What Is Our Mortgage Broker Strathpine For?

Around 40 minutes from the Brisbane CBD, what’s great about this suburb is its accessibility to all essential things, including medical facilities, shopping malls, railway stations, private and government schools, etc. With peaceful streets and friendly neighbors, this area is very safe and ideal for families with growing children. But perhaps the jewel in Strathpine’s crown is its green areas. Pine Rivers Park, its best park, is home to a small koala population, morning roller derby, and the Pine Rivers Swan. If you’re looking for an affordable suburb with huge growth potential, this is the place for you. Get in touch with our mortgage broker Strathpine right now!

What are Mortgages?

Mortgages are a financial term that refers to how you can acquire loans by using collateral as security. Mortgaging has since become very in-demand that more and more people are entering this business to help others get and secure a loan.

Banks and other financial institutions offer mortgages, and the amount you get depends on your personal property’s worth to pay off the loan.

Mortgages are commonly used to build or purchase residential and commercial properties. While there’s a standard way of acquiring mortgages, interest rates and other formalities vary per lender.

What Types of Mortgages Can Our Mortgage Broker Strathpine Help You Get?

Buying or building properties usually isn’t possible without help from banks and lenders. If you’re planning to invest in a property but don’t have the whole purchase price yet, consider mortgage loans as your new best friend.

However, there are many kinds available that it may be confusing to choose what’s right for you. So today, let’s talk about your options, their pros and cons, etc., to help with your decision.

Variable-Rate Loans

These depend on the Reserve Bank of Australia’s ever-changing cash rates and the constant rise and drop in interest rates. Meaning, you can have high payments in some months and low in some. 

Variable-rate loans are risky. But these are still the go-to of most mortgage broker Strathpine borrowers since these let you pay in various ways, depending on the lender. Plus, if we find you a new product more suited to your needs, switching providers is easy because lenders usually don’t charge a fee.

Fixed-Rate Loans

As the name suggests, fixed-rate loans involve a fixed monthly amount to repay the loan. We recommend these if you’re on a tight budget because you know exactly how much to repay per month.

These, however, have rates higher than the current variable so they can be a bit more expensive. Another disadvantage of these loans is that if our mortgage broker Strathpine finds a loan we think matches your needs more, changing providers is costly since most lenders charge a break-cost fee.

Line-of-Credit Loans

Planning to renovate your property? Line-of-credit loans are for you. Also called “home equity loans,” these allow you to use your loan for more important expenses. You can even spend it whole or bit by bit.

However, these aren’t for you if you’re an impulsive buyer. This is because once you draw from your line of credit, you need to make repayments right away to compensate for the amount you borrowed. Not doing this will only extend your loan term.

Guarantor Loans

If you want to borrow up to 80% of the purchase price but refuse to pay the mortgage lender insurance, our mortgage broker Strathpine recommends guarantor loans.

All you have to do is ask your parents or a close relative if they can be your guarantor. If they say yes, a portion of their house turns into your collateral. These are great if you’re a first-time buyer and new to the property market.

Interest-Only Loans

These loans allow you to skip paying the principal amount and focus on paying the interest—for now. Interest-only loans normally last for 7 years before going back to the “traditional route.”

These are perfect if you’re a young homebuyer or have a low income without a lot in the bank. Our mortgage broker Strathpine also thinks they’re great if you’re an investor wanting negative gearing or planning to make some profit by reselling your property (given it won’t depreciate.)

Investment Property Loans

These perhaps have the strictest requirements. First, you have to prove that you have sufficient funds set aside to pay off the total loan cost. Some lenders may even require these funds to be higher compared to if they were for a regular home loan!

Next, they’ll check your rental income and ensure it isn’t enough to cover monthly repayments. This is because your income-to-debt ratio, or the part of your monthly income to pay off the debt, should be affected.

Last is the property’s potential for appreciation during the term. That’s why lenders always stay updated on trends in housing prices and vacancy rates.

Why Would You Need Our Mortgage Broker Strathpine?

Banks were once the only option if borrowers wanted a mortgage—which also meant there was minimal competition among financial institutions. But this has changed since then and borrowers now take the time to compare products from various providers.

This eventually led to the birth of our profession, where we do all the work to help you get and secure a loan. We’re required by law to have an ACL (Australian Credit License) or be a credit representative of a licensee (aggregator) to serve as your protection in case a lawsuit happens.

Here now are the top ways how working with our mortgage broker Strathpine benefits you in the long run:

We Know How Mortgaging Works

First off, do you know the difference between variable and fixed-rate loans? As professionals, we can explain these terms easily and suggest what we think suits you more.

You should also know our difference from mortgage advisors.

Mortgage advisors work for a bank and are only concerned about selling you products from that bank—even if they don’t necessarily meet your standards. Meanwhile, we work independently and work to find a product that matches your goal. In short, we work for you.

We Help Save Your Time and Money

Our mortgage broker Strathpine is flexible in a way that we can meet with potential lenders at any time of the day. This means we’ll do all the negotiations for you and act as “matchmakers” between you and your desired loan so you don’t have to worry about a thing.

We Protect Your Credit Score

Working on your own is completely your choice. However, if you apply to banks and get rejected even by just one, it will inevitably show in your history and make your credit score suffer. Having a low credit score lessens your chance of finding a lender that will work with you.

Our mortgage broker Strathpine prevents this by using your financial information when applying, and never your identity. This way, we’re more likely to find the perfect loan and protect your credit score at the same time.

We Take Care of Administrative Tasks

As your mortgage broker, our job is to make the entire loan application process as smooth as possible. We’re here to assist you in getting all the required documents, such as pre-credit authorization, which says if you’re eligible for a loan and how much you may borrow.

We Stop You from Making Mistakes

The biggest mistake a borrower can make is to choose a product with the lowest rate without fully understanding its terms. We’re here to dissect these terms and explain them one by one so you won’t end up in a bad situation just because you were misinformed.

Your Place Mortgage Brokers: Your Mortgage Broker Strathpine

Our goal is to help you get your dream property. Whether you’re a first-time homebuyer or an experienced property investor, allow us to help you get and secure the right loan to advance your goals.

If you’re considering buying or investing in a property in Strathpine, then don’t hesitate to call our mortgage broker immediately!