Did you know that there are currently over 200 lending institutions (banks and non-banks) in Australia, and that they all provide home loan facilities? If each institution provided at least 2 types of home loans, you would have to do a lot of time consuming research to choose the most suitable home loan for yourself. It can be a very difficult decision to make.
Questions You Should Ask
- Basic Home Loan: Does it have any features to benefit me?
- Standard Variable Rate Home Loan: Isn’t this a higher rate home loan product?
- 1 Year Discounted Home Loan: What happens after 1 year?
- Professional Package Home Loan: Do I need all the features for an annual fee?
- Fixed Rate Home Loan: Am I locked away in an expensive contract? Should I fix my rate for 1, 2, 3, 4 or 5 years?
- Line of Credit: How does this work? Am I better off having a Mortgage Offset Account instead?
Other Common Questions
- What is a Mortgage Offset Account and how does it work?
- What is LMI (Loan Mortgage Insurance)? Can I avoid the big LMI fee?
- Is there a difference between paying weekly, fortnightly or monthly?
- Is it worth refinancing to save only 0.3% per annum on my interest rate?
Did You Know?
- If your interest rate is 0.3% cheaper than your current rate, you can save $1,200 every year on a Home Loan of $400,000. Over a 30 year term, you would have potentially saved yourself a total of $36,000.
- Banks can offer you a 0.7% discount on their standard variable rate, but we can secure you a 1% discount from the same bank at no additional cost to you.
- Some lenders will lend you up to 95% of the purchase price of the property you are buying.
- If you are building your new home, you can progressively borrow up to 95% of the on-completion value of your property.
If you are looking at buying a property, you may want to consider a loan pre-approval to aid you in confidently bidding at the next auction you attend. We can arrange for a pre-approval within 3 to 5 business days.
Have you checked out our user friendly mortgage calculators? Click here and play around with some numbers.
Let us make this important part of your life a simple process.
Give us a call on 02 8091 7070 or email us at loans@concordfinance.com.au.