Today’s financial market is crowded with lenders making the right choice difficult for many borrowers and particularly so for a novice. With many different types of home loans available and at such competitive prices, getting expert advice is a necessity.
As a home purchaser you want security in your large and long-term investment. That’s where BrokersInk can be of enormous help. We are financial experts.
Basic Home Loans
Around Australia there are four main types of home loan.
- Fixed rate loan
- Variable rate loan
- Line of credit
- Reverse mortgage
A variable rate home loan means the rate of interest you are charged can vary. You are taking a gamble in that the rate of interest you are charged on your loan can rise or fall. Every month the Federal Reserve Bank makes a decision on interest rates and lenders respond accordingly. With a variable rate home loan you need to be able to handle your repayments should the circumstances change.
Fixed rate home loans were more popular when economic conditions were stable for long periods of time. They are still popular with borrowers who want certainty in their budget and want to know how much to pay each month.
A line of credit is often for a borrower who has built up some equity in their property and wants to purchase another property or renovate an existing home. The amount of credit available is related to the value of the equity in your property.
A reverse mortgage is an option usually taken up by retirees or someone who has considerable equity in their property. The lender only receives repayment when the property is sold.
Knowledge and Experience
Now with different types of home loans and with dozens of lenders, the choices are many and decision making can be tough. That’s where we at Brokers Ink can help.
We know all about the different types of home loans. We have direct access to more than 30 lenders and we have many years of experience as one of Australia’s leading finance brokers. All this means Brokers Ink can help you find your perfect home loan.
Home Loan Borrowers
What type of home loan borrower are you? In Australia just as there are different types of home loans, there are different types of borrowers such as:
- An owner-occupier and
- An investor
And to the different types of home loans and different types of borrowers we can add the different factors or aspects within the loans.
For example some loans have a honeymoon period in which the interest rate is lower for a certain time. Some loans have re-draw facilities allowing the borrower to have access to some of the funds they have repaid over time. Some loans have penalties such as an exit fee should you choose to exit the loan ahead of time.
There’s one simple solution
At BrokersInk we know everything about home loans. We have expert financial specialists who can match your income and budget to the ideal lender offering the contract giving you the loan best suited to your situation.
How can a finance manager help?
Having over 30 or more banks and other financial lending institutions available to our managers allows them the diversity to shop around for the best possible finance package for you! Please use our online loan calculators on every page of our website to estimate your approximate repayments.
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If you require further finance assistance either complete our Enquiry Form or call an experienced loan consultant on 1300 550 171 today.7am-7pm-7days a week.
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