Reasons for Applying for a Home Loan
There are many great reasons to apply for a home loan and by using our free home loan comparison service you can find the perfect deal to save money and get the best rewards for your property and finances.
First time buyers can choose and apply for a loan to help enter the Australian property market, which is one of the world’s most competitive and expensive. In fact, according to the trusted Demographia International Housing Affordability Survey, Australia ranks as one the top three most unaffordable property markets in the world, second only to Hong Kong for unaffordable house prices. Picking the right loan is therefore essential when first setting foot on the property ladder, and the best deals offer lower repayment rates so the loan can be paid off sooner.
Refinance home loans allow Australian property owners to generate money from their homes, while investment home loans allow borrowers to gain property and build their finances. Selecting the loan with the best rates and terms with our comparative service and applying online is simple, so you can start feeling the benefits straight away.
Home Loan Features and Benefits
Buying and financing your house involves some of the most important financial decisions you ever likely to make, so selecting the best home loan is very important. There are several key features that you should keep in mind when you compare home loans using our service.
Home loans vary in the amount you can borrow, how long you have to repay the money and the way interest is calculated on repayments. Fixed rate loans offer a secure, constant rate over the course of your repayment, so you know exactly what you will be paying. Variable rates change over time according to the official interest rates set by the Federal Reserve Bank, so the interest on you repayments will rise and fall according to the property market. Finding the right home loan to suit your personal financial habits and plans will help you repay the loan as quickly as possible at the lowest interest rates, potentially saving you $1,000’s in the future.
Home Loan Suitability
Australian banks offer a huge variety of home loan options, there’s something to suit all kinds of borrower.
First time buyer home loans are suitable for anyone ready to make their first entry into the property market. Before taking out this kind of loan you should be prepared with as big a deposit as you can manage, ideally 10 to 20% of the total loan. Elsewhere on our site we compare and explain products that can help you put aside money for a deposit including high interest savings accounts and term deposits.
Investment Home loans are suitable for people wanting to invest in property to generate money. Refinance home loans are suited to property owners who want to use the value of their house to borrow money for life’s other big expenses such as sending children through college or helping with retirement plans. Whichever type of home loan fits in with your financial and life goals, if you can pay the repayments and meet the terms of the agreement then you can save a huge amount of money.
Money Choices’ free comparison & online application service takes the headache out of finding the best home loan deal from the leading Australian lenders. Having compared the best loans you can apply today free of charge, no risks and no commitment, speak to a trusted mobile banker and decide if what’s on offer suits your financial requirements. The sooner you set up your home loan the sooner you can start saving money and planning for the future.