Mortgage Brokers Wangaratta
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There’s no need to take a chance on getting the best advice or search endlessly for qualified home loan professionals. You can connect with our carefully chosen mortgage brokers at Savvy. Compare the country’s best mortgages with some of the most trusted home loan professionals across Victoria.
I’m building a home in Wangaratta. Can a Savvy broker help me identify the best mortgage option?
Yes – choosing the right home loan for your plans can save you a lot of money when building a home. Construction loans and vacant land loans work in different ways and have considerable cost implications. Which one you choose might depend on whether you’re ready to build right away, whether you’re buying on a big development, and how much down payment you can currently afford.
Fortunately, there’s a massive choice of vacant blocks near town, a large proportion of property sales in the area are for land; the town has pretty much everything owner-builders are ever going to need.
Here‘s a breakdown of how the different loans work:
| Construction loans | Vacant land loans | |
|---|---|---|
|
Interest rate |
Interest rates for construction loans are lower than for land |
Vacant land loans typically come with higher interest rates |
|
Deadline |
You typically get between one and three years to get building work underway |
There is no deadline in terms of how long you can own the land before you build a home |
|
Qualification requirements |
It’s generally easier to qualify for a construction loan than a vacant land loan |
Lenders consider the value of land to be more volatile than homes, so qualifying is more challenging |
|
Deposit |
You’ll need a minimum deposit of 5% for a construction loan |
Vacant land deposits vary. Generally, you need a minimum of 5% up to 11 hectares, and 20% over 11 hectares |
|
Settlement |
Home builders receive progressive payments during the build |
You receive a single settlement amount when the loan is approved |
|
What’s covered? |
Construction loans cover the cost of the land and the construction of your home |
Vacant land loans only cover the cost of your land. You’ll need a mortgage when it’s time to build |
Can a Savvy mortgage broker help me buy a second home?
Local mortgage brokers are adept at sourcing products and features to service investors in a vibrant rental market. The town lies on the main highway between Sydney and Melbourne and enjoys good transport links, plus great employment opportunities, so it’s popular with tenants.
A Savvy mortgage broker can help you compare different investor home loans, including tax-friendly Interest-only investment loans.
Is it worth talking to a Savvy mortgage broker?
Put simply, yes. We can access more options, better interest rates and provide home buyers a great deal of help during the home loan application process. That means you’re likely to get a cheaper mortgage, qualify more easily and find terms and features to suit you. This is how:
You discuss your situation, aims, and any particular preferences with your Savvy broker, who's fully qualified to convert that into the most ideal and cost-effective home loan option. We deal with dozens of lenders all over Australia, so your broker can access a wider choice of products than a bank or individual lender. We start by comparing low-interest home loans for owner-occupiers, then offer several alternatives for repaying interest such as:
- Fixed-rate home loan repayments for consistent monthly mortgage costs
- Variable-rate home loan repayments that can rise when interest rates do, but fall when they drop
- Split-rate home loan repayments, that offer home buyers the chance to repay part of their mortgage with fixed rate and the remainder with a variable rate
Once you’ve identified your best option, we'll help with all aspects of the mortgage process, keep an eye on progress and deal with potential delays before they happen. Brokers make sure everything goes smoothly until your loan is settled.
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