Home Loan Types
Are you confused about the sheer number of home loan types available? You’ve probably stumbled across way too much mortgage jargon which complicates what should be a simple decision!
By dealing with one of our mortgage brokers, all of this jargon can be simplified and we can compare and contrast the many different home loan products from our panel of lenders to find the right mortgage for you.
Low doc loan
A flexible home loan solution for the self-employed.
What home loan types are available?
Every lender has their own name for each of their home loans. There’s no need to be daunted though because in reality there are only a handful of different loan types.
Which one is right for me?
When selecting the type of loan to apply for, you should firstly work out what features you need and which you do not.
This is particularly true for low doc loans, fixed rate loans and line of credit loans (LOCs).
The main things you need to consider are:
- Do I need to be able to make extra repayments?
- Do I need to be able to redraw any extra repayments I have made?
- Do I need easy access to my funds via an offset account or ATM access to my loan?
- Can I prove my income?
- Would I like the security of knowing exactly what my repayments are each month?
- Would I like to be protected from interest rate fluctuations?
- Is my loan large enough to negotiate a professional discount? (Generally $250,000+)
Find out more
Why waste your time researching online when you can call us on 1300 889 743 or enquire online and let us do the hard work for you!Source: www.homeloanexperts.com.au