Canberra Home Loans Mortgage Information

If you are looking for information about a Canberra home loan, you have many options available to you when it comes to choosing your home loan. Here are just three home loan options you will have when seeking finance for your new home in Canberra.

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Canberra standard variable rate home loans

Standard variable rate home loans generally offer you greater flexibility. With a standard variable rate home loan your mortgage repayments can either rise or fall with changes in official interest rates. If official interest rates rise, then your mortgage repayments will rise and conversely if interest rates fall, your mortgage repayments will also fall. Standard variable rate home loans are available from both the more traditional bank home lenders as well as the newer non bank lenders operating in Canberra.

Fixed rate home loans Canberra

Fixed rate home loans allow you to lock in an interest rate for a specified period, usually between one and five years, however periods of up to ten years may also be available. Whether official interest rates rise or fall within your fixed rate period, your monthly mortgage repayments will remain the same. Fixed rate loans can be a huge benefit when interest rates are rising. However, if official interest rates are falling, then you will still have to make repayments at the higher interest rate that you locked in at the beginning of the loan term. You need to consider carefully whether you think interest rates are set to rise or fall before deciding on a fixed rate loan. One advantage of the fixed rate home loan however, is that you have certainty in your repayments as they will not change for the period of the fixed rate term. One disadvantage is that you can generally not make extra repayments on a fixed rate loan, although some fixed rate loans may allow a certain extra amount to be repaid.

Split rate home loans around Canberra

For anyone purchasing a new home in Canberra, it may be worth considering a split loan as this offers the best of both worlds of the fixed rate and standard variable rate home loan. A split rate home loan offers some of the security of the fixed rate home loan with the greater flexibility of a standard variable rate home loan. You can lock in part of your home loan at a fixed interest rate and you can still pay extra off the variable rate portion of the loan. Many Canberra homeowners opt for the split rate home loan especially in times where official interest rates are expected to rise.

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Reduce your interest payments with a line of credit mortgage

A home loan with a line of credit allows you to put all or most of your salary into your home loan and make the bulk of your purchases through the month by using your credit card and taking advantage of the interest free period. By doing this, you can reduce the outstanding balance of your home loan thereby saving you money through reduced interest charges. Here we look at line of credit home loans available in Australia including the benefits and who they would most suit.

Mortgage brokers in Sydney

Over the past decade or so, the Sydney property market has been the hottest in the country. But while this has changed over the past year or more, one of the legacies of Sydney's recent property boom has been the explosion in the number of Sydney mortgage brokers. For Sydney home buyers, this highly competitive mortgage broker market provides an excellent opportunity when seeking the services of a Sydney mortgage broker. Here we provide some tips on how to find the best broker for your situation.

Brisbane Home Loans Mortgage Options

When house hunting in Brisbane, there are a number of home loan options available to today's home purchaser. Fixed, variable or split rate home loans, the list goes on, but where to start? Here we take a look at some of the options to help you find the perfect home loan in Brisbane.

Home Loan Redraw Facility How Can It Benefit You?

Today, there are many different innovative features available on home loans. Some of these features, including redraw facilities, can help you save money on the total interest costs of your home loan over the term of the loan. Here we look at the redraw facility and how it could benefit you.

Finding the right mortgage broker in Adelaide

Today, there are many options for Adelaide home buyers when it comes to getting the right home loan. But with so many different options, how do you find the best deal to suit your situation? Perhaps you should consider seeking professional help from an Adelaide mortgage broker. Here we provide some tips on how to select the right mortgage broker in Adelaide