Name

Name

Mortgage Innovations

Personal details

Location

21A/221 Christine Avenue Varsity Lakes, QLD, 4227

Web

https://mortgageinnovations.com.au

Twitter

https://twitter.com/MortgageInnova1

Short Bio

When you are getting ready to purchase a new home, there are many things to prepare. The primary objective, of course, is to prepare financially, and you will need to find a loan or mortgage plan that works for your budget. In Australia, there are a variety of home loans available for individuals looking to purchase a new home or even your first home. Often, the most popular type of home loans includes the variable interest rate home loan, which fluctuates with the official cash rate according to the Reserve Bank of Australia. When rates are low, you will benefit; however, you will also be vulnerable to high interest rates. Still, this type of home loan is popular because it allows a potential home buyer more flexibility and allows you to switch providers without a significant break cost fee - this is something that occurs with fixed-rate home loans. Fixed-rate home loans, of course, have inflexible interest rates. Some new homeowners are interested in low deposit loans as lenders require a larger and larger deposit on investment loans. Some low deposit loans require as little as a 5% deposit. This is appealing to young people looking to purchase a home early or people who are not able to save much to make an initial deposit. These types of mortgages are only insured on the lender’s side, not the buyer’s - you will not be covered if you cannot pay. Other mortgage innovations include a line of credit loans, which do not apply to those buying a new home but instead to those make renovations to their current home. A line of credit loan is built on top of an existing mortgage and is also known as a home equity loan. The amount typically depends on the equity already on the property. These loans are made in one lump sum or payments as significant repairs and improvements are made on your home and property. There are a few non-conforming mortgages and home loan options for individuals with poor or recovering credit. Among people who apply for non-conforming loans are those who have been unemployed for a long time, or cannot show documentation for income generation in somewhat the same way as self-employed individuals. This type of real estate mortgage may qualify for up to 80% of the property’s value, but they do have atypically high-interest rates. When it comes to property finance, finding reliable funding is not always an easy journey. However, when you make a long-term investment in your future or that of your family, you must take your time. Speak to family or friends that have recently bought or financed a home, speak to your local bank or financial advisor.

History

Member for

6 years 3 months