First Home Buyers

As a broker, I understand how important it is to get the best deal – one that suits you, and can help save thousands in interest and fees over the term of your loan.

There are numerous lending institutions in the marketplace and finding the best solution to suit your borrowing needs is vital, but at times not obvious. It is not simply a matter of comparing interest rates. You need to consider the types of mortgage (table, reducing, revolving credit, interest only or reverse annuity mortgages), the term of the mortgage and repayment options.

Hence people seek the help of a professional mortgage Adviser.

There are lots of different home loan options available. Each has different structures, rates, and fees. My goal is to find the best mortgage for your needs. Some of the common ones are:

Table Loans

Have repayments that remain constant at the level you choose. For the first few years, most of your repayment pays off interest and only a small amount is allocated to reducing principal. Over time, this changes so that later payments are mostly paying off principal.

Reducing Loans

Your repayments change each payment period. Principal payments are constant, while interest payments gradually reduce. So your payments start relatively high and reduce over time.

Interest Only

As the name suggests, on this loan, you only pay the interest - not the principal. Usually an interim measure, for example as bridging finance while another home is sold. Not advisable for most borrowers.

Transactional Loan

Combines all your bank accounts in one. While the interest rate is a little higher, your savings and salary directly off-set your mortgage, reducing your interest.

Revolving Credit

This is a bit like an overdraft. Like a transactional loan, all your accounts are combined in one. Unlike a transaction loan, however, there is no scheduled reduction in your loan balance.