Are You Looking For A Mortgage Broker Petrie?

Located 24 kilometers north of Brisbane, Petrie has a lot to offer when it comes to recreation. Surrounded by Lake Kurwongbah, the North Pine Dam, and the North Pine River, this picture-perfect location is great for those who love fishing and kayaking. This peaceful town is ideal for both small and large families because of its wide range of housing options. There are a lot of schools both in and surrounding Petrie, too! There are several major shopping precincts and transport has good linking as well—in fact, few of the suburbs are so well-connected. If you need to get to the city right away, Petrie station offers express trips that bring you to the city in just half an hour. Want to see if this picturesque town is what you’re looking for? Then contact a mortgage broker Petrie today!

 

 What Can You Use Mortgages For?

Mortgage refers to the method of acquiring loans with collateral and plays an important role in the financial market. Mortgaging is a very in-demand business that’s why more and more people are getting into this industry.

Typically, mortgages are given depending on how much your personal property is worth as payment for the debt. These can be provided by banks, financial institutions, and any other financial sources.

Although there’s a standard method in getting mortgages, interest rates and other formalities vary per institution. Most mortgage loans are used for constructing and purchasing houses and commercial properties, but these may also be used for business, marriage, and other purposes.

The Mortgages a Mortgage Broker Petrie Can Help You With

The majority of people find it impossible to buy a house without the help of banks and lenders. If you’re looking to buy a property but don’t have the total purchase price yet, home loans are your best friend.

However, it can be overwhelming to choose which one’s right for you considering there are a lot of choices out there. So today, let’s discuss the loans we can help you avail:

Variable Rate Loans

These are the go-to options of most homebuyers. These are based on the ever-changing cash rates of the Reserve Bank of Australia and the subsequent rise and fall of interest rates. Meaning, there can be months when you make high payments and months when you make low payments.

These loans seem like a gamble. But, most mortgage broker Petrie clients prefer this option as it allows them to pay in a variety of ways. Also, if you ever find a better loan that suits your needs, you can easily refinance the loan with another provider because most lenders don’t charge an additional fee.

Fixed-Rate Loans

As the name suggests, there’s a certain amount you have to pay every month. Fixed-rate loans lock-in your home loan interest for an agreed number of years, and the rate is normally higher than the current variable.

Compared to the previous loan, you don’t need to worry about the status of the market. This is why mortgage broker Petrie clients who are on a budget prefer this loan by since they don’t need to worry about whether or not they can repay the loan.

However, aside from the higher rates, switching to another loan is difficult since most lenders will charge you a break-cost fee.

Interest-Only Loans

Unlike traditional home loans, you don’t have to pay the principal amount for this loan and just worry about the interest—for now. Property investors looking for negative gearing will benefit a lot from this loan, and those who want to make a profit by reselling their property (making sure it doesn’t depreciate.)

If you have a low income or are a young home buyer, we as your mortgage broker Petrie highly suggest this loan for you. This loan also lasts for 7 years before going back to the “traditional route.”

Guarantor Loans

If you’re borrowing more than 80% of the total purchase price but don’t like to pay the mortgage lender insurance, this might be the loan for you. What you can do is to ask your parents or close family members if they can be your guarantor and make a portion of their house your collateral. Guarantor loans are highly-recommended if you’re a first-time buyer and new to the property market.

Line-of-Credit Loans

If you plan on renovating your home, we suggest getting this loan along with your current mortgage. Sometimes called “home equity loans,” these let clients use their loans for other expenses. The amount will be based on your property’s equity, and you can use it in a lump sum or bit by bit.

However, as your mortgage broker Petrie, we don’t recommend these for impulsive borrowers. Take note that once you’ve drawn from your line-of-credit, you have to make additional repayments to make sure your loan term won’t be extended.

Investment Property Loans

You have to pass stricter requirements to qualify for this loan. First, you need to show that you have sufficient funds set aside to repay the mortgage. Lenders may also require your remaining funds to be higher as compared to if they were for a home loan.

Second, rental income will also play a huge role since it may be enough to cover the mortgage repayments and other expenses. Meaning, your debt-to-income ratio isn’t lowered even after obtaining the property (the ratio refers to how much of your income is used to repay the mortgage,) which is also factor whether or not your loan gets approved.

The third is your property’s potential for appreciation throughout the loan. This is why you and the lender may want to check vacancy rates and the current trends in housing prices. These are big factors as well once your property gets assessed.

How Can We Help As A Mortgage Broker Petrie?

Before, borrowers were attached only to their banks and there was lesser competition among financial institutions. But, things have changed and borrowers now take time comparing several institutions. This became the start of a new profession: mortgage brokers.

Like real estate brokers, we’re required to have an Australian Credit License (ACL) or be a credit representative of a licensee (aggregator.) This will serve as your protection when a lawsuit suddenly arises.

Mortgage Brokers Help You Understand How Mortgage Works

When getting a mortgage, for example, you should know what the difference is between a fixed rate and a variable rate. We, as a mortgage broker Petrie, are an expert in the finance market and can provide you with this information. Moreover, a good mortgage broker can advise you on how to find the right offer.

A good mortgage broker should be able to explain the complicated subject of mortgaging in a language you understand. They must help you with all the steps too, until you find a product that fits your criteria.

You should also know the difference between a mortgage broker and a mortgage advisor.

Mortgage brokers compare various institutions and work independently to find the loan for you—in short, we work for you. Mortgage advisors, on the other hand, work for the bank and they aim to sell products from that bank even though these don’t fit your needs.

A Mortgage Broker Helps Save Your Time and Money

Banks and financial institutions operate only during business hours. So, you’ll have to take a day off just to get an appointment—and one day may not be enough as you need to compare banks and negotiate with them to get the right deal.

The good news is, we’ll do all of this for you. As your mortgage broker Petrie, we’ll act as a “middleman” and talk with several lenders to get the funding that you need. We’re pretty flexible too, and we’re available for meetings even after business hours to save you from a lot of stress.

A Mortgage Broker Protects Your Credit Score

In terms of loan applications, banks have their own criteria as to what’s acceptable and what’s not. If you choose to shop for mortgages from different banks and one gets denied, your credit rating will be tainted and thus, suffer.

Mortgage brokers prevent this from happening by comparing financial institutions using only your financial information and never your identity. This way, we can protect your credit score and find the perfect lender at the same time.

Mortgage Brokers Take Care of Administrative Tasks

Do you hate doing administrative work? Then hire a mortgage broker Petrie! We’re here to prepare all the documents you need for your loan application.

This includes getting a credit pre-authorization. This document lets you know if you’re eligible for a mortgage and an estimate of how much can be lent to you.

 Mortgage Brokers Help You from Making Foolish Mistakes

You only know little about the mortgage system and you’re not an expert in this field—so why do this all by yourself? Good mortgage brokers should understand and explain the products of each bank thoroughly so you won’t make mistakes that can cost you a lot.

A common mistake by borrowers is choosing products that have the lowest rates and neglecting the conditions attached to them. Our role is to go through these conditions so you won’t end up in a bad place just because you were misinformed.

Why Should You Hire Us As Your Next Mortgage Broker Petrie?

Our goal is to help our customers get the property they dream of. As home loan experts, we understand how scary buying your first house is. This is why we work closely with you to ensure your next purchase or refinance is explained clearly—and hopefully take some weight off your shoulders!

Or maybe you’re in the market as a property investor—we can also help with that! With over 30 lenders and hundreds of loan options, we’ll play as a “matchmaker” until you find the loan most suitable for you. The chosen lender pays us upon settlement so you don’t have to worry about hidden charges.

Petrie is a lovely and quiet suburban surrounded by beautiful trees and greenery. Areas like the Sweeney’s Reserve as well as some lakes are very peaceful and a great place to unwind and relax. It’s close to schools too, making it an ideal place to start and raise a family. The North Pine Country markets are a nice attraction and a great place to visit every Sunday. The new Moreton Bay Rail Link is bound to open late 2020, which can help improve the area further.

So what are you waiting for? Contact us today and let us be your next mortgage broker Petrie!