Home loans

Getting money to buy your home can feel overwhelming, but understanding the basics will help.

Different types
Not all home loans are created equal, and the kind you need will depend on different factors.

Fixed-rate home loans will offer you a stable interest rate that will not rise throughout the lifespan of your loan.

Meanwhile, variable-rate home loans have interest rates that start out lower but can raise over time depending on activity in the market.

There are other types of loans for you to choose from, some of which are a mixture of these two, but chances are you’ll be choosing between a fixed-rate and variable-rate mortgage.

As a mortgage broker, I have access to a wide range of options to help you find a loan that’s suited to your budget and lifestyle.


Term lengths
The term length of your home loan will have a big impact on monthly costs, as well as how much money you pay out over time.

For instance, a longer term length means you’ll have more time to pay off your home loan, resulting in smaller minimum payments each month.

A shorter term length will mean higher monthly payments, but it also gives you less time to build up interest on your loan, meaning you actually end up spending less money overall.

In addition to being a mortgage broker, I’m also a financial planner, and I can help you determine which term length suits your plans for the future.


Interest rates
The less interest you have to pay on your loan, the less expensive it will be in the long run.

Obtaining a low interest rate is in your favour, but the rate you get is dependent on many things.

Market conditions often dictate how low rates go, but it is just as important to make yourself an attractive borrower to lenders in order to receive a competitive rate.

Good credit, proof of savings and a larger deposit are all great ways for you to find a lower interest rate.


Closing costs
You may think the amount of money you’re borrowing is all you need to worry about, but you’d be wrong.

Taking out a home loan comes with other expenses, so it’s essential to plan for these in advance.

Common closing costs include application fees, lenders mortgage insurance and any other expenses outside of the money you’re actually borrowing.

The good news is, whether you’re a first-time home buyer or a current homeowner seeking to trade up, there are limitless options available to you.

Finding a home loan that suits your needs is simply a matter of finding an experienced mortgage broker who can lend a helping hand.

If you’re looking for a mortgage broker in Sydney’s eastern suburbs, contact me and I will find the most suitable loan solution for you.

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