Australians love to invest in property, and many citizens have at least two properties registered in their name. To get the best properties, you must hire a broker who can deal with all your financial troubles. Brokers like Mint Equity deal with both mortgage and finance broking.
There are multiple home loans available in the market. As of 2020, AFG home loans, ANZ home loans, Aussie home loans, Bank Australia home loans, Bank west home loans, and Bendigo Bank home loans are a few of the top-ranked home loan products.
The CFR (Council of Financial Regulators) works in the best interest of the consumers. The objectives are to promote the stability of the Australian financial system and support efficient regulation by Australia’s financial regulatory agencies.
Let’s discuss how an expert can help you in choosing the best home loan.
To Understand Different Types of Home Loans
No-frill loans or basic home loans come with redraw facilities and low-interest rates. But they may not be suitable for the ones who wish to make extra repayments and access them later.
Standard home loans offer more flexibility; for instance, you can switch to a fixed rate, or divide the loan into a fixed and variable portion. You can also redraw the extra money paid and avail the offer of a 100% offset account.
The other type is the home loan package that usually includes a free transaction account and no annual fee credit card. However, you may incur high package fees around $350 to $400 per year.
To Deal with the Fixed and Variable Rates
You cannot beat the bank by predicting you will save on a fixed rate. Companies like Mint Equity will help you understand how to split the home loan and opt for a redraw and repayment facility.
When you go for a split option, you enjoy the benefits of both worlds. You cannot enjoy the flexibility of repayment in a fixed rate of interest, but the charges and other fees may be lower. Whereas, on a variable rate, you can make extra repayments and still enjoy the security of a fixed rate.
To Provide Access to Multiple Lenders
When you have a mortgage or finance broker at hand, you need not visit different banks or lending institutions for your loan requirement. Hire a renowned broking service and get the work done from them.
Once you get information about the lending institution that offers the best loan product, you can make the broking team manage the application process and liaise with the conveyancer and lender.
To study the Common Fees
Various fees are applicable when you opt for a home loan. These include application fees, lender’s legal fees, valuation fees, lender’s mortgage insurance, monthly or annual fees, and break costs.
The broking company can assist you with waiving some of the standard fees. Many hidden charges and costs are also associated with home loans. These brokers can help in negotiating the terms of the home loan policies. Many brokers offer free services to home loan seekers and charge the lending institutions for getting clients.