Before you buy a new home, it’s well worth talking to a mortgage broker. That’s because Savvy's licenced home loan specialists partner with dozens of lenders so they can offer access to lower mortgage interest rates, flexible repayment options and quicker, hassle-free applications.
If you want some history, Ballina has got it. It’s situated on the New South Wales coast about 700km north of Sydney near the mouth of the Richmond River. Over the years, the town has seen its fair share of activity and excitement. The river itself has excellent fishing these days and has been producing some of the best prawns in the region for a couple of thousand years.
It saw the arrival of Cedar cutters in 1842, and the town’s first sawmill was completed 11 years later. In 1860, the river produced gold and there was a short rush of prospectors to the area. The town established itself as the primary port for Lismore around the same time and had 75 sugar mills at one point. In fact, the Richmond River was used for transporting sugar up until 1974.
Can a Savvy mortgage broker help me find a manageable home loan?
Most homebuyers find cheaper home loan interest rates with a Savvy mortgage broker because they can compare more owner-occupier mortgages from a larger pool of different lenders. That creates more competition, but it also means you gain access to specialist products from independent loan providers.
Nowadays, Ballina attracts many residents who want to live near the beach and love to surf. It has over 30km of excellent, unspoiled beaches and you can still buy a house for about $650,000 on average. Smaller apartments regularly sell for around $$400,000 and upwards.
Homebuyers can choose from a range of specialist mortgage features and add-ons designed to help specific buyers get a more cost-effective solution that matches their bigger financial picture, such as:
- Offset accounts let you use savings to reduce the length and overall cost of your home loan.
- Split-rate home loan repayments let you set part of your mortgage on fixed-rate repayments and you can still use features and extra repayments with the rest.
- Redraw facilities allow you to make extra payments during your loan term and then access the equity when you need to borrow.
- Fixed or variable-rate home loan repayments allow you to choose between the benefits of predictable repayments or more freedom to make extra contributions to your mortgage, depending on your circumstances.
- Line of credit facilities let you access the equity in your home that’s been building while you’ve been repaying your home loan.
What types of homebuyers can mortgage brokers help?
Our mortgage brokers operate within a diverse property market, so they help all sorts of homebuyers with a range of different home loan products, including:
- Bad credit home loans, for home buyers who have a low credit score or had borrowing problems in the past. When you use a mortgage broker with Savvy, you can apply to specialist lenders for a home loan when your record is less than perfect, although you will pay a slightly higher interest rate. Many home buyers look to refinance their home loan once their situation has improved.
- Self-employed mortgages, for home buyers who run a business or work for themselves. Many people work for themselves these days, so mortgage brokers in the area can help you use alternative documentation for a home loan application.
- Guarantor mortgages and family pledge loans, for first-time buyers who want a little help from a family member. You can have a relative provide a guarantee for all or just part of your home loan, allowing you to get on the property ladder faster.
- Investment home loans, for buyers of second homes and property investors. Ballina offers great value for investors, with rents for houses reaching more than $550 per week and smaller units and apartments achieving about $430 – representing rental yields of just under 5%.
- Low-deposit home loans, for home buyers who have a smaller down payment. With the town becoming more and more popular with homebuyers every year, buying a home with a bigger LVR can often outweigh the benefits of a couple of years spent saving – but remember to factor in lenders mortgage insurance.
How can Savvy help me find a licenced mortgage broker?
You can enquire with Savvy and connect with a mortgage broker instantly. Savvy partners with mortgage brokers all over Australia. We only work with MFAA or FBAA approved professionals who can demonstrate a long record of helping home buyers find their ideal mortgage.
Mortgage brokers do more than just find cheaper products for home buyers. They also help with every aspect of the home buying process. That means you get help preparing your application, submitting it, and making sure there are no delays. Local brokers can provide valuable advice on requirements which differ from state to state too, like stamp duty and grants.
Your home loan options
Making your first big step towards buying a home? It's crucial to be across your mortgage options as a first homebuyer.
Opting for a variable interest rate on your home loan means it'll fluctuate as the market moves throughout your repayment term.
On the other hand, fixing your rate locks it in for a pre-defined period. This can bring with it greater certainty around your budget.
It's important not to set and forget when it comes to your home loan. If you find a more competitive offer, it may be worth refinancing.
If you're looking to build a new house, construction loans are specifically designed to cater to the different needs associated with doing so.
A guarantor essentially acts as a safety net for your lender, as they sign onto your loan to agree to pay it off should you become unable to do so.
Purchasing a property as an investment brings with it different specifications from a lender. It's crucial to know what your options are.
Businesses big or small may wish to purchase a property for commercial purposes, which are also different from a standard loan.
Your home loan may give you an interest-only option, which allows you to exclusively pay interest on your loan for a set period.
Just because your finances may be slightly more complicated as a self-employed individual doesn't mean you can't take out a home loan.
Some lenders may allow you to apply for a home loan with alternative documents, such as tax returns, BAS and ABN registration.