Loan Finance
We help in securing a number of different types of home loans that are available. The one that is right for your needs will depend on your circumstances.
When considering a home loan, there are various loan types to choose from, such as variable interest rate loan (standard and basic), fixed interest rate loan and Line of Credit (equity loan).
Fixed vs variable home loan
A fixed-rate loan is one that allows you to lock-in the current interest rate at the time of settlement. This means that the lender can not make any adjustments to the interest rate, whether it be up or down. Depending on your situation and needs, you may want to fix a rate for up to 5 years, although the lifetime of the loan itself may be 25 or 30 years.
Though some people might like the security of knowing exactly how much their repayments will be, they might lose out on falling interest rates as the market changes.
Interest only home loan
When borrowing money from a lender or bank, you can choose to pay just the interest on the loan or both the interest and the principal (the actual amount borrowed). If you choose to pay only the interest on the loan, your repayments will be much lower, freeing up cash for things like renovations and other expenses. However, a lender or bank will always assess your ability to pay back both interest and principal in order to qualify for the loan as interest-only loans have a limited life span of up to 5 years.
Self employed home loans
When you’re self employed, getting a home loan can involve a few extra steps making the process more complex. The requirements you will need to supply when applying for a home loan can vary between lenders
Need help in deciding the exact loan type and getting it approved? Simply reach out to us and our team will be happy to assist.