Home Loan Brokersin Adelaide

For the majority of people, purchasing a home will be the biggest financial decision and commitment they will make over the course of their lives. The decision of Home Loan product should be treated just as seriously as it may save you tens of thousands of dollars over the term of the loan. This is why a finance / mortgage broker should always be engaged to help you decide on the best Home Loan product for you as they will give you unbiased information to help you make the right decision.

There are hundreds of home loan products on the market offering different features and benefits. It is not only interest rates you need to consider. Other factors that should be taken into consideration include:

  • Lenders Mortgage Insurance (LMI).
    • Have you budgeted for this?
    • There are borrowing structures that can substantially reduce the cost of your LMI premium.
    • Some lenders will allow you to capitalise your LMI premium over and above a 95% loan to valuation ratio.
  • Off-set Accounts utilise ALL of your money to off-set the balance of your loan and save you interest.
  • Re-draw facilities allow you to pay ahead of your scheduled repayments and then re-draw at a later date if you require funds for any purpose.
  • Interest Rates:
    • Fixed rates can provide you with certainty of repayment amounts for the fixed period.
    • Will the loan allow you to fix rates at any time to take advantage of favourable fixed rates?
    • Some loans offer a discounted rate for the first 12 months saving you interest and allowing you to make extra principal repayments during that period.
  • Assessment of income.
    • Which lenders will accept casual employment, dividends, overtime, bonuses, commissions, maintenance, family allowance or income from a second job? Each lender is different with what income it will accept and how it assesses them.
    • If you are self-employed, do you have your financial statements prepared? Lo-Doc facilities provide a loan facility that does not require all of the usual financial statements and tax returns to verify income.
  • Will the loan allow you to split into separate smaller loans whether for accounting purposes or for interest rate decisions?
  • Will the loan allow you to switch security property if required?
  • Will the loan allow a guarantor to provide a guarantee which could potentially save you thousands in LMI?

These are just some of the issues you need to consider when choosing the Home Loan that is right for you. Samuel Finance can help you sort through all these features and benefits and make an informed choice of Home Loan.

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