Home loans are complicated we make it easy. Here are 5 quick steps to think about
1. The approval process :
As your local mortgage broker in Randwick and Coogee, we compare hundreds of home loans from over 20 lenders, including the big four banks, to quickly narrow down your choices to the ones that best suit you. If you decide to go ahead with an application, I will prepare all of the paperwork and support you through the entire process.
From here I will calculate how much you can borrow and how much you can comfortably afford to repay. I can also help you get pre-approval for your home loan so you can shop around for your home with confidence, knowing what you can afford to spend.
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2. Variable or Fixed ratehome loan ?
While there is no crystal ball that can predict what will happen to the economy and interest rates in the future, what we can give you is an insight on the pros and cons of fixing your home loan.
- Variable rate home loans tend to be more flexible, with more features (e.g. redraw facility, ability to make extra payments); fixed rate home loans typically do not.
- Fixed rate home loans have predictable repayment amounts over the fixed term, variable rate home loans do not. If you get out (“break”) of a fixed rate home loan term, you will usually be charged significant extra costs.
3. How to save for a home loan:
Whether you’ve got no money put aside for your deposit, or you’ve been saving for years, we can help you evaluate your options.
Some lenders will even allow you to buy a property with no or very little genuine savings, when a family member acts as a security guarantor. We can help get you on the right track and into the property market sooner.
Typically, you’ll need to aim for at least 5% but the greater your deposit – the more you will save. Set a realistic budget – and stick to it .. you can only save money if you spend less than you earn. Start with cutting down on expenses using a budget planner. This will help you watch your savings build and keeps you on top of what you are spending.
Keep your savings separate and set up a separate deposit account, as it greatly decreases the temptation to dip into it for an impulse buy.
4. What do I need to do when applying for a home loan:
The different stages of the home loan process include: an application, verification, valuation, approval and settlement.
5. How do Mortgage Borkers get paid?
1. If you use Tzuri and his team at Mortgage Choice for your home loan - $0. We are paid by the lender.
2. If you use other Mortgage Brokers, ask them to disclose their fees including "clawback".
We work with you to ensure that your budget, goals & strategy for your home loan suit the finance product and lender you choose. We do all the research and shopping around for you, to find the right one with the best rate and features available to you
If you're ready to get started, or have some questions, Call Tzuri and his team on 02 9190 5565
