Types of Home Loan Brisbane That You Can Get At a Mortgage Broker Brisbaneby Bruce Adam Marketing Manager
Whether you are a first time home buyer, investor, or anything else and looking to buy a property, very obviously, you will be looking at the mortgage options. The good thing about mortgages in Australia is that there are different kinds present in the markets and you can pick the best one based on your needs with the help of a qualified and experienced mortgage broker Brisbane. However, to get hold of the best one initially, it is important that you know about the options present in the markets and their features so that you can act accordingly and choose the best option.
Here are a few of the most popular mortgage options:
• According to the experts from companies dealing in the loan Brisbane, identical to its name, this kind will need only interest from you for a fixed amount of time.
• Once you are done with this, the lender will make sure that you will not have to pay the principal loan amount.
Principal and Interest Rate Mortgages
• Those offering services like home loan calculator Brisbane say that if you choose this option, you will be asked to repay the principal loan amount as well as interest accrued in that loan amount.
Variable Rate Mortgage
• One more popular kind of mortgage recommend by every mortgage broker Brisbane is called variable rate mortgage and in this kind, the rate of interest would continue to vary based on the property markets and share markets.
• This means that throughout the loan period, the interest you will pay would depend entirely upon whether the interest rates rise or fall.
• Industry experts say that this is entirely different from the one that we discussed just now and here, the repayment amount as well as the interest rate is fixe right from the beginning.
• This means that whatever rate was fixed using home loan calculator Brisbane in the beginning, it would stay the same till the end and immune from any ups and downs experienced by the markets.
• Experts of home loan rates Brisbane say that this is the best option in terms of mortgage as right from the beginning; you have an idea of how much you will be paying every month as an instalment.
Split Home Loan
• Another option that you will come cross while discussing with a mortgage broker Brisbane is the split home loan that would allow you to secure a part of the mortgage at a fixed rate and the remaining at a variable rate.
• The benefit is that when the rates would fall, you will pay less interest rate on the variable portion.
• Similarly, if the interest rates rise, you still be assured that you will not be taking any major financial risks with this split home loan.
According to mortgage broker Brisbane, there are several other type of loans that you can try out and some of them have been listed here –
• Construction Loan – With a construction loan, you can borrow up to 90 percent of the property’s total value.
• Land Loan – In this type, you get a variable interest loan with an average length of 30 years.
• Equity Release
• Non-PAYG Loan - Designed to help self-employed people secure a home loan
• Redraw facility - Allow you to withdraw this additional money if necessary.
Created on May 17th 2019 08:35. Viewed 592 times.
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