“Buying your own home is one of the most important financial decisions you’ll ever make. Important things to consider before applying for a home loan are (1) how much do you need to save for a home loan? (2) choosing your home loan (3) check your lender is licensed, and (4) tips once you get a mortgage.” (moneysmart.gov.au)
“Before you start looking for a property to buy, you need to get your finances in order. Remember to consider extra costs like stamp duty, legal fees, lender’s mortgage insurance, land and water rates, home and contents insurance and repairs when working out if you can afford a home loan.” (moneysmart.gov.au)
For example, our home repayment calculator gives you an estimate of what your weekly, fortnightly or monthly loan repayments will be. You will also see what the total interest payments are over the life of your loan including the total repayment figure.
Click here for our repayment calculator and to see how much you can borrow and find out what’s possible: https://option.com.au/repayment-calculator/
Save as much as you can
“Finding smart ways to manage your money will help you save for a home. The bigger your deposit, the less you have to borrow, and the more you will save in interest. Also, the bigger your deposit is, the lower your loan to value ratio (LVR) will be. This is the amount of the loan divided by the purchase price (or appraised value) of the property. If your LVR is over 80%, you will be charged lenders’ mortgage insurance, and some lenders will even apply a higher interest rate to your loan. Saving a bigger deposit will help you avoid these extra costs.” (moneysmart.gov.au)
If you are buying your first home, our Lending Specialists at Option do the paperwork on your behalf and can even help you apply for the First Home Owner Grant or other government incentives. Click here to learn more >>
Choosing your home loan
Once you’ve sorted out your budget, it’s time to look for a loan that suits the best for your needs. At Option Home Loans we source great loan deals from over 25 lenders. We’ll manage your home loan application for you from start to finish, with expert advice at no cost to you. We work directly with our lenders to review the different types of loans and options available.
Tips once you get a mortgage
Once you have a mortgage you’ll need to keep on top of your repayments and troubleshoot any problems. Stay on track of your repayments or pay off your mortgage early. If there are problems to pay your mortgage, find out if refinance would help you to lower your monthly cost.
Let us help you!
With interest rates at their lowest levels in decades, it pays to check whether your current home loan is still right for you. It’s a time-consuming task that many people put off, even though they may have the potential to save significant amounts of money.
At Option, our primary concern is: how much money we can save you. That means we work extremely hard to make sure we find your best loan option, we also check your current home loan and let you know whether you could save by switching. If you do decide to switch, we’ll do all the legwork for you to make it as easy as possible.
The cost of this consultation is 100% covered by us. Why? Because your future is important to us.
Every client we serve, we want to go above and beyond for. We want to make sure your financial future is secure – and if we do that well, you’ll be able to get your next property sooner.
How it works?
At Option Home Loans, we will meet you at a time and place that suits you. As soon as you contact us or book an appointment, one of our lending specialists will be in touch.
Make your life changing decision and contact us today!
Click here to contact >>