Home Loans are simple. Many people are overwhelmed when considering their home loan options. The reality is that they are not that complex.
Putting it simply. The bank gives you the money and you pay the money back to them (along with interest and fees) over a period of time.
While Home Loans themselves are relatively simple. What can make it complex is the needs of the individual.
A home loan is a personal thing. And the best loan for you may not be the best home loan for your friends or family members.
When we sit down with our clients we take a detailed look at their situation. We find out what it is that they are looking to achieve. Then we show them loan options and features that may be appropriate for their situation
Many borrowers are unsure about the loan features they need in a home loan.
Rather than talking about loan features we look to find out our clients future goals and needs.
For instance, if someone has the goal of paying down their home loan fast. We would look to make sure a part of their loan is on a variable rate. This ensures they have the ability to make extra repayments without penalty.
If they are looking at a property that they have a long term plan of turning in to an investment. We may run them through the benefits if setting up their loan as an interest only loan from the start. With an offset account to ensure they do not pay excessive amounts of interest.
Finally we may have a client concerned about the family budget if interest rates rise. We would show them fixed rate options and discuss the positives and negatives. We may split the loan between fixed and vairable. This can allow them make a certain amount of extra repayments if that suits their situation.
If you are interested in finding out what types of loans may be right for you. We can help. Please get in touch with us about our obligation free mortgage broker service.