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What type of loan is right for you?

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Establishing the right loan structure and strategy can save you thousands in interest and fees over the loan term

The array of mortgages available in the market can be overwhelming in most cases see our Home Loan Type Guide for more details. A home loan package should always be tailored to suit your financial needs. Here are just some of the options.

Fixed-rate mortgages

With a fixed-rate loan, you know exactly how much you will pay per fortnight or month for the fixed period of the loan (usually one to five years).

Variable rate mortgages

Repayments can change during the life of a variable-rate loan, so you may pay more or less as interest rates rise or fall. If you’re fairly sure that rates are set to fall, this is a good option.

Principal and interest mortgages

In this mortgage, you are paying the amount lent to you plus the interest.

Interest-only mortgages

With interest-only, you are paying just the interest on the loan – you are not paying off any of the original principal.

Split home loan (fixed and variable)

You can choose to have part of your loan at a fixed rate and the other part can be at a variable interest rate. If rates do fall, the interest will go down on the variable part of your loan, but you are not taking as big a risk should rates rise.

Redraw facility

If you have a variable-rate loan and you make extra repayments, then you can withdraw that additional money when you need to (you can’t do this on fixed-rate loans).

Land loan

A land loan lets you buy a block of land without the pressure to build on it as soon as possible. Land loans are usually variable interest for up to 30 years.

Construction loan

For buying land, building or renovating your home, a 12-month construction loan can be the best way to go. Usually, up to 90 per cent of the property value can be borrowed.

Non-PAYG loans

For self-employed people, a home loan can still be arranged using differing supporting documentation that shows your ability to service a loan and might include BAS and bank statements. You self-certify your income, which will need verification. You may be able to borrow up to 80 per cent of the property’s value.

Equity release

This loan type allows you to convert a portion of your residential property ‘asset’ into cash or an income stream while still allowing you to continue to live in your home.

See our Home Loan Type Guide for further details – a summary guide on the most popular type of home loan products currently available in the market. You may request  additional specific information on any of the loan products identified in the guide by simply submitting the  inquiry form below.

How Can We Help?

Request your personalised borrowing capacity report. Request your BEN Credit Capacity Analysis report to identify your BEN score which can help to maximise your credit capacity and reduce your credit risk.

The BEN Financial Stress Analysis provides you with a snap-shot of your financial capacity. It tracks your financial performance based on  market Lending Credit Assessment Criteria.

You may request  additional specific information on the BEN scoring analysis by simply submitting the inquiry form below.

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About Author

BPRE Real Estate is a locally-owned and operated Sydney-based Real Estate Agency specialising in the sale of new, established and off-the-plan properties. We hold a Real Estate Licence together with an Australian Credit Licence with experienced support staff in the areas of property investment, real estate sales and finance services.

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