Choosing a home loan that’s right for you isn’t easy, especially if you’ve never done it before and you don’t know what you’re looking for. It doesn’t make it any easier when bank managers start using terminology you’ve never heard before! That’s why we make sure we take you through each step, stopping along the way to make sure you understand the process from start to finish.
There are so many home loans on the market, how do you know which one would best suit your financial situation and needs? Based in Geelong, we are financial brokers with access to lenders across the country. When you go into a bank you are presented only with the options offered by that institution. They do not compare or source loans from their competitors! Home loans are big business and of course banks want your business. We work for you so you can be assured we are working hard to source the best option from a variety of lenders based on your needs specifically.
If you’re looking to buy a home we can source the following types of loans:
Bridging
Have you found the perfect new home before selling your current property? You can apply for a bridging loan which covers the gap between buying a new property and selling your existing property. Don’t miss a golden opportunity just because your house is still on the market!
Construction
Are you building a new home? Need to pay for your home in stages? A construction loan allows you to draw on your home loan in stages so you can pay contractors during each stage of the building process.
Fixed interest
A fixed interest-rate loan means your repayments are not affected by rises in interest rates. However, you will also not be able to take advantage of a drop in interest rates while you have one of these loans. Fixed interest-rate loans are also for a fixed period of time and once it has finished you can sign on for another fixed-rate loan or you can switch to a different loan altogether!
Refinancing
There are many reasons you might choose to refinance your home loan! Maybe your loan doesn’t suit your situation anymore and there are better options on the market or maybe you want to use the equity in your home for any number of reasons, including investing in more property.
Variable rate home loans
This type of home loan is basically the opposite to a fixed-rate home loan, meaning that whatever the interest rates are at any given time, is what you’ll pay on top of your loan. This isn’t necessarily a bad thing if interest rates are low and are predicted to stay that way, keeping in mind that this is never set in stone. You will also enjoy more flexibility within your loan.
We have only just scratched the surface of the different types of loans available. We understand choosing the right loan is important for your financial future. For more information please download our PDF – Choosing the right loan. If you’re looking for loans in Geelong, please contact us.
