The Value Of Finding Out Your Repayment Options
Each home loan has a range of features and it is worth finding out how different repayment options may be helpful for your situation.
Acquiring a mortgage is a long-term financial commitment and you need to plan to ensure you are able to make regular payments to reduce the balance of the loan.
However, sometimes no matter how much preparation you do - there are still little surprises along the way which may alter your financial circumstances.
For this reason, it is worth a regular chat with your mortgage broker to find out the benefits included in your home loan and how to modify your mortgage payments in the case of an unplanned income interruption.
In the instance that your life takes an unexpected turn - such as the arrival of a child - it may be worth considering taking a repayment holiday.
A repayment holiday allows you to postpone your home loan payments for a specified amount of time.
One aspect to be aware of is that while you may be able to suspend the payments, your loan will still accrue interest during that time.
Another consideration is that to access this home loan feature you may need to have made additional payments previously or make a lump sum contribution once you restart your payments.
In addition to this feature there is a parental leave component which takes into account how having a child may alter your financial situation.
This feature allows you to defer payments for an agreed amount of time after the birth or adoption of a baby.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.