Residential Loans

Looking for that dream home?

Navigating the world of residential home loans can be a complex process, but as your dedicated Mortgage Adviser, I am here to provide clear and comprehensive information to help you understand your options.

Residential home loans, also known as mortgages, are the financial products that enable you to purchase a property by borrowing money from a lender. The property itself serves as security for the loan, which you then pay back, with interest, over an agreed period of time.

There are several key factors to consider when exploring residential home loans.

Loan Types

There are different types of home loans available to suit various needs, including fixed-rate loans, where the interest rate remains the same for a specified period, and variable-rate loans, where the interest rate can fluctuate with the market. Another option is a split loan, which combines elements of both fixed and variable rates.

Loan Features

Features such as redraw facilities, offset accounts, and the ability to make additional repayments can influence your loan choice depending on your financial goals and lifestyle.

Loan Terms

The length of the loan term will affect your repayment amounts and the total interest paid over the life of the loan. Shorter loan terms generally mean higher repayments but less interest in the long run, while longer terms spread the repayments out, making them more manageable but increasing the total interest cost.

Deposit

The size of your deposit is a crucial consideration, as it affects your loan-to-value ratio (LVR) or low equity premium (LEP), and whether you may need to pay for lender’s mortgage insurance (LMI) if your deposit is less than 20% of the property’s value.

Affordability

It’s important to assess your financial situation to determine how much you can comfortably afford to borrow without overextending yourself. This is especially necessary when rates and cost of living is on the rise.

Pre-Approval

Securing pre-approval for a home loan is a smart move. It provides an understanding of how much you can borrow, allowing you to house hunt with confidence and set realistic expectations.

Additional Costs

Be aware of additional costs involved in buying a home, such as legal fees, application fees, and ongoing account-keeping fees, which all need to be factored into your budget.

Get Started.

As a Mortgage Adviser, my aim is to support and guide you through the process of securing a residential home loan. I will help you assess your financial position, compare various loan products, and choose a loan structure that aligns with your personal and financial circumstances. By taking the time to understand your goals and providing clear, tailored advice, I can help make the process of obtaining a home loan as smooth and stress-free as possible. Together, we can work towards securing the finance you need to purchase your home, ensuring you feel confident and informed every step of the way.

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