Stay Updated

Mortgage Broker Melbourne

Get The Advice The Banks Won't Give You!

Get A FREE Consultation Today!
(valued at $197)

Call 1300 889 743

  • Home
  • Why Use Us?
    • Memberships & Accreditations
    • Lenders
    • Testimonials
  • FAQ
  • Calculators
    • Home Equity Loan Calculator
    • Interest Only Mortgage Calculator
    • Loan to Value Ratio Calculator
    • Mortgage Payment Calculator
  • Loan Tips
  • Free Assessment
  • Contact Us
You are here: Home / Buying a Home / Different Melbourne Home Loans That You Can Easily Qualify For

Different Melbourne Home Loans That You Can Easily Qualify For

July 11, 2011 by Mortgage Broker Melbourne Leave a Comment

Melbourne Home LoansMelbourne 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.

Share and Enjoy:
  • Digg
  • Facebook
  • Twitter
  • Sphinn
  • del.icio.us
  • Mixx
  • Google Bookmarks
  • Reddit
  • StumbleUpon
  • Technorati
  • Yahoo! Bookmarks
  • Yahoo! Buzz
  • Print
  • Add to favorites
  • email
Filed Under: Buying a Home, Buying Investment Property Tagged With: types of home loans in Melbourne
About Mortgage Broker Melbourne

Speak Your Mind Cancel reply

*

*

Ask us a question

  1. (required)
  2. (valid email required)
  3. (required)
  4. (required)
 

cforms contact form by delicious:days

Pages

  • Home
  • Why Use Us?
    • Memberships & Accreditations
    • Lenders
    • Our Fees
    • Testimonials
  • Getting The Right Loan
    • Choosing A Mortgage Broker
    • Choosing The Right Loan
    • Compare Home Loans
    • Finding Your Ideal Home
    • Pay Less On Your Loan
  • Calculators
    • Home Equity Loan Calculator
    • Interest Only Mortgage Calculator
    • Loan to Value Ratio Calculator
    • Mortgage Payment Calculator
  • Blog
  • Free Assessment
  • Contact Us

Categories

Mortgage Calculator

MortgageLoan
$
%
years
%
$ per year
$ per year
%

© Mortgage Calculator
$
years
%

© Loan Calculator

Return to top of page

Copyright © 2021 · Mortgage Broker Melbourne · All Rights Reserved
Lead Generation | Home Loans | Terms & Conditions | Privacy Policy | Site Map