Home Loans
In a housing market such as we have in Australia, where a house is not only the most expensive purchase that the majority of us make in our lifetimes, but also forms the cornerstone of many people’s investment strategies and financial goals, it is no surprise that the home loan market is large, competitive, and potentially confusing.
There are a wide range of products available to meet a multitude of needs, and for both the first home buyer and experienced property investor alike, navigating through the various loan products on offer can be time consuming and challenging.
Therefore, before you start to look too closely at properties, it is important to have an understanding of the different types of home loan options that might be available to you.
This will give you a clearer idea about how you might organise your finances, how you can continue to meet your commitments going forward, and what contingencies you might need to have in place in order to meet any changes in your own circumstances or the wider economy
Of course, everyone’s circumstances are different and your lifestyle, family situation and financial goals will all play an important part in determining what sort of home loan you ultimately need.
What sort of home loan can I get?
Home loans in Australia can generally be classified into the following four broad categories, although these are by no means the only sorts of home loans available.
First Home Buyers
First Home Buyers
People buying their first home have access to a wide range of specialist mortgage products designed specifically for the needs of the first time buyer. There are a number of steps that need to be taken in preparation, as well as a number of assistance packages, that can help you to buy your first home.
Next Home Loans
Next Home Loans
This sort of home loan (sometimes also referred to as an equity loan) is for people looking to upgrade or move into a new home and who require additional finance. With a next home loan, you are able to use the equity you have built up in your current property to finance the move into your next home.
Calculate Borrowing Power
Calculate Stamp Duty
Compare Homeloan Rates
Refinancing
Refinance Loans
A refinance home loan is where you take the opportunity to arrange new terms for your home loan with your current lender, or move lender entirely and take out a new loan on improved terms. In this scenario, the new loan pays out the first loan, so you are still only paying off a single mortgage.
Investment Loans
Investment Loans
Most Australian financial institutions have home loans specifically designed for people who want to purchase investment property. These can take a variety of forms, depending on the amount of capital you have, how much equity you’ve accrued in your home or other investment properties, and the sort of investment property you are looking to buy.
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