EVERYTHING YOU NEED TO KNOW ABOUT RESIDENTIAL MORTGAGES

The Biggest Mortgage Mistakes And How To Avoid Them
Buying a home using a mortgage may be the biggest financial decision most of us will ever make. That's why it’s worth considering putting as much time and effort into finding a mortgage as finding your dream home.
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Mortgage Refinancing And/Or Debt Consolidation
You can use a mortgage refinance to increase your borrowings for a variety of benefits. To do home renovations, buy things like cars and other household goods, go on holiday, or consolidate into the one loan a variety of different debts you may have accumulated over a period of time.
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Standard Variable Interest Rate Mortgage Loan
These loans offer a variable interest rate that can go up or down with market fluctuations. They are popular and often offer a wide range of user friendly features.
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Mortgage Broker vs DIY
Today’s mortgage market offers property owners hundreds of mortgage options and a reliable professional mortgage broker can save a lot of leg work and money in swiftly finding an efficient result for you.
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Self Employed Mortgage Loans
Because of the competitiveness of the mortgage loan market, the lending conditions and availability of new features for self employed applicants has changed markedly in recent times.
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Fixed Interest Rate Mortgage Loans
They protect you from any interest rate increases and your repayments will remain the same until the end of the fixed rate period. Restricted terms and conditions usually apply and you should make yourself aware of the details.
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Basic Variable Interest Rate Mortgage Loan
Usually offering a discounted variable interest rate, but normally with less features and in some cases (not all), read the fine print and look for any unpleasant penalties.
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Accelerated Mortgage Reduction
Rapid mortgage reduction is a financial plan that can open future financial doors and improve your quality of life. The axiom is, interest saved, is interest earned, tax free.
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100% Offset Mortgage Loan
For those that aren’t confident with using a Line of Credit Mortgage to save interest they allow you to offset the balance of your normal Cheque/savings bank account against your mortgage balance.
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Combination / Split Mortgage Loan
You’re able to split the loan into different types, part standard variable and part fixed for example. Or, you may want to keep some loans separated for accounting purposes for.
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First Home Buyers Home Loan
First Home Buyers may be eligible for a $7,000 Federal grant and/or other State concessions for Purchase Stamp Duty and Mortgage Stamp Duty. Also by applying for your loan through an approved agent you can eliminate time consuming requirements at no additional cost.
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No Deposit 100% Home Loan
Depending on how much you want to borrow and whether or not you are receiving assistance with Federal or State concessions, you may still be required to provide funds to complete your home purchase.
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106% Home Loans
These enable you to incorporate all of your purchase costs into the loan, so you have to take little or even no money at all out of your pocket. However, we recommend you thoroughly understand your cash flow obligations before committing to this type of loan.
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Line Of Credit / Equity Loan
This type of loan starts out with a preset limit and you use it like a normal bank transaction account. You deposit your income directly into the Line Of Credit (LOC) and with the cheque book and the credit card you’ve received you can pay your expenses. You should consider this option carefully as excellent financial discipline is required.
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Investment Property Mortgage Loan
Most loan types are available for the purchase of an investment property and it’s usually advantageous to get an interest only mortgage if you’re still paying off your owner occupied mortgage. However, it may be a benefit for some to start paying off the loan.
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105% Investment Property Loan
Many people don’t considered buying an investment property because they feel they wouldn’t qualify, because of not having equity in existing real estate to use as security or a sufficient cash deposit. Some lenders will now quite willingly allow you to borrow 105% of the investment property purchase price.
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Lo-Doc And/Or No-Doc Mortgage Loan
You can self declare your income as opposed to having to verify it with pay slips, tax returns etc.
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Construction Home Loan
They can allow you to buy vacant land then construct a dwelling on it. The loan is organized to allow progress payments during the different stages of construction. Many mortgage lenders are willing to provide up to 100% of the finished value of the property.
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Bridging Home Loan
It allows you to buy another property, settle the transaction and move in to your new home without having sold your previous home or discharging your previous mortgage. These loans have time restrictions on them.
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Credit Impaired Home Loan
Individuals with credit impaired records may find it difficult to obtain a home loan with main stream mortgage lenders. The credit impairment may have been caused for a number of reasons, late repayments, loan default or possible bankruptcy.
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Discount Variable Interest Rate Home Loan
These are also known as honeymoon rate or introductory rate loans. They provide upwards of a 1% discount for the first 12 months and then revert to a higher rate of interest for another specified time period. It’s imperative you read the fine print.
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Vacant Land Mortgage Loan
Many lenders will now lend you 100% of the value when you purchase vacant land. Keep in mind each lender will probably have what they call zone restrictions on the location of the land.
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Equity Finance Mortgage Loan / Equity Release Home Loan
The mortgage lender takes an equity position in your home enabling you to purchase a higher priced property than what you’d normally qualify for, or refinance and reduce your existing repayments. These can be beneficial for some and are becoming more popular as more people understand them.
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Reverse Mortgage And/Or Seniors Home Loans
These allow a retiree’s who normally wouldn’t qualify for a home loan under normal requirements to access the equity in their home and use the cash for almost any purpose. Restrictions do apply.
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