Home Loans for Port Macquarie

Home Loans

  1. Which is Best?

    It depends on the borrowers unique circumstances.

    That’s where a mortgage broker like us, can assist. We’ll get an understanding of the borrower’s circumstances, do some research and then provide a range of suitable options, answer any questions to fine-tune their preferences.

  2. Standard Variable Rate Home Loan
    Standard variable rate loans are the most popular mortgage product in Australia.
    Standard variable rate loans carry extra features such as offset facilities, redraw, extra repayments and the ability to split the loan. In order to access these features however, the borrower generally pays a higher interest rate, although the interest rate can be made more competitive using a ‘package’.
  3. Basic Variable Rate Home Loans
    A basic variable loan generally carries cheaper rates and nominal fees, because they lack some of the above-mentioned extra features, usually the offset facility.
    A basic or ‘no frills’ loan interest rate is much cheaper than the standard variable loan, and may be ideal for many borrowers, including first homebuyers,owner-occupiers and those wanting a cheap interest rate without all the ‘bells and whistles’.
  4. Fixed Rate Home Loans

    A fixed rate home loan means your loan repayments will be charged at the same interest rate for however long the fixed rate period is. This rate is commonly for a period between 1 – 5 years, but longer fixed rate terms do exist. After this period, the rate will revert to a variable rate, unless you enter into another fixed-term contract.

    While variable rate loans have been more popular in Australia, fixed-rate loans may be appropriate to minimise the risk of repayments increasing due to rising interest rates for some or all of the borrowings. Downside is that additional repayments may incur ‘break costs’ and if the loan is cleared in full during the fixed rate period, a break cost may apply,

  5. Line of Credit.

    A line of credit will have a pre-approved credit limit and you can borrow as much of this sum as you want, with interest paid on the outstanding balance. It typically has no fixed term, is an extremely flexible form of finance, although it may have a higher interest rate than one of the other home loans.

Investment Loans

  1. Which is Best?

    Again, it depends on the borrowers unique circumstances.

    That’s where a mortgage broker like us, can assist. We’ll get an understanding of the borrower’s circumstances, do some research and then provide a range of suitable options, answer any questions to fine-tune their preferences.