Considering that lender policies, products and pricing can change weekly, getting the right advice is just as important for your first home as it is for the fifth. When you purchased your first home, your lender probably ticked all the bare essential boxes. With any new purchase, a review of your situation is a wise and prudent course of action to more accurately allow for your current financial circumstances.
If you're a first home buyer, planning a property build, upgrading to a new home or expanding your property investment portfolio, at Mortgage Brokers Co we will assess your current needs and present the best solutions available to you.
A home loan is generally a long-term proposition, but in some situations, it makes sense to refinance your mortgage.
Refinancing involves taking out a new home loan and using those funds to pay off your existing mortgage. During the refinancing process your broker will look at your other debts to determine whether it is beneficial for you to consolidate your more expensive loans into a home loan. Doing so can save money and result in significant financial gains over time.
A Construction loan is a short-term loan used to finance the build of a home or another real estate project. This involves periodical payments of funds to the builder to complete the build. Once the construction is completed, we will obtain long-term funding and guide you through the entire process.
Equity release or Top-up is a term used for a multitude of loans. This could be to top up your cash balance before retirement or access funds for care. More commonly it is used for the dream renovation of your home. It can also be used to pay off personal debts that have higher interest rates or to help struggling loved ones.
Margin lending is a type of loan that allows you to invest. The amount you can borrow is dictated by your Loan to Value Ratio or LVR. You can use your existing portfolio, shares, managed funds or cash as security. It is advised that you speak to your accountant or financial advisor before proceeding with this form of lend.
A reverse mortgage allows you to borrow money using the equity in your home as security. Clients choose how this is paid, whether it is a line of credit, an income stream or a lump sum. Interest is charged like all loans with some exceptions to how it is paid. The loan generally doesn’t require repayments while you live in your home. However, the loan must be paid back in the event of you selling the home, passing away or moving into aged care.
Whether it's that new house, refinance of your property, dream car, caravan, boat or motorbike, reach out to us today!
2024 / Mortgage Brokers Co. Jackson McCarthy is a credit representative (488785) of BLSSA Pty Ltd ACN 117 651 760 (Australian Credit Licence 391237)