Best Interest-Only Mortgage Rates: How to Obtain Them?
The best rates for any mortgage always require full financial documentation and a 20% deposit upfront. Lenders prefer to finance an 80% loan-to-value ratio. They also want to reduce their risk to the minimum on every home loan. Interest-only home loans benefit investors and owner-occupiers. For the first five to 10 years, a homebuyer can lower their monthly repayment by at least $500. Sometimes they lower their monthly repayments by $1,000.
To obtain the best interest-only mortgage rates, applicants must satisfy some requirements. Providing full financial documentation is one. Placing the 20% deposit upfront is another. In addition, it helps borrowers when they have a high credit score.
Investors in the Australian housing market enjoy this mortgage option too. Since it keeps their monthly repayments low, the savings allow them to reinvest it into the property. If they plan to rent the property, the low payments give them time to find a tenant. Those who plan to flip the property have the funds to complete renovations.
Mortgage House funds property purchases for owner-occupiers and investors. As a non-bank lender, we provide interest-only mortgages to qualified applicants without apprehension. Plus, we provide competitive rates and terms to well-qualified borrowers.
Our loan specialists also offer viable loan terms to individuals who qualify for other loan products.
Best Interest-Only Mortgage Rates Conclusion
Obtaining the best interest-only mortgage rates is the same as obtaining the best rates on any mortgage. Our Mortgage House loan specialists can offer more guidance. Contact our team today.