To find a good home loan you should investigate both your home loan options and government grants and entitlements. Be prepared and source the assistance of the appropriate professionals - which include a mortgage broker, accountant, financial planner and solicitor.
The range of investment loans and loan features available to suit both new and experienced investors is now quite extraordinary, ranging from simple home loans to more complex loans that are allow you to manage tax, gearing and repayments.
Which investment finance method you choose will depend on a number of factors, including whether or not you are carrying existing personal debt in the form of an owner-occupier mortgage or personal loans and other debt
A good interest rate is always a high priority, but so to is the type of loan you choose, it's structure, features and benefits and loan term. Make sure you find out how about all these factors in line with your current plans, including how variable and fixed interest rates work to help you make the right home loan decision.
Often self-employed borrowers find meeting the lending criteria for standard home loans difficult, as income and savings are often irregular and can fluctuate more significantly than other borrowers.
This has changed however and Self-employed borrowers looking for home and business loans do have cost-effective loan options available to them.
Buying property with family or friends is becoming increasingly common. This type of property purchase is usually completed as a tenants-in-common purchase, which allows two or more people to own interest in a property, either in equal or unequal shares.
The Australian Government regulates foreign investment in Australia, including investment in property. Overseas buyers will usually be able to purchase properties which are:
- Vacant residential land (to be built on within 12 months)
- Off-the-plan houses and units
- Under construction or newly constructed houses or units
- Residences for company executives who will be living in Australia
- Property for temporary residents living in Australia for at least 12 months
Getting finance for a new home can be complicated. Get help from a good mortgage broker who has building finance experience. They will take you through the different stages:
- Getting pre approval first to confirm purchase and building budget.
- For formal approval you will need Builders Fixed Price Contract, Plans and Specifications.
- Get your broker to help you manage the draw down process in a timely manner while your home is being built.
Use a Professional Mortgage Broker
Loan Market secures in excess of $600 million in home loans each month. We represent every major residential bank and secure mortgage lender in Australia, along with a wide range of leasing and personal finance lenders, deposit bond providers and our own Economy Home Loans.
Loan Market mortgage brokers work closely with real estate networks and especially understand the realities of getting your new home settled on time with the best finance deal and the best interest rate. Talk to your local Loan Market Mortgage Broker today.
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