Is Refinancing Your Home Loan in Epping the Right Idea?

Despite the obvious advantages, there are a few things that you need to be aware of while refinancing your loan.

• Exit or break fees of the existing loan
• Additional charges or loan processing fees
• Pros and cons of switching loan type
• Interest amount comparison
• Change in your monthly payment
• Impact on your credit score
• Cost of Lender Mortgage Insurance

We understand that the needs of every borrower are different and there is no “one-shoe-fits-all” solution as far as their home refinances needs are concerned. Our brokers analyse every aspect of your existing loan and offer their unbiased advice on the best home refinance rates for you. This helps you decide whether refinancing is good for you and itsimpact on your financial situation.

Investing in property is a time-tested way to offset the ill effect of inflation and multiply your wealth. If you are planning to buy an investment property, we can help. Local Finance Guru is a trusted investment loan brokerage firm in Epping for both first-time and experienced investors. We help you invest with confidence and provide access to a variety of investment property loans from top lenders in Australia.

Some of the most common investment properties include:

• Commercial properties
• Land
• Warehouses
• Shops and malls
• Homes and apartments (for renting purposes)

Our brokers can help you with the following investment property loans:

• Principal and Interest loan (Fixed): This works like a normal home loan, wherein you pay monthly payments towards both the interest and principal. The investment property interest rates are fixed for this type of loan. This protects against any changes in payments due to fluctuations in the financial markets. You have to pay a fixed amount for the life of the loan, which gives you clarity and helps you plan your finances.
• Principal and Interest loan (Variable): As the name suggests, this is a variable interest rate investment property loan. You get the benefit of any drop in interest rates and can save money over the life of the loan. However, any upward revision of the interest rate will see your monthly payment go up. Experts advise you to take this type of loan as per your risk capacity.
• Interest-Only Loan: With an interest-only loan, you only have to pay the interest to the lender. The interest-only payment period may vary between different lenders but is usually around 5 years. Many borrowers favour this type of loan as it allows monthly savings. They usually keep it in a separate account to pay towards the principal in a lump sum amount. After the interest-only period is over the loan converts into a regular loan.

First-time home buyers often find themselves overwhelmed by the complicated process of finding and buying a home. Add to that the hassle of finding the right product to finance the purchase and it quickly becomes a nightmare. The availability of numerous lenders, banks and loan products to choose from doesn’t help either. But with the right help, the whole thing can be completed seamlessly.

Local Finance Guru helps you with expert advice from first-home buyer loan brokers, who help you navigate this complex process. As a first-time home buyer, you are eligible for various incentives and government grants that reduce your cost of borrowing. Our loan specialists will ensure you have access to the best first-time home buyer loans with the benefits of all grants, discounts and exemptions.

The following is a list of the various benefits accessible to first-time home buyers:

• First Home Owners Grant (FHOG): You are eligible for a First Home Owners Grant if you are purchasing a home for the first time. This is a one-off payment or grant by the state government to help you get a home mortgage.
• Stamp Duty Exemptions: You are also eligible for a stamp duty exemption when transferring the property title in your name after purchase. This depends on the property’s value, so check with our loan broker for details. You can choose to pay an annual percentage of stamp duty and use the funds towards a deposit to help you buy earlier.
• First Home Loan Deposit Scheme: With the federal government’s First Home Buyer Guarantee scheme, you can take a home loan with as little as 5% deposit money. This also helps you avoid Lender Mortgage Insurance, which is an additional burden on home buyers. The scheme reduces your financial burden and makes the process much easier for you.

Engaging our services is very simple. We endorse a hassle-free process to make everything straightforward for our clients. This is how easy it is to find the right first home buyer loan with us:

• Consultation: Our loan brokers listen to your requirements, including your budget and deposit money.
• Options: Our team has access to numerous loan products and various lenders. They research the market based on your requirements and compile a list of various loan options for you.
• Selection, Paperwork and Disbursements: We explain the pros and cons of various loan types to help you select the best options. Our team also assists you with paperwork, negotiating with the lender for the best home loan rates and following up with them until disbursement.
• Grants, Exemptions and Discounts: Our brokers also explain and assist you in getting the various government grants, stamp duty exemptions and LMI discounts that you are eligible for as a first home loan buyer.
• Post-Disbursement Assistance: Once the loan is disbursed, we help you with understanding the repayment schedule and the various benefits, terms and conditions of the loan.

For discussions, appointments or to speak with our loan consultants, feel free to call us on 0430 411 466 or write to us at vipul@localfinanceguru.com.au.