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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Refinancing your current home loan or home mortgage

With today's wide choice in competitive home loans, many home owners are tempted to refinance their home loans. Refinancing can prove to be a valuable option for home buyers but it can also have its traps. Here we look at some of the benefits as well as the risks, associated with refinancing.

Mortgage brokers in Australia

Mortgage broking in Australia has boomed over the past decade with the growth in more competitive and more complex home loan options. Mortgage brokers in Australia provide a valuable service to many home buyers who do not have the time or means to fully research their home loan options by themselves and employing the help of an expert in the field can be beneficial. Here we provide an overview of the mortgage broker industry in Australia as it becomes increasingly important to consumers.

Home loans in Darwin

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Choosing the right Melbourne mortgage broker

Finding the right home loan is no easy task thanks to the wide range of home loan options from both the more traditional banks and the newer non bank lenders. This wide choice of home loan products has helped to dramatically increase the number of Melbourne mortgage brokers helping home buyers in Melbourne find the right home loan. Here we offer some practical tips on how to find the right mortgage broker in Melbourne that will best suit your situation.