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Searching for the right home loan for you but feeling overwhemled with options? Our experienced mortgage brokers are here to help! With a personalised service and access to a wide range of lenders, we’ll get the best deal for you!
Home Loans for Medical Professionals
If you’re a doctor or healthcare professional struggling to save a home loan deposit, then specialised home loans for medical professionals could be the perfect option for you. Contact our mortgage brokers today to find out how you can break into the property market while saving yourself thousands in LMI premiums.
First Home Buyer Loan
Refinance Home Loan
Considering refinancing your home loan but not sure where to start? Our experienced mortgage brokers are here to help.
Mortgage Broker Frequently Asked Questions
If you haven’t used a finance broker before, you probably have some questions. Let’s help you get some answers.
What is pre-approval?
Pre-approval for a home loan is an indication or assurance that you are likely to be successful for a specific loan amount with a lender. It is not an unconditional approval, but rather an indication of your maximum borrowing power. Having a pre-approval allows you to narrow down your property search and negotiate with more certainty. Pre-approvals are available from both lenders and mortgage brokers.
Talk to our experienced mortgage brokers at Oceania Finance today and find out how you can get pre-approval and fast-track your home loan application.
What is refinancing an existing mortgage?
Refinancing an existing mortgage occurs when you pay out your current home loan with a new one. There are many reasons why you may consider refinancing your mortgage:
- Interest rates have improved – having a lower interest rate means you will pay less long term. Depending on your circumstances, you may even be able to repay your mortgage sooner.
- Your circumstances have changed – your circumstances may have changed since you applied for your mortgage and your current home loan is no longer suitable for you.
- You’re considering renovating – you may be thinking of improving the value of your home with a renovation.
- To access your home equity – you may need to access the equity in your home to renovate, invest, or even travel.
What is a pre-existing home?
A pre-existing home, also known as an ‘established home’, is a home that has already been built. Pre-existing home can be a townhouse, an apartment, or a house on a block of land. There are many advantages to purchasing a pre-existing home, including:
- Know what you’re getting – with a pre-existing home, you’re able to attend inspections so that you can see exactly what you’re getting.
- Faster process – it can take anywhere from 4 to 12 months to build a home, whereas purchasing a pre-existing home usually means a faster move-in time.
- Live in your favourite suburb – you may have a desired suburb already picked out. If so, it can be difficult to find a block of land as opposed to a pre-existing home.
Need help deciding what’s right for you? Contact Oceania Finance mortgage brokers today for a personalised and hassle-free approach.
How do I finance a new build?
If you’ve decided that building your dream home from scratch is the way to go, then you’ll need a construction loan. Different from other home loans, construction loans feature:
- Progressive drawdowns – rather than paying a lump sum at the beginning, progressive drawdowns, also known as progressive payments, are made at each key stage of the construction process.
- Interest-only repayments – during the construction process, you are charged interest-only repayments. Lenders will typically give the construction process a 12-month time limit, and once the construction has finished, the loan will typically revert to a standard principal and interest loan.
Construction loans can be difficult to navigate and the application process can take longer than a standard loan. An experienced mortgage broker can be invaluable support during this process and help ease the burden of applying for a construction loan.
How do you calculate mortgage repayments?
While there are equations to calculate your mortgage manually, the simplest way is to use free online mortgage calculators, such as Moneysmart’s Mortgage calculator. Online mortgage calculators can help you calculate how much your mortgage repayments will be, how much you can borrow, and how you can repay your home loan sooner.