Buying a Home in Melbourne is major life decision and it becomes more important when there are ones looking for first time home loan or owned new house ratification. Interest rates going up and down, different loan products becoming available and disappearing, the property market is hot one month cold the next, this all gets very confusing so it makes sense to have someone that knows what they are doing on your side.
This is where Break free Home Loans comes in, providing you specialized home loan solutions based on your personal circumstances.
What Home Buyers Need to Know About the Melbourne Property Market
Melbourne is an incredibly vibrant city that boasts a colourful culture, unique suburbs and some of the most competitive housing prices in Australia. This is from a quieter suburb to the hectic inner city and cost you lots of in terms; location, size of property and demand. Housing affordability is a trending topic these days, but one of the first priorities for many livings here in this booming may be securing just the right home loan.
Here at Break free Home Loans, we know how important it is to keep up with the changes in market trends. Interest rates are dynamic inputs and constantly changing — plus, government policies greatly influence the terms of lending; for these reasons alone, it pays to have experts on your team. We provide an update on the Melbourne property market and guide you through your next mortgage.
Home Loan in Melbourne Categories
Home loan Melbourne come in many shapes and sizes, but it depends on your current financial situation as to which mortgage form suits you. Here are some common options:
- Variable Rate Home Loan
Variable-rate home loans mean the interest rate varies with the market conditions, and, therefore, it usually means a lower interest rate initially with the possibility of lower repayments if rates fall. This comes with more flexible features, but then the payments in case the interest rate increases are higher; therefore, budgeting becomes a problem. The choice between them only depends on your financial position and level of risk you want to take.
- Fixed Rate Home Loan
Fixed Rate: — your interest rate will be fixed for an initial period of between 1 and 5 years. This gives you a reliable factor as your repayments will stay the same all that time. Good choice for people who need to budget and not be at the mercy of rate fluctuations.
- Interest-Only Home Loan
This allows you to pay only the interest on your loan for a set period, often between 1-5 years. So, while your monthly repayments are smaller in the first few years of an interest-only mortgage compared to a principal and interest loan, the amount you owe remains exactly as it was when you started.
- Split Loan
A split loan, which combines the benefits of variable and fixed rate loans to allow a portion of your mortgage to be locked in with an interest rate while leaving another portion open for fluctuations.
Why choose Break free Home Loans?
Break free Home Loans are passionate about delivering customised home equity loan and refinance solutions to Melbournians. We will listen to the particulars of your financial profile and home-buying goals in order to pair you with a mortgage that suits your needs.
- Personalized Service
We know every client is unique and that’s why our team takes care personally to get you the best options suitable for your requirements by offering a personalized consultation. We aim to keep the home loan process as hassle-free and streamlined for you.
- Competitive Interest Rates
Because we have relationships with lots of different lenders, not to mention the ability to qualify you based on income instead of credit score, our rates and terms are competitive. We can help you find a loan if prefer something with more flexibility and want the benefits of both having an extremely low fixed rate combined in just one home loan.
Final Thoughts
There is a solution to get a home loan in Melbourne without too crazy complexity. Break free Home Loans provide expert advice, home loan products to meet specific needs, and a focus on making sure you get into the property market. Their services are designed to cater to different needs, whether you’re buying a new home, refinancing an existing loan, or investing in property. They offer a variety of home loan options in Melbourne, tailored to meet different needs, whether you’re a first-time home buyer, looking to refinance, or investing in property. Contact us today to find out more on how we can help you buy well in Melbourne.