Home Loans For First Time Buyers

However,there is no guarantee that they will stay in that range in the future.The great news is, if you have a variable rate, you can switch to a fixed interest rat eat a later date or you can increase your repayments so that your loan will be paid off sooner.So what kinds of features are available.

Your repayments will be Mortgage Broker Adelaide automatically deducted from an Some lenders allow you to setup this bank account to offset your mortgage.What this means is that they calculate interest on the overall balance of your loan and the bank account. So if you had a loan of $,, and you had $, in your offset account,then they would only charge you interest on $,this can save you a fortune in interest over the term of the loan.

Most lenders will also give you the option to make interest only repayments. This is where you’re just paying the interest. Your repayments will be lower, however you aren’t actually reducing the balance.Many investors choose this option, so that they can put their money to better use elsewhere.But don’t worry, if you want you can still make extra repayments on an interest only loan.So how much can Sophie borrow on a property in Australia?In most cases, it’s easy to borrow up to % of the value of a property.

However, in some cases, it’s possible to borrow as much as % of the value of the property.For commercial properties, it’s quite common for lenders to limit your loan to % or %of the property value.So does Sophie need to be an Australian citizen to qualify for a mortgage?No, foreign investors can get loans too.However, if you aren’t an Australian citizen you may be required to get approval from the Australian government.But don’t worry.

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