Making the decision to get a home loan can feel a little daunting, especially if it is your first time, although even buyers who have been through the process before can feel a little lost at times.
Ensuring you get the right home loan, however, is easier when you have the right experts such as Prudential Real Estate. The team at Prudential Real Estate have many years experience in all aspects of the real estate industry and are easily among the top agents in the field.
Prudential Real Estate offer high quality client assistance when it comes to selling, fantastic advice for buying and the best property management in Macquarie Fields. Naturally, there are a few different types of home loans available and talking to the highly qualified team at Prudential will help you sort through all the information.
Here is a quick rundown of a few of the loans available; your agent from Prudential Real Estate can discuss these more in depth and advise of others that are not listed here.
This is used to attract more borrowers; the introductory loan offers a ‘honeymoon’ period of approximately one year where the interest rate, usually fixed, is lower than the standard rate. After this period, the rates return to standard.
Standard variable-rate loan
Usually the most flexible loan; you can redraw extra cash paid into the loan as well as the option to fix your rate. For this loan you make regular payments and the amounts are governed by the rise and fall of interest rates unless you choose a fixed rate.
Fixed rate home loan
There is an agreed amount of time where the rate is fixed on this loan, and after this period a new fixed rate can be agreed upon or the standard variable rate of the lender can be adopted. This kind of loan is ideal for those who are concerned about interest rate rises.
Low doc home loan
This loan is fantastic for those who are self employed and who don’t meet the standard criteria to gain a standard loan. The documentation required is not the same; however, the interest rate is usually higher.
There are many types of loans available so there is surely one to suit you. To find out more and the possibility of getting into your dream home or buying an investment sooner, visit Prudential Real Estate online at http://www.prudential.com.au/.