Home Loan Guide
Buying a new home can be a very exciting and very stressful time. To ensure no important details are overlooked during this busy time, Homeloan.com.au has compiled a list of considerations for you to keep in mind when finding your ideal home loan.
Borrowing too much or too little from your chosen lender can have significant financial consequences, affecting your repayments and interest rates. Generally a broke will recommend that your repayments be no more than than 30 per cent of your total income. Take the time to work out exactly how much you need to borrow to avoid the excess costs later.
Your home loan needs will change depending on whether you are buying your first home or an investment property. It is important you find a loan to suit the purpose of your property, taking into account the different features and benefits on offer.
Most financial institutions require a 20 per cent deposit on your new home. However, with options such as lenders mortgage insurance accommodations can be made for most circumstances, with the opportunity to expand some loans as required.
Some of the most common loan features include: