Get The Best Out Of Your Mortgage Broker
The Mortgage Broker understands your needs and negotiates the best possible terms to meet your requirements. When you need to borrow more than 80 % of property valuation, we can set up an offset account to cut up your interest bill, organize redraw facilities for more flexibility and mortgage insurance. An offset account is basically an everyday usage account which allows you to deposit savings. Before calculating the interest bill for the month, account balance in subtracted from home loan. Mortgage broker in melbourne can refinance your current loans and extend your loan for a longer term. Three main kinds of loans offered are:
Home loan includes both redraw options and offset accounts. Experienced broker can offer good advice matching with your circumstances. An investment property loan is same as home loan but can also come with an interest only option. Loans can have the duration of 15 to 30 years. Variable rate loan allows making more flexible loan repayments which will reduce your loan balance unlike fixed rate loans. Support mortgage broker recommends you to fix your interest rate if you are struggling with your home loan and having limited capacity to make repayments in case of interest rate increase.
Personal loans are unsecured and can attract an interest rate of 3-4 % above a home loan rate. This loan can vary from 3 – 15 years. Such loans can be used for minor renovation or a holiday. Interest rate on credit cards may exceed 20 percent. That’s why www.mortgagebroker247.com.au would recommend to clients using credit cards to change to a personal loan on lower interest rates.
Overdraft helps to get through the troughs of the cash cycle. Overdraft rates are 2-4 % higher than the home loan rates. The mortgage broker can arrange a very low cost financing option, equipment finance and leasing for you with our specialist lending. Details about maximum loan valuation, SMSF (self-managed superannuation fund) and principal and interest loan are following.
Maximum Loan Valuation
The mortgage broker delivers the best possible loan according to your circumstances. Our main goal is to use our contacts to find the loan that will help you in achieving your goal. It is the maximum possible loan for some while it is the lowest rate for others. Loans interest only has lower repayments than principle and interest loan, allowing you to maximize the leverage and returns on the capital.
A self-managed superannuation fund is supported by your employer’s contribution made on your behalf and the rent which is earned from the property. It is a non-recourse obligation.
Principal And Interest Loan
The standard home loan is on the principle and interest terms which mean that repayments are set at such a level to reduce the principle and not just pay for the interest. Regular payments will reduce the interest bills. By taking very large loans on your house, you can refinance all high interest rate debts like credit cards and personal loans. Your interest costs will reduce with successful debt consolidation package and debt repayments will be lower.
It is better to take out a mortgage via a broker because 60% of mortgages are already brokered and thanks to new home rules that number is expected to be increase in future.