Mortgage Broker Melbourne provides a one stop shop for everything you need to know for your next home loan. Ever wondered what a mortgage broker does and how you can use them to assist with your next home loan. All of your questions are answered below. A mortgage broker helps the buyer review their financial situation and work out the type of home loan suited to the buyer.
Based on the buyer's goals and situation, a mortgage broker will recommend a range of home loans that are on their panel of lenders. Once the buyer chooses the home loan, the mortgage broker will help them prepare and submit their application and supporting documents. The mortgage broker will provide ongoing support until the loan is approved and settled.
Based on the buyer's goals and situation, a mortgage broker will recommend a range of home loans that are on their panel of lenders. Once the buyer chooses the home loan, the mortgage broker will help them prepare and submit their application and supporting documents. The mortgage broker will provide ongoing support until the loan is approved and settled.
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We are going to discuss what makes an investment property positive or negatively geared and what you should consider when considering the most beneficial strategy for you. Positive gearing Positive gearing is when the amount of rental income received is higher than the property-related. Think of Lender's Mortgage Insurance as your standard motor vehicle insurance.
A basic variable home loan is a 'no frills' loan with a competitive low-interest rate and minimal/no fees. This type of loan contains only the essential features, and may not have extras such as access to an offset account. As this is a variable loan, repayments will fluctuate with rises and falls in the interest rate, and these are determined by your lender or changes based on the monthly Reserve Bank of Australia (RBA) Meetings.
A solution is to consider a bridging loan, which is a short-term loan that provides financing to buy a new property before, or while you sell your existing home. A bridging loan generally allows you to have 6 - 12 months to sell your existing home. John has an existing home with a loan balance of $300,000 and he is looking to buy a new home priced at $800,000.
A construction home loan provides payments in stages based on a fixed price building contract which in most cases is required to be completed prior to lenders providing approval and funding. Generally, repayments will be interest-only during the construction period which will switch to principal and interest once the home is complete and a certificate of occupancy has been provided.
A fixed-rate home loan locks in the interest rate (and loan repayment) for a set period, usually between 1 to 5 years. At the end of the term, the fixed loan automatically returns to the standard variable rate in the market. You can then choose to fix your home loan for another set period again, and so the cycle continues.
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