Why Would You Need Our Mortgage Broker Ocean View?

Only an hour from Brisbane and 45 minutes from the airport, Ocean View is known for being a beautiful mountain suburb with lots of peace and quiet. The moment you drive up the mountain, you’ll be greeted by horses and cows, and slightly cooler weather to cool even the warmest of days. It’s filled with several amenities as well, as if you never left the city in the first place. The suburb’s great for little kids with football, athletics, a bike park, and a gym in Dayboro that’s only 10 km away. Ocean View boasts of its show grounds, which hold various events and the annual rodeo show. If you can picture yourself living or investing in a property here, then call our mortgage broker Ocean View right now!

What are Mortgages Used For?

Mortgages are a financial term that describes how you can acquire a loan by using collateral as security. Since mortgaging has become an in-demand business, more and more people are getting into this field to help others get a loan for their future projects.

Financial institutions like banks and other financial sources commonly offer mortgages, and the amount depends on your personal property’s worth as repayment for your debt.

Mortgage loans are typically used to buy or construct personal and commercial properties. There’s a standard method for getting mortgages. However, interest rates and other formalities may vary on your chosen lender.

What Types of Mortgages Can Our Mortgage Broker Ocean View Help You With?

Usually, buying a house isn’t possible without the help of banks and other lenders. So if you’re looking to buy a property but don’t have the full purchase price yet, then consider mortgage loans as your new best friend.

But with a lot of choices to choose from, picking the best one can be tricky. Let’s discuss the different types available and see which one’s perfect for you:

Fixed-Rate Loans

As the name implies, these come with a fixed amount you have to pay every month. Fixed-rate loans lock-in your home loan interest rates for an agreed number of years and have rates that are normally higher than the current variable.

Our mortgage broker Ocean View recommends this loan if you’re on a tight budget since you already have a clear idea of how much to pay per month. Meaning, you can allocate a certain part of your salary and save it to repay the loan. However, apart from the high rates, if we find you another loan more suitable for your needs, switching can be costly because most lenders charge a break-cost fee.

Variable Rate Loans

This is the go-to option for most borrowers. These depend on the Reserve Bank of Australia’s ever-changing cash rates and the rise and drop of interest rates. This means you can have low payments in some months and high payments in some.

Yes, these are risky. But most clients of our mortgage broker Ocean View still prefer these since these let them pay in a variety of ways. Plus, if we ever find you a different product that better matches your needs, switching isn’t a pain because providers don’t charge a change fee.

Line-of-Credit Loans

Planning to renovate your existing house? This loan, plus your current mortgage, is for you. Also called “home equity loans,” these allow you to make the most of your loan and use it for more important expenses. You can also opt to use it bit by bit or in a lump sum.

However, if you’re an impulsive buyer, then our mortgage broker Ocean View won’t recommend this option for you. This is because the moment you draw from your line of credit, you need to make repayments immediately to compensate for the amount lost. Failure to do this will only extend your loan term.

Interest-Only Loans

Compared to regular home loans, interest-only loans let you skip paying the principal amount and pay for the interest alone—for now. These normally last for seven years before going back to the “traditional home loan.”

These are ideal if you’re a young homebuyer or have a low income. Moreover, if you’re a property investor looking for negative gearing or are planning to sell your property to make some profit (as long as it won’t depreciate,) our mortgage broker Ocean View will recommend this option.

Guarantor Loans

This option is for you if you’re planning to borrow up to 80% of the purchase price but want to skip on paying the mortgage lender insurance.

Simply ask your parents or a close family friend if they can be your guarantor. If they agree, a portion of their house will serve as your collateral. This is a good option if you’re a first-time homebuyer and are new to the property market.

Investment Property Loans

This loan has the strictest requirements.

First, lenders will ask for proof that you have enough funds set aside to repay the whole cost of the loan. Some may even require those funds to be higher as compared to when applying for regular home loans.

Rental income is a factor too, since it may be enough to shoulder the monthly repayments for the loan. This means the property didn’t actually lower your debt-to-income ratio (the part of your salary used to pay off the debt, which is a requirement as well.)

You also have to consider the property’s potential for appreciation during the loan term This is why you should always be aware of the vacancy rates and housing prices.

How Can Our Mortgage Broker Ocean View Benefit You?

For years, you only had the option to borrow from banks and there was little to no competition among financial institutions. But today, borrowers take their time comparing products and this eventually led to the birth of our profession. Our job is to help you find the right loan by comparing products from several lenders to help you achieve your financial goals.

We’re required by law to have an Australian Credit License (ACL) or be credit representatives of a licensee (aggregator) to serve as your protection if a lawsuit happens. Here are some ways working with our mortgage broker Ocean View can help you in the long run:

We Know How the Mortgage System Works

First off, do you know the difference between fixed-rate and variable loans? As finance experts, we can give you this information and help you decide which is more appropriate.

You should also know the difference between us and mortgage advisors.

We work independently and compare products from different lenders to find a loan that works to your benefit: in short, we work for you. On the other hand, advisors work for a specific bank and only care about selling products from that bank even if they don’t necessarily benefit you.

We Help Save Your Time and Money

Our mortgage broker Ocean View will serve as your “middle man” and talk to several lenders until we find one who fits your requirements. We’re pretty flexible too, in that we can meet with them even after business hours—therefore, saving you from unnecessary stress.

We Protect Your Credit Score

If you choose to apply to banks by yourself, getting rejected even by just one bank will reflect on your credit score and thus, suffer. But with us, when comparing institutions, we only use your financial information and never your identity. This helps us find the most suitable product for you as well as protect your credit score.

We Take Care of Administrative Tasks

Think working with our mortgage broker Ocean View isn’t necessary? Then be prepared to have a load of paperwork! We’re here to get the documents you need for a smooth loan application process. An example document is a pre-credit authorization, which says if you’re eligible for a loan and the amount you can possibly get.

We Prevent You from Making Wrong Decisions

One of the biggest mistakes people make is choosing products with the lowest interest rates without completely understanding their terms. Our job is to dissect and explain these terms one by one so you won’t end up in a bad situation just because you weren’t informed.

Why Work With Our Mortgage Broker Ocean View?

We’re here to help you get the property of your dreams. Whether you’re a first-time buyer or an experienced property investor, we’re here to help secure the right loan and assist you every step of the way. If you’re planning to invest in a property in Ocean View, don’t hesitate to contact us today for a quick chat!