If you’re looking for help and advice with a home loan, and you’d like to get a far cheaper deal, you should think about talking to a mortgage broker. Home loan professionals deal with a broad range of bank and non-bank lenders so they can access hundreds of options for home buyers. Savvy partners with some of the best-rated mortgage specialists in Australia, so you can connect quickly with a local licenced broker right here.
What do mortgage brokers do?
It’s pretty simple. Brokers partner with all sorts of lenders, from national banks to local and non-bank finance providers, so they can deliver access to more products, competition, and lower interest rates than if you rely on one lender or your bank.
Because mortgage brokers know the industry, they can offer valuable advice, not just about the products but also about which lenders suit various aims and clients. That means homebuyers generally have a smoother and cheaper experience when they use a mortgage broker.
Berwick has been a popular destination for first homebuyers for years now. It’s a great place to set up home and raise a family, and median prices for houses remain low at around $700,000. If you’re a first-time buyer, getting a mortgage broker on your team could be invaluable. They know about state-specific incentives for first home owners, like the Victoria First Home Owners Grant, plus they can help you figure out stamp duty concessions. Whether you’re looking for a low-deposit home loan, a professional package loan, or you need a guarantor mortgage – a local home loan professional can help.
Who do Savvy mortgage brokers help?
Our mortgage brokers offer a comprehensive range of mortgages, with an option for every type of home buyer out there. You speak with the broker, they ask questions about where you want to be, your finances and preferences and they compare low-interest home loans to identify the cheapest options. Buyers can choose from fixed or variable-rate repayments, and even split home loan repayment options.
This part of the world is a haven for families of all ages. With hundreds of options from developers available, you might want to start from scratch and build a brand-new family home. A mortgage broker can assist with specialist house and land package loans, or you can opt for a vacant land loan if you’ve found your ideal block but aren’t quite ready to start construction, for instance.
If you’re an investor or you’re looking to buy a second home in Berwick, more than 20% of residents live in rented property. Houses fetch a healthy $420 per week, while units bring in about $370 for landlords. Speak with a local broker and compare hundreds of specialist investment home loans, with cost-effective features like interest-only repayments.
How can a Savvy broker help me use home loan features to save money?
Sometimes, a broker will identify opportunities to make your broader finances work more effectively with your mortgage – and that makes buying a home cheaper.
It’s where mortgage brokers really come into their own. There is a range of features brokers can turn to for different home buyers, including:
- Offset accounts: These accounts work just like a standard bank account, but the balance reduces the amount of mortgage interest you pay. They work great for home owners who have additional savings. Even keeping your wages in an offset account can shave time and cost off your mortgage.
- Redraw facilities: Sometimes, it’s a case of making your mortgage work for your finances – not the other way around. When you make extra repayments during your home loan, you quickly build equity. If you need to borrow money, you can dip back into your mortgage. It’s far more cost-effective than using unsecured borrowing, such as a personal loan.
- Line of credit facilities: This is another way to access the equity in your home as and when you need it. It’s an ongoing, open line of credit, and you only pay mortgage interest on what you use – not the upper limit of the facility.
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.