What Is Our Mortgage Broker Samsonvale For?

Known for its fertile soil and country living, Samsonvale has a good community spirit and is perfect for families and active people. While there may be occasional hooning during the day, the nights are very quiet. Nature lovers will certainly love it here for its wild variety of birds and wildlife, including koalas, wallabies, and goannas. This peaceful place has many restaurants and cafes to choose from and it’s a creative area as well, so you should totally check this out if you’re an artist or a musician. Think this suburb is what you’ve been looking for? Then don’t hesitate to call our mortgage broker Samsonvale right now!

What are Mortgages?

Mortgages are financial terms that describe how you can get a loan by using collateral as security. Mortgaging has recently become so in-demand that many people have entered this field to help others acquire a loan.

Banks and other types of financial institutions offer mortgages, and the amount you get will depend on your personal property’s worth to repay the loan.

Mortgages are typically used to buy or build commercial and personal properties. While there’s a standard method of acquiring them, interest rates and other formalities may vary per lender.

What Types of Mortgages Can Our Mortgage Broker Samsonvale Help You Get?

Purchasing or constructing houses usually isn’t possible without help from banks and lenders. If you’re planning to buy and invest in a property but don’t have the whole purchase price yet, then mortgage loans are your new best friend.

However, there are many types of mortgages out there that you may find it confusing to pick the right one. So today, let’s talk about your options and discuss them more in detail:

Variable-Rate Loans

The go-to option for most homebuyers, variable-rate loans depend on the ever-changing cash rates of the Reserve Bank of Australia and the constant rise and drop of interest rates. This means that you can have low payments in some months and then high in some.

While these seem risky, clients of our mortgage broker Samsonvale still prefer this option since it lets them pay in various ways. And if we ever find you a loan that’s more suitable for your needs, switching is a breeze because lenders don’t charge a break-cost fee.

Fixed-Rate Loans

As the name suggests, fixed-rate loans involve a fixed amount you have to pay per month. Rates are usually higher than the current variable though, which means these can be a bit more expensive.

These are ideal if you’re on a budget since you know exactly how much to repay each month, and you don’t have to worry about the market. But aside from the higher rates, if our mortgage broker Samsonvale finds a different product more suited to your needs, changing lenders is expensive because they usually charge a change fee.

Line-of-Credit Loans

Are you planning to renovate your house? Then line-of-credit loans are for you. Also known as “home equity loans,” these let you make the most out of your loan by spending it on more important things. You also have the option to use it in whole or bit by bit.

But if you’re an impulsive buyer, this may not be the loan for you. This is because once you’ve drawn from your line of credit, you need to make repayments right away to compensate for what you borrowed. Failure to do this will lengthen your loan term.

Interest-Only Loans

Our mortgage broker Samsonvale will recommend these loans if you’re a young home buyer or don’t have a lot in your bank account. This is because interest-only loans allow you to skip paying the principal amount and just focus on the interest—for now. These generally last for 7 years before heading back to “traditional home loans.”

Plus, these are also great if you’re a property investor looking for negative gearing, or planning to resell your property to earn some profit (given it won’t depreciate.)

Guarantor Loans

Want to borrow up to 80% of the total purchase price but don’t want to pay the mortgage lender insurance? Our mortgage broker Samsonvale will suggest trying guarantor loans.

All you have to do is ask your parents or a close family friend if they can be your guarantor. If they agree, a portion of their property now turns into your collateral. These are great if you’re a first-time buyer and are new to the property market.

Investment Property Loans

These loans have the strictest requirements. First, you must show proof that you have enough funds set aside to pay off the total loan amount. Some lenders may even require those funds to be higher compared to if those were for a regular home loan!

Next, lenders will check the rental income to see if it isn’t enough to cover monthly repayments. This is because your debt-to-income ratio, or the portion of your monthly income used to repay the debt, should be affected.

How Can Our Mortgage Broker Samsonvale Benefit You?

For many years, you only had the option to go to banks for a mortgage—which also meant little to no competition among financial institutions. But that has changed and borrowers now take the time to compare different products to find the one that suits them the most. This also led to the birth of our profession.

Our job is to compare potential products and find the best one to fund your financial goal. We’re required to carry an Australian Credit License (ACL) or be credit representatives of a licensee (aggregator) to serve as your protection if a lawsuit takes place.

Here are some ways working with our mortgage broker Samsonvale is advantageous: 

We Know How the System Works

First of all, do you know the difference between variable and fixed-rate loans? As experts in this field, we can explain this in a way you understand and walk you through the pros and cons.

Moreover, do you know how we’re different from mortgage advisors?

A mortgage advisor works for a specific bank and will only sell products from that bank—even if those don’t fit your needs. We, on the other hand, are independent and compare products until we find one that meets your requirements. In short, we work for you.

We Save Your Time and Money

Banks and most lenders are only open during business hours. Meaning, you may need to file a leave for a day or days to compare products and deal with several institutions.

Our mortgage broker Samsonvale is here to guarantee a smooth loan application process. We’ll act as a “middleman” between you and different lenders, negotiate and deal with them, to help secure the right plan. We’re open to meet with them even after office hours as well, to save you from all the headaches.

We Protect Your Credit Score

If you decide to do it by yourself and apply to different banks for a mortgage, getting rejected even by just one will show in your history and therefore, affect your credit score. We prevent this from happening by applying using only your financial information and never your identity.

This increases the chance of our mortgage broker Samsonvale to find the perfect product and protect your credit score at the same time.

We Handle Administrative Tasks

Think you don’t need our mortgage broker? Be ready to take care of loads of administrative tasks! We help get the necessary documents for a stress-free process. An example document you’ll need is a pre-credit authorization, which lets you know whether you’re eligible for a loan and how much you can potentially borrow.

We Stop You from Making Mistakes

The most common mistake borrowers make is choosing a product with the lowest rate without understanding the conditions attached. As your mortgage broker, our job is to explain these terms thoroughly and help you digest them so you won’t end up in a bad position just because you weren’t informed.

Your Place Mortgage Brokers: Your Mortgage Broker Samsonvale

Helping you get the property of your dreams is our goal. Whether you’re new to the property market or an experienced property investor, allow us to assist you throughout the whole process to, hopefully, take some weight off your shoulders.

If you’re interested in living or investing in a Samsonvale property, don’t hesitate to contact our mortgage brokers today!