What is the best Australian mortgage loan for my family?
As a second home buyer, you will probably already have a working knowledge of home loans in Australia. However, when new loan products are introduced, taking advantage of a good offer makes sense. As mortgage experts with access to a range of lenders, we can offer you loans that will jump-start your plan and put you in charge of decision making. Variable and fixed rates are only the beginning, and Mortgage House also offers:
Split mortgage loans: A split mortgage loan allows you to divide your home loan into two segments; one part with a fixed interest rate and the other with a variable interest rate. Advantages include the opportunity to pay off a portion of your mortgage sooner, change split percentages for free and access features such as a line of credit.
Toggle offset mortgage loans: Similar to a split mortgage loan in many ways, a toggle offset mortgage loan is a system where half your loan is fixed and the other half is variable. Offset accounts are linked to both fixed and variable loan portions, allowing you to toggle between the two accounts to maximise interest savings. Additional repayments can be made on both portions of the loan without attracting additional charges.
Portable loans: Most people take out a mortgage for between 20 and 30 years, with a high likelihood of moving house at some stage. Mortgage portability is the solution, allowing you to take the mortgage with you when you move. By having a portable loan, you eliminate mortgage exit fees and stamp duty, saving thousands of dollars. Also, your bank details remain the same and bill payment schedules aren’t interrupted.
Interest-only mortgage loans: This can be a great way to make an initial housing investment without breaking the bank. Interest-only mortgage loan periods can last for 10 years or more, with additional cash flow allowing you to improve or renovate your investment in the meantime. As a second home buyer, your eye for a good investment can reap the rewards with an interest-only mortgage loan.
Low deposit and low doc options: Mortgage House takes second home buyer plans seriously, including customers with a low deposit and those with minimal documentation. A low deposit loan will help you purchase a home sooner and start creating equity, although higher interest rates and mortgage insurance may be required. Low doc home loans are ideal for self-employed people, small business owners and contractors who can’t access complete financial documentation or statements.
Mortgage House financial experts understand all the above scenarios and more, and we are ready to talk to you about your plan to become a second home buyer. We get to know your aspirations and help you achieve your goals. Mortgage House can deliver other loan arrangements based on a solid financial guarantee from your family, and even assist people with bad credit by offering a range of home loan pathways. All loans come with conditions that protect you and your lender, so check out our range of products designed to give everyone a fair chance in the housing market.