Our brokers work hard at understanding our client’s unique circumstances and helping them overcome common home loan challenges. Whether you’re a first home buyer or an experienced investor, we’ll help you find the best home loan for your situation. Whether you’re self-employed and have trouble proving your income or you’re a contractor or casual worker, we offer solutions for all types of clients’ income sources.
What Is A Home Loan?
If you’re like most homebuyers, the thought of finding the best home loans in Melbourne has to offer is daunting. Between researching interest rates, comparing products, and deciphering fine print, it can seem impossible to make an informed decision! Don’t stress, that’s where we come in. The lending specialists at Break Free Home Loans are experts in the Melbourne home loans market. We make it easy for you to compare home loans and find the best interest rate for your particular situation. Contact us today at 1800 300 777 to book a free consultation! We’ll help turn your dream home into a reality.
About The Property Market In Australia
The property market in Australia is currently going through a very exciting period. Property prices are rising, especially in the major metropolitan areas, such as Sydney and Melbourne. This is great news for those who already own property. However, it can make buying a home seem out of reach for new homebuyers. That’s where Break Free Home Loans can help.
Comparing The Best Home Loans In Melbourne – Big Bank or Small Lender?
These are all important questions that a home loan specialist can help you with.
At Break Free Home Loans, our mortgage brokers have years of experience helping people compare home loans and find the best product, loan & rate that suits their
needs and requirements. We know that every borrower’s situation is unique & different. This is why we take the time to get to know each of our clients to explore their needs & requirements. Only after thoroughly understanding their situation do we provide them with expert home loan advice. In general, the big 4 banks will have slightly higher home loan interest rates compared to smaller lenders. This is because the bigger banks have more overhead costs. However, this doesn’t mean that you should automatically rule out the big banks when you’re searching for a home loan. There are still some great home loan deals to be found at the major banks. . Large banks also provide a branch network which many customers find appealing compared to minimal face to face interaction.
Remember that it’s important to compare home loans from a range of different lenders, both big and small. That way you can be confident that you’re getting the best home loan product & best interest rate for your particular situation.
How to Choose The Best Option
The next stage of the process includes applying for the home loan which means the customer needs to start gathering their financial information for their broker to start the application process.
Types Of Home Loans
There are several different types of home loans, with each serving a specific purpose. However, the most common types are a fixed home loan, a standard variable home loan, and an interest-only home loan. To decide which loan type best suits their needs, homebuyers should first understand the unique features of each home loan.
Do you now have a firm understanding of what you need from your home loan? Great, it’s now time to start shopping around and compare home loans from different lenders. This is where the lending specialists at Break Free Home Loans can help. Our team helps clients expertly understand and compare the best home loan interest rates. We’ll work with them across the whole process to maximise their chances of obtaining the best-suited home loan for your needs & requirements. Here is an overview of the some of the more popular types of home loans:
Many homebuyers view the rates charged for a home loan as one of the most important deciding factors. It is important to compare rates when you’re shopping around, however there are also other factors to consider. The home loan with the lowest rate might not be the best deal for you. It may not suit your needs in other ways.
An interest only home loan is where you only pay the interest on your home loan for a set period. This is usually between five to ten years. You will then need to begin paying off both the interest and principal of your home loan. Interest only loans are not encouraged for owner occupier home loans by lenders as they could delay people’s time to pay off their own home but are popular for investment home loans.
First Home Loan Buyer
An owner-occupier home loan is for those who are buying a home to live in. This is the most common type of home loan. Owner-occupiers usually want to find the best interest rate and features for their home loan. Break Free Home Loans lending specialists can help with this entire process.
A home improvement loan is for existing homeowners who are looking to renovate their property. This can add significant value to a home, and therefore it’s important to get the best rate for an improvement home loan. A home improvement loan can be used for a variety of purposes. This includes renovating a kitchen or bathroom or repainting the roof.
How To Get A Home Loan In Melbourne
There is a clear process that loan applicants will follow when working to get a home loan in Melbourne. This includes everything from conducting an initial home loan rate comparison to preparing documentation to deciding on the loan amount. It is crucial to be as prepared as possible when applying for home loans. By doing so, the process will be much smoother and a better outcome is more likely.There is a broad six-step process that can help you find and qualify for a great home loan. It is as follows:
Decide On The Amount Of The Loan
Check Your Credit Score
Choose The Type Of Loan
Check Your Income
Compare Loan Terms
Expenses To Be Ready For
Home loans come with a variety of fees, including application fees, valuation fees, and general ongoing fees. By properly budgeting for these fees you’ll ensure everything is paid on time, and that you never incur late fees. Good budgeting ensures the overall process runs more efficiently, and helps home buyers keep on top of their responsibilities.
Home loan LMI fees stands for Lenders Mortgage Insurance. If borrowing more than 80% of the home loan amount, lenders typically require that you insure your loan against default. This protects them in the event that you cannot make repayments. The good news is that this insurance can be added to your home loan amount.
Most home loans will require a deposit of about 10 to 20 percent of the home loan amount. The larger your deposit, the lower your LMI costs will be. It’s important to remember that you will need to have saved this money prior to applying for a home loan.
Lenders Offering Best Home Loan Rates
The fact is that there is no straightforward answer to which lender offers the best home loan rates. By doing research and a home loan comparison you can find the best home loan rates to suit your needs.
Our brokers will talk you through your individual situation to best understand it. They will discuss your home loan options with you, and explain the benefits of going with particular lenders. By doing this, homebuyers will be in the best position to make an informed decision about what works for them. We’re proud to help Melbourne homebuyers understand their loan options, and get the best home loan rates in the market.
How To Calculate Home Loan Payments?
A variable home loan’s interest rate will fluctuate in line with the cash rate set by the Reserve Bank. This means your repayments could also rise or fall. A fixed home loan has a locked-in interest rate for an agreed period of time. Do you want the security of knowing what your repayments will be each month? Or would you prefer the possibility of lower repayments if interest rates fall? Homeowners must decide which is more important to them.
In short, to effectively calculate home loan repayments, you need to know three things:
– The amount being borrowed (the principal)
– The length of the loan (the term)
– And finally, the interest rate of the loan.
Effectively estimate your repayments with this loan repayment calculator. Remember to include all the fees and charges that may be applicable to your home loan. At Break Free Home Cash Loans in Melbourne, we aim to make this process straightforward and simple. We have a team of home loan specialists who can expertly compare the market on your behalf.
Still Got Questions?
If you’re a doctor, you know the importance of finding the right home loan. You also know that the process can be time-consuming and confusing. But with Break Free Home Loans, we make it easy. We specialize in home loans for doctors and we’ll work with you to find the right loan for your unique situation.
Frequently Asked Questions
What Is A Home Loan?
Which Bank Is Best For Home Loans?
Homeowners should closely consult with a lending specialist to find a bank that best suits their home loan requirements.