Residential Finance
Let’s get you in that dream home today.
Whether you’re a first-time buyer, moving up the property ladder, buying that dream home or looking to remortgage, understanding the fundamentals of residential lending can help you make an informed decision.
Key Features:
- Property as Security: The loan is secured against the residential property, which means the lender holds an interest in the property until the loan is fully repaid.
- Loan Types: You can choose from a variety of loan types, such as fixed-rate, variable-rate, or interest-only mortgages, depending on your financial needs and preferences.
- Repayment Schedule: Loans are typically repaid over a set period, with terms that can range from 5 to 30 years or more, influencing the size of your monthly repayments.
- Loan to Value Ratio (LVR): This is the proportion of the property’s value that you can borrow. A higher LVR may require Lenders Mortgage Insurance (LMI) if it exceeds the lender’s threshold.
Considerations:
- Affordability: When securing finance, we carefully evaluate your income, expenses, and financial stability to determine how much you can afford to borrow without overextending your finances.
- Interest Rates: The rate of interest will affect the cost of your loan over time. It’s vital to consider both the current rate and the potential for rate changes in the future.
- Fees and Charges: Be aware of application fees, ongoing account-keeping fees, early repayment fees, and any other charges associated with the loan.
Flexibility: Features such as redraw facilities, offset accounts, and the ability to make extra repayments can affect the cost and flexibility of your loan.
Role of a Broker
As a broker, we provide guidance and support tailored to first home buyers, helping to demystify the home-buying process. Our services include:
- Market Knowledge: We offer insights into the latest loan products from a range of lenders, ensuring you’re aware of all available options.
- Personalised Service: By understanding your specific needs and financial capacity, we can identify loan solutions that align with your goals.
- Application Process: We assist in preparing and lodging your loan application, ensuring all necessary documentation is in order and compliance with lender requirements is met.
- Communication: We act as the point of contact between you and lenders, managing negotiations and correspondence to streamline the approval process.
- Ongoing Support: From pre-approval to settlement, we provide continuous assistance, answering questions and offering guidance throughout your finance journey.
If you’re ready to take the next step, please reach out to our team today.
