Purchasing a home is a great investment. However, people are having doubts and second thoughts on buying houses mainly because of the economic crisis or lack of enough funds. They think that it would not be the best thing to do that’s why they opt to invest their money on other useless things instead. They fail to realize that there are several ways to purchase a home, and one of the most recommended ways is to secure a home loan.
There are lots of home loan companies that offer services in Australia but one of the best and most trusted home loans provider is HomeLoans Ltd. HomeLoans Ltd. has been in the industry for more than 25 years, providing the best alternatives to banks for home finance in Australia. They offer a wide variety of home loans that will definitely suit the needs of each and every buyer, whether you are buying a house for the first time or a seasoned home investor.
Some of the home loans that HomeLoans Ltd. offers are variable rate home loans, fixed rate home loans, split home loans, lo doc home loans, bridging home loans, interest only home loans, line of credit home loans, home loans for building and loans for renovating.
Variable interest home loans are loans in which the interest rate on the outstanding balance changes as the market rates vary. Fixed rate home loans, on the other hand, are loans in which the interest rates will not change during the fixed rate period. If you want a combination of the two since it is easier to customize, you should get split home loans.
If you are a self-employed borrower, don’t worry if you are not able to disclose your income. You can get a lo doc home loan. Lo doc loans can have higher rates compared to a standard and these are available as fully featured home loan or lines of credit.
If you are a buyer who has already found the home that you want to purchase but has not yet been able to sell your existing property, bridging home loans can be the best option for you. This loan will cover the finance gap between the purchase of your new property and the sale of your old property.
If you want to pay only the interest off your mortgage, you should get an interest only home loan. However, if you want to have an access to the equity in your existing property for investment, you should get a line of credit home loan as it is a flexible transactional mortgage.
If you want to build your own house to ensure that it meets your expectations, you should get home loans for building. This is similar to a standard home loan, but instead of drawing down all the funds at once, the loan will be paid in stages at the different phases of your house’s construction. However, if you are just renovating, you should get the home loans for renovating. It has the combination of term loan and line of credit loan.
Visit www.homeloans.com.au,their home loan calculator will help to calculate your home loans and their friendly staff will help you in choosing the right home loan that will suit you.