your budget?
Purchasing your first property can be a complex process for the first home buyer. At Mortgage Central, you get pampered with lots of assistance to help you on your journey to own your golden property in Australia. Buying your first home is a huge learning experience, and undoubtedly it will be one of the most important financial decisions you will make in your life. It is important to have someone by your side throughout the purchasing process, ensuring that you always understand the process. As Australia’s fastest growing mortgage broker, Mortgage Central is proudly independent. Mortgage Central understands that choosing the right home loan is just as important as choosing the right property, and we are here to guide you through the first home buying process and aid you in choosing the most suitable home loan for your first property whether you are purchasing for live in or investment. Many of the first home buyers don’t fit into the ‘category’ that many banks expect them to be in. Did you know that you could qualify to have a minimum of 5% deposit? Most of the lenders are now only lending up to 90% of the property value while in the past they would lend up to 100%. Here at Mortgage Central, brokers work for you, not the bank, not the vendor and not the estate agent. Buying your first home is an always an exciting experience. Besides, there will be ample queries that arises in mind like: How much deposit do you need? How much you can borrow? Is it doable to afford your dream home? How much will the repayments?Many desktop publishing packages and web page editors now use Lorem Ipsum as their default model text, and a search for ‘lorem ipsum’ will uncover many web sites still in their infancy. Various versions have evolved over the years, sometimes by accident.
- Framing a budget plan to complete the savings you need for the deposit, or to delve into other options.
- Screening out your borrowing limit from a Credit Analyst Team and compare on other products and rates.
- Obtaining a home loan pre-approval so you can start exploring for your dream house.
- When you find it, your mortgage broker will evaluate formal approval from the lender and get ready for settlement.
The time period of this loan varies but you can “lock” your repayments between 1-5 years. Though the fixed rate period may be say 5 years, the total length of the loan will be 20 or 30 years. Fixed home loan has both opportunities and obstacles. Opportunity would be the repayments do not rise if the interest rate rises and allows for more precise budgeting. And the obstacle is repayment do not fall if the rates fall and penalty paid for early payment of the loan.
Variable rate is normally the reflection of current of economic climate-if the inflation is high the cash rate goes up and when the inflation is lower the cash rate comes down. Variable rates are mostly lower than the fixed rate. Repayments are always lower than for a fixed rate. With variable interest rate you can make extra repayments with zero penalty which grants you more flexibility. The cons of variable rate are your repayment amount is not fixed which is unpredictable and the introductory interest rates are available only on current variable interest rate home loans.