Perth is a beautiful city with a rich culture and exciting opportunities everywhere. Coupled with the current low interest rates, this is also an excellent area for first time home buyers or those looking for investment properties.
Getting a home loan in Perth will be one of the biggest decisions that you ever make. However, it can also become very stressful. From choosing the right lender to deciding on the most suitable home loan rates, the sheer amount of information available can be overwhelming
Our online home loan brokers in Perth give you more details about the many different types of home loans that are currently available, allowing you to compare home loans and find the most suitable loan to your needs:
Fixed rate home loans: This loan option simply means that the interest rate remains constant. What makes this loan attractive is that borrowers are able to know exactly what their monthly mortgage payments are. This option is ideal as you can lock in a great rate for the entire loan if you qualify.
Variable home loans: These home loans have interest rates which are directly tied to market rates. This means that the mortgage payments can vary and can be beneficial for the borrower when loan rates go down. As the interest rates are variable, payments will also increase as the rates move upwards.
Low deposit home loans: These types of mortgages only require a 5% deposit of the purchase price of the property. This deposit can be made with genuine savings, an inheritance, a gift from a family member or even with a recent tax return.
Line of credit home loans: These home loans function like a credit card. You can withdraw funds up to your limit, as long as payments are made on a monthly basis. These home loans are perfect for investors as they offer flexibility within your mortgage.
Shared equity loans: Equity finance mortgages (EFM) contribute up to 20% of the purchase price of the property with the other 80% covered using a regular home loan. Mortgage holders can opt for this option to increase their borrowing capacity and to reduce their monthly payments as it is not required to pay the EFM portion for up to 25 years.
The number of Perth home loan options out there can be overwhelming as each has its advantages and disadvantages. This is why it makes sense to work with experienced home loan brokers or closest to the area you reside in who can help provide you with expert advice and guide you through your financing options, every step of the way. This lets you know exactly what to expect from your loan and how you can get the best home loan rates in Perth