Melbourne home loans are available to practically everyone who wishes to have their own home. No matter what income bracket they may be from, there will be a home loan type that fits their needs.
Now that rates are falling, it is the perfect time to go hunting on a house. There are different home loan products individuals can take advantage of these days. With the help of Melbourne home loan experts, it will be very easy to locate a property and get approved for a home loan.
Home loan products are customized to meet the needs of borrowers. Based on your income, status, or preferences, you will find a specific type of loan that you can qualify for. Here are some of the home loan types you can shop for:
First Home Buyer Loans
People purchasing a home for the first time have a wide range of options—fixed and variable rates, low doc loans, or no-deposit home loans. The great thing about buying a home for the first time is that you can be eligible to a grant that can provide you $7,000.
Basic and Standard Variable Rate Loans
These types of loans provide borrowers a lot of flexibility. Borrowers can choose to make higher repayments to save on interest rates and take out years off their loan terms. In case the Reserve Bank of Australia slashes rates, your monthly payments will be reduced. However, if the rates go up, you will have to pay more. But if you make sure that you pay more on your repayments, you will still be able to save money in the long run.
No-Doc and Low Doc Home Loans
Borrowers who can’t present proof of income or statement of assets and liabilities and other important documents will still be able to qualify for a home loan with this product. This basically allows anyone to have a shot at being a homeowner.
However, this type of loan can pose a lot of risk for the lenders so, to compensate, they may charge higher fees.
No Deposit Home Loans
This type of loan doesn’t require borrowers to save up for the deposit because there will be no down payment. All a borrower needs to pay for are moving costs and some fees. This is great because anyone can buy a house without spending a lot of time trying to save on high down payment costs.
The only problem is that due to the recent global crisis, a lot of banks took out this loan from the products they offer, although there are still some lenders who offer this.
Investment Home Loans
Investment home loans allow borrowers to purchase properties that they can use as a source of income for the coming years. Different people take advantage of investment loans, and it is the best time to spend money on something that is profitable. Melbourne home loans experts will make sure that you find getting approved for this type of loan is convenient.
Becoming a homeowner is not a problem in Melbourne, especially if you have experts helping you. So don’t wait any longer and start shopping for really good rates.
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