The process of purchasing a home is no walk in the park. Perhaps shopping around for houses to buy is one of the more enjoyable parts of it, but you also have to face the financial side of things at one point or another. Everybody could definitely use some help on that end from time to time. You can reach out to trusted financial institutions to acquire home loans in Australia.
But where do you start? There are so many home financing options out there that it can be overwhelming to first-time buyers and even non-first-time buyers alike. Here, we have a guide on the many types of home loans available in Australia.
1. Owner-Occupier Home Financing
Whether you are a first home buyer or a refinancer, you can use this kind of home loan to finance your home purchase. One of the other reasons why so many people go for this type of home loan is that they have lower interest rates on average as opposed to other loan types. Lower interest rates are on the table since the property to be purchased will likely be your main residence which usually means higher chances of you hanging on to the deal for the long haul.
2. Refinance Home Loans
Many lenders offer this option to attract customers who are looking to refinance. You can go to another lender for a refinancing option or stick with your existing one, the final choice is yours.
However, if you have signed off on a fixed-rate home loan, this option might not be easily accessible to you. For instance, you may incur break costs. Break costs take into account how much your fixed rate is, how much variable rates have changed, and the term remaining on your fixed rate. Be sure to talk to a knowledgeable broker or lending representative to completely be aware of your options.
3. Guarantor Home Loans
People with low incomes have the option to list down a guarantor. Some lenders even allow customers who are backed by a guarantor to take out a 0% deposit home loan.
4. Investment Home Loans
However, applying for investment home loans get even trickier than all the other home loan types. For example, they impose higher interest rates and stricter eligibility criteria. This is understandable since there can be a higher risk involved in this kind of deal.
On a brighter note, owners can have enormous tax benefits when they take out an investment home loan. The Australian Taxation Office (ATO) states that interest payments and others can be claimed as a tax deduction.
5. Low-Doc Home Loans
6. Reverse Mortgages
7. Construction Loans
8. Bridging Loans
9. Line of Credit Loans
Which one should you choose?
For a wide range of home loans in Perth, feel free to call Nu-Age Loans. Let’s discuss your options and create a solution that’s uniquely yours.
56 Ellen Stirling Boulevard Innaloo WA 6018
We would love to hear from you!