Home Loans with Loan Emporium
Whether you need a residential home loan or investment home loan, we, as Melbourne home loan specialists, can help. As one of the leading home loan brokers, Loan Emporium has built a stream of connections with banks and other lenders. As a result, our mortgage brokers are able to identify home loan options that suit your individual needs. Below, we will look at the different types of home loans available for you.
Variable Rate Loans
Variable rate loans are ideal for home buyers looking for affordable but flexible home loans. Although the interest rates fluctuate from time to time, borrowers have a chance to switch to loans with other types of interest. We, as your Residential Loan Brokers in Melbourne, say that these loans come with the following features:
- Loan duration of up to 30 years
- Ability to redraw money
- Very flexible
- You can get additional loans
- Additional payments
- Comes with offset facilities
Find out how much you can borrow
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Introductory Loans
Also known as honeymoon loans, the interest only home loans have interest rates set below that of variable loans for a predetermined period of time. This allows the home buyer to keep their expenses low even as they reorganize their finances.
As the name suggests, clients only need to pay for the interest only – not interest plus principle. This is beneficial to the borrower for it enables them to have access to the equity of a property without needing to apply for a new loan. This saves the borrower from the inconveniences of having to provide fresh personal and financial information to the lenders.
The good thing is that an Independent Mortgage Broker can be able to guide you through this process.
Fixed Rate Loans
Fixed rate loans allow you to plan your finances ahead knowing that the rates will not change. Interest rate is fixed for the whole of this period and will not change with market conditions. Features available include:
- Repayment set for the fixed term
- Early repayment penalties apply
- No redraw allowed
If you have more questions on home loans, feel free to give us a call.
