Fairfield Mortgage Broker
If you are buying a home in Australia’s fifth largest city, then you need to talk to a Fairfield Mortgage Broker.
Our local advisors understand the local property market and deal with mortgages all day, meaning we can offer you assistance and advice as you search for the right home loan.
Includes: Abbotsbury, Bonnyrigg, Cabramatta, Canley Vale, Carramar, Cecil Park, Lansvale, Mount Pritchard, Old Guildford, Prairiewood, Smithfield, Villawood, Wakeley, Wetherill Park
First-home buyers
As a first-home buyer you can choose from several loans types:
A fixed rate loan means that you fix the interest rate on your home loan for a set period of time. At the end of the term (usually up to five years) the loan reverts to the variable rate, or you can agree to fix the rate for a further time period. This is good you are just starting out and are worried you do not have room in your budget for any interest rate rises. However, if interest rates fall, you could end up paying a higher rate than on a variable loan.
For flexibility reasons, basic variable or standard variable rate loan are very popular. These loans have no fixed rate and your interest rate will rise and fall as the economic climate changes. Standard variable loans offer extra features such as offset accounts and extra repayments, but the interest rate will be higher than a basic loan. Basic variable loans are a ‘no frills’ approach, offering a competitive variable rate but not many extra features.
A loan that offers a very low interest rate to get your attention and for the first year or so you will be saving money by paying a low rate. But, after the ‘honeymoon’ period ends, you may find the rate reverts to a higher rate which may not be competitive. If you are looking to save money in the short term this is a good option, but beware of the rates and fees that will apply once the introductory period is over, as it could end up costing you more in the long run.
Can’t decide? Try a split rate loan.
This is where you fix the rate on half of your loan, but leave the other half variable. This allows you to take some risk with part of the loan, in order to take advantage of a cut in interest rates, but leave the other half secure with a fixed interest rate. The split can be any way you choose, but 60/40 or 70/30 is most common.
Looking for more loan options? Wanting to invest or refinance? Call us today on 1300 787 665 to talk through your options with a mortgage advisor.
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More in this Section | Talk to A Local Bondi Junction Mortgage Broker and get the best home loan advice. | Looking for a home loan? Let us do the hard work for you. | Our mortgage advisors do more than just offer advice. | Buying a home in Gosford? Talk to the local experts. | Advice for Sydney CBD, choosing the right mortgage |
Sydney Home Loans
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No longer just a basic home loan. Full features like redraw, all at low interest rates. |
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Make life easier with a single monthly repayment. |
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New low interest rates are now on the market. Time to refinance and save.
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Don't be penalised just because you run a successful small business. Be treated as an equal here.
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Access the equity in your home to buy investments, fund home improvements or take that once-in-a-lifetime holiday.
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Introductory or honeymoon home loans can have some of the lowest interest rates around.
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